Penobscot Investment Management Company Inc. boosted its stake in shares of AbbVie Inc (NYSE:ABBV) by 1.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 104,369 shares of the company’s stock after purchasing an additional 1,900 shares during the quarter. AbbVie comprises 2.2% of Penobscot Investment Management Company Inc.’s portfolio, making the stock its 5th largest holding. Penobscot Investment Management Company Inc.’s holdings in AbbVie were worth $9,670,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently made changes to their positions in ABBV. Fairfield Bush & CO. acquired a new position in shares of AbbVie during the first quarter worth approximately $146,000. Centaurus Financial Inc. acquired a new position in shares of AbbVie during the first quarter worth approximately $153,000. First Mercantile Trust Co. acquired a new position in shares of AbbVie in the second quarter valued at $150,000. MUFG Securities EMEA plc acquired a new position in shares of AbbVie in the second quarter valued at $157,000. Finally, KHP Capital LLC acquired a new position in shares of AbbVie in the first quarter valued at $161,000. 69.31% of the stock is owned by hedge funds and other institutional investors.

In other AbbVie news, EVP Michael Severino sold 50,000 shares of the company’s stock in a transaction on Friday, August 17th. The stock was sold at an average price of $97.52, for a total value of $4,876,000.00. Following the sale, the executive vice president now directly owns 111,481 shares in the company, valued at $10,871,627.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.07% of the company’s stock.

A number of research analysts recently commented on the company. Bank of America cut their target price on AbbVie from $112.00 to $105.00 and set a “buy” rating for the company in a research note on Monday, July 30th. Cowen set a $110.00 target price on AbbVie and gave the company a “buy” rating in a research note on Friday, July 27th. Zacks Investment Research lowered AbbVie from a “buy” rating to a “hold” rating in a research note on Saturday, July 14th. Credit Suisse Group upgraded AbbVie to a “hold” rating and set a $89.00 target price for the company in a research note on Friday, July 13th. Finally, BMO Capital Markets restated a “sell” rating and issued a $78.00 target price on shares of AbbVie in a research note on Friday, July 27th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. AbbVie presently has a consensus rating of “Hold” and an average target price of $107.16.

Shares of NYSE:ABBV opened at $94.14 on Friday. AbbVie Inc has a fifty-two week low of $85.24 and a fifty-two week high of $125.86. The firm has a market capitalization of $142.01 billion, a price-to-earnings ratio of 16.81, a P/E/G ratio of 0.90 and a beta of 1.54. The company has a current ratio of 0.80, a quick ratio of 0.71 and a debt-to-equity ratio of -9.06.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, July 27th. The company reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates of $1.98 by $0.02. AbbVie had a return on equity of 362.05% and a net margin of 20.84%. The firm had revenue of $8.28 billion for the quarter, compared to analysts’ expectations of $8.22 billion. During the same period in the prior year, the business posted $1.42 earnings per share. The business’s revenue was up 19.2% compared to the same quarter last year. research analysts predict that AbbVie Inc will post 7.86 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, October 15th will be given a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 4.08%. The ex-dividend date of this dividend is Friday, October 12th. AbbVie’s dividend payout ratio (DPR) is 68.57%.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, for the treatment of adults with genotype 1 chronic hepatitis C.

Recommended Story: What is a Tariff?

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc (NYSE:ABBV).

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

Receive News & Ratings for AbbVie Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie and related companies with MarketBeat.com's FREE daily email newsletter.