AbbVie Inc. $ABBV Shares Sold by CNB Bank

CNB Bank trimmed its position in shares of AbbVie Inc. (NYSE:ABBV) by 2.2% in the second quarter, HoldingsChannel reports. The institutional investor owned 14,037 shares of the company’s stock after selling 315 shares during the period. AbbVie makes up approximately 1.2% of CNB Bank’s holdings, making the stock its 17th biggest holding. CNB Bank’s holdings in AbbVie were worth $2,606,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in ABBV. TD Capital Management LLC increased its holdings in AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Marshall & Sullivan Inc. WA purchased a new position in AbbVie in the 2nd quarter valued at about $25,000. Abound Financial LLC purchased a new position in AbbVie in the 1st quarter valued at about $30,000. Cypress Capital Management LLC WY purchased a new position in AbbVie in the 1st quarter valued at about $35,000. Finally, Bear Mountain Capital Inc. boosted its position in AbbVie by 480.6% in the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock valued at $40,000 after buying an additional 173 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the transaction, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $228.06 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The firm’s 50-day moving average price is $220.69 and its two-hundred day moving average price is $198.94. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $244.81. The stock has a market capitalization of $402.87 billion, a P/E ratio of 108.60, a P/E/G ratio of 1.44 and a beta of 0.51.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the previous year, the business posted $2.65 EPS. AbbVie’s revenue for the quarter was up 6.6% compared to the same quarter last year. As a group, sell-side analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is currently 312.38%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ABBV. HSBC set a $225.00 price objective on shares of AbbVie in a research report on Thursday, October 2nd. Piper Sandler upped their price objective on shares of AbbVie from $231.00 to $284.00 and gave the company an “overweight” rating in a research report on Friday, October 10th. Berenberg Bank raised shares of AbbVie from a “hold” rating to a “buy” rating and increased their price target for the stock from $170.00 to $270.00 in a research report on Wednesday, September 17th. Bank of America increased their price target on shares of AbbVie from $220.00 to $251.00 and gave the stock a “neutral” rating in a research report on Friday, October 3rd. Finally, Wall Street Zen raised shares of AbbVie from a “hold” rating to a “buy” rating in a research report on Saturday. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $234.80.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.