AbbVie Inc. (NYSE:ABBV) Shares Sold by Ledyard National Bank

Ledyard National Bank reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 4.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,689 shares of the company’s stock after selling 965 shares during the period. Ledyard National Bank’s holdings in AbbVie were worth $4,125,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Embree Financial Group increased its position in AbbVie by 0.9% during the 1st quarter. Embree Financial Group now owns 19,688 shares of the company’s stock valued at $4,125,000 after buying an additional 167 shares in the last quarter. Keudell Morrison Wealth Management increased its position in AbbVie by 0.7% during the 1st quarter. Keudell Morrison Wealth Management now owns 21,977 shares of the company’s stock valued at $4,605,000 after buying an additional 143 shares in the last quarter. Spirepoint Private Client LLC increased its position in AbbVie by 4.4% during the 1st quarter. Spirepoint Private Client LLC now owns 36,573 shares of the company’s stock valued at $7,663,000 after buying an additional 1,553 shares in the last quarter. Consolidated Portfolio Review Corp increased its position in AbbVie by 7.6% during the 1st quarter. Consolidated Portfolio Review Corp now owns 2,136 shares of the company’s stock valued at $448,000 after buying an additional 150 shares in the last quarter. Finally, FORM Wealth Advisors LLC purchased a new stake in AbbVie during the 1st quarter valued at about $1,888,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $210.08, for a total value of $12,359,426.56. Following the completion of the sale, the executive vice president now owns 53,234 shares of the company’s stock, valued at approximately $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.08% of the company’s stock.

AbbVie Stock Performance

Shares of ABBV stock opened at $183.92 on Tuesday. The company has a market capitalization of $324.88 billion, a P/E ratio of 78.26, a P/E/G ratio of 1.23 and a beta of 0.50. The business’s 50 day moving average is $185.28 and its two-hundred day moving average is $187.84. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 12-month low of $163.52 and a 12-month high of $218.66.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.06. The company had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. AbbVie’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.31 earnings per share. Analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a $1.64 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.57%. AbbVie’s dividend payout ratio (DPR) is presently 279.15%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Wells Fargo & Company boosted their price target on AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, March 5th. Evercore ISI boosted their price target on AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a research note on Monday, April 28th. BNP Paribas upgraded AbbVie to a “hold” rating in a research note on Thursday, May 8th. Cantor Fitzgerald assumed coverage on AbbVie in a research note on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 price target on the stock. Finally, Erste Group Bank upgraded AbbVie to a “strong-buy” rating in a research note on Monday, March 17th. Eight analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $211.29.

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.