Penobscot Investment Management Company Inc. Lowers Holdings in AbbVie Inc. $ABBV

Penobscot Investment Management Company Inc. decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 2.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 76,223 shares of the company’s stock after selling 1,557 shares during the quarter. AbbVie makes up approximately 1.2% of Penobscot Investment Management Company Inc.’s holdings, making the stock its 20th largest holding. Penobscot Investment Management Company Inc.’s holdings in AbbVie were worth $14,148,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Hawaiian Bank lifted its stake in shares of AbbVie by 0.8% in the 2nd quarter. First Hawaiian Bank now owns 7,556 shares of the company’s stock valued at $1,403,000 after purchasing an additional 60 shares in the last quarter. Narus Financial Partners LLC boosted its holdings in AbbVie by 25.3% in the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock worth $417,000 after acquiring an additional 401 shares during the period. Highland Capital Management LLC boosted its holdings in AbbVie by 6.3% in the 1st quarter. Highland Capital Management LLC now owns 46,853 shares of the company’s stock worth $9,817,000 after acquiring an additional 2,792 shares during the period. Weaver Capital Management LLC boosted its holdings in AbbVie by 3.9% in the 1st quarter. Weaver Capital Management LLC now owns 8,240 shares of the company’s stock worth $1,727,000 after acquiring an additional 310 shares during the period. Finally, North Star Asset Management Inc. boosted its holdings in AbbVie by 0.5% in the 1st quarter. North Star Asset Management Inc. now owns 161,320 shares of the company’s stock worth $33,800,000 after acquiring an additional 756 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on ABBV shares. Wells Fargo & Company upped their price target on AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, September 12th. Weiss Ratings restated a “hold (c)” rating on shares of AbbVie in a report on Saturday, September 27th. Bank of America upped their target price on AbbVie from $220.00 to $251.00 and gave the company a “neutral” rating in a research report on Friday. Piper Sandler began coverage on AbbVie in a research report on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 target price on the stock. Finally, Morgan Stanley upped their target price on AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Four analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $228.22.

AbbVie Price Performance

Shares of NYSE ABBV opened at $234.07 on Friday. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The company has a market capitalization of $413.49 billion, a price-to-earnings ratio of 111.46, a price-to-earnings-growth ratio of 1.37 and a beta of 0.51. The business has a 50 day simple moving average of $210.77 and a 200-day simple moving average of $195.90.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $14.93 billion. During the same quarter last year, the firm posted $2.65 earnings per share. AbbVie’s revenue was up 6.6% compared to the same quarter last year. As a group, equities research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie’s payout ratio is 312.38%.

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.