Norway Savings Bank trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 17.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,035 shares of the company’s stock after selling 832 shares during the period. Norway Savings Bank’s holdings in AbbVie were worth $544,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Kalos Management Inc. acquired a new position in shares of AbbVie during the first quarter worth $26,000. Boulder Wealth Advisors LLC acquired a new position in shares of AbbVie during the fourth quarter worth $31,000. Stone House Investment Management LLC acquired a new position in shares of AbbVie during the first quarter worth $37,000. True Wealth Design LLC bought a new stake in shares of AbbVie in the fourth quarter worth $39,000. Finally, General Partner Inc. bought a new stake in shares of AbbVie in the first quarter worth $40,000. 67.86% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of analysts recently issued reports on ABBV shares. StockNews.com started coverage on shares of AbbVie in a research note on Thursday, August 17th. They issued a “strong-buy” rating for the company. TheStreet upgraded shares of AbbVie from a “c+” rating to a “b” rating in a research note on Monday, August 28th. Piper Jaffray Companies lifted their price target on shares of AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research note on Friday, July 28th. HSBC began coverage on shares of AbbVie in a research note on Friday, July 14th. They issued a “buy” rating and a $167.00 price target for the company. Finally, William Blair began coverage on shares of AbbVie in a research note on Tuesday, July 25th. They set a “market perform” rating for the company. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $165.79.
Insider Buying and Selling
In related news, CEO Richard A. Gonzalez sold 18,500 shares of the company’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $149.15, for a total value of $2,759,275.00. Following the completion of the sale, the chief executive officer now owns 625,294 shares of the company’s stock, valued at $93,262,600.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.26% of the company’s stock.
AbbVie Stock Up 1.2 %
AbbVie stock opened at $153.93 on Tuesday. The company has a 50-day simple moving average of $146.42 and a 200-day simple moving average of $147.44. The firm has a market capitalization of $271.69 billion, a P/E ratio of 31.67, a P/E/G ratio of 2.79 and a beta of 0.58. The company has a debt-to-equity ratio of 4.33, a quick ratio of 0.77 and a current ratio of 0.89. AbbVie Inc. has a one year low of $130.96 and a one year high of $168.11.
AbbVie (NYSE:ABBV – Get Free Report) last released its quarterly earnings results on Thursday, July 27th. The company reported $2.91 EPS for the quarter, topping the consensus estimate of $2.79 by $0.12. The business had revenue of $13.87 billion during the quarter, compared to analyst estimates of $13.52 billion. AbbVie had a net margin of 15.50% and a return on equity of 151.29%. As a group, equities analysts expect that AbbVie Inc. will post 11.03 earnings per share for the current year.
AbbVie Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be issued a $1.48 dividend. This represents a $5.92 annualized dividend and a yield of 3.85%. The ex-dividend date is Thursday, October 12th. AbbVie’s payout ratio is currently 121.81%.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.
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