California Public Employees Retirement System boosted its stake in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 11.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,340,454 shares of the company's stock after acquiring an additional 631,064 shares during the period. AbbVie accounts for 0.8% of California Public Employees Retirement System's portfolio, making the stock its 20th largest holding. California Public Employees Retirement System owned approximately 0.36% of AbbVie worth $850,952,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of ABBV. Dividend Assets Capital LLC grew its stake in shares of AbbVie by 7.1% in the 3rd quarter. Dividend Assets Capital LLC now owns 2,166 shares of the company's stock worth $291,000 after buying an additional 143 shares in the last quarter. Cornerstone Capital Inc. grew its stake in shares of AbbVie by 0.6% in the 3rd quarter. Cornerstone Capital Inc. now owns 203,397 shares of the company's stock worth $27,298,000 after buying an additional 1,187 shares in the last quarter. Sargent Investment Group LLC grew its stake in shares of AbbVie by 5.3% in the 2nd quarter. Sargent Investment Group LLC now owns 7,788 shares of the company's stock worth $1,193,000 after buying an additional 390 shares in the last quarter. Mastrapasqua Asset Management Inc. grew its stake in shares of AbbVie by 12.7% in the 2nd quarter. Mastrapasqua Asset Management Inc. now owns 1,813 shares of the company's stock worth $278,000 after buying an additional 205 shares in the last quarter. Finally, Crossmark Global Holdings Inc. grew its stake in shares of AbbVie by 49.0% in the 2nd quarter. Crossmark Global Holdings Inc. now owns 185,665 shares of the company's stock worth $28,436,000 after buying an additional 61,058 shares in the last quarter. 67.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Timothy J. Richmond sold 42,370 shares of the business's stock in a transaction dated Monday, December 12th. The shares were sold at an average price of $163.44, for a total value of $6,924,952.80. Following the completion of the sale, the executive vice president now owns 13,837 shares in the company, valued at approximately $2,261,519.28. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.08% of the company's stock.

AbbVie Trading Down 0.2 %

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on ABBV shares. Societe Generale lowered shares of AbbVie from a "buy" rating to a "hold" rating and lowered their target price for the stock from $155.00 to $140.00 in a report on Tuesday, November 8th. Atlantic Securities lowered their target price on shares of AbbVie from $162.00 to $157.00 and set a "neutral" rating for the company in a report on Monday, October 31st. Credit Suisse Group started coverage on shares of AbbVie in a report on Thursday, November 17th. They issued an "outperform" rating and a $170.00 target price for the company. Piper Sandler raised their target price on shares of AbbVie from $155.00 to $157.00 and gave the stock an "overweight" rating in a report on Tuesday, January 17th. Finally, Truist Financial raised their target price on shares of AbbVie from $160.00 to $180.00 in a report on Thursday, January 5th. One research analyst has rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $160.27.

AbbVie Profile

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AbbVie, Inc is a research-based biopharmaceutical company, which engages in the development and sale of pharmaceutical products. It focuses on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology, and dermatology, oncology, including blood cancers, virology, hepatitis C virus (HCV) and human immunodeficiency virus (HIV), neurological disorders, such as Parkinson's, metabolic, comprising thyroid disease and complications associated with cystic fibrosis, pain associated with endometriosis, and other serious health conditions.

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