Park National Corp OH Has $21.83 Million Stake in AbbVie Inc. $ABBV

Park National Corp OH decreased its stake in AbbVie Inc. (NYSE:ABBV) by 7.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 117,627 shares of the company’s stock after selling 9,546 shares during the quarter. Park National Corp OH’s holdings in AbbVie were worth $21,834,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. TD Capital Management LLC boosted its stake 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 buying an additional 58 shares in the last quarter. Abound Financial LLC bought a new position in AbbVie in the 1st quarter valued at $30,000. Cypress Capital Management LLC WY bought a new position in AbbVie in the 1st quarter valued at $35,000. Pinney & Scofield Inc. bought a new position in AbbVie in the 4th quarter valued at $36,000. Finally, Inlight Wealth Management LLC bought a new position in AbbVie in the 1st quarter valued at $42,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Down 0.8%

NYSE ABBV opened at $218.40 on Friday. The stock has a fifty day moving average of $200.25 and a 200-day moving average of $194.58. The stock has a market capitalization of $385.82 billion, a P/E ratio of 104.00, a price-to-earnings-growth ratio of 1.42 and a beta of 0.53. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $221.76. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74.

AbbVie (NYSE:ABBV) last released its 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 period last year, the business posted $2.65 earnings per share. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. On average, equities research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

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. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.0%. AbbVie’s payout ratio is 312.38%.

Insiders Place Their Bets

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

Analysts Set New Price Targets

Several brokerages have issued reports on ABBV. Daiwa Capital Markets upgraded AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price objective for the company in a research report on Thursday, August 7th. Daiwa America upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Raymond James Financial reiterated an “outperform” rating on shares of AbbVie in a research report on Monday, August 25th. Wells Fargo & Company lifted their price objective on AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Morgan Stanley lifted their target price on AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $217.10.

About AbbVie

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.