Trust Co. of Oklahoma lowered its holdings in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 5.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,272 shares of the company’s stock after selling 364 shares during the quarter. Trust Co. of Oklahoma’s holdings in AbbVie were worth $845,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of ABBV. Kalos Management Inc. acquired a new position in shares of AbbVie during the first quarter valued at approximately $26,000. Boulder Wealth Advisors LLC acquired a new position in shares of AbbVie during the fourth quarter valued at approximately $31,000. Stone House Investment Management LLC acquired a new position in shares of AbbVie during the first quarter valued at approximately $37,000. True Wealth Design LLC acquired a new position in shares of AbbVie during the fourth quarter valued at approximately $39,000. Finally, General Partner Inc. acquired a new position in shares of AbbVie during the first quarter valued at approximately $40,000. Hedge funds and other institutional investors own 67.86% of the company’s stock.
Analyst Ratings Changes
A number of equities analysts have commented on ABBV shares. Piper Jaffray Companies increased their target price on AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a report on Friday, July 28th. Credit Suisse Group reduced their target price on AbbVie from $170.00 to $160.00 in a report on Wednesday, July 12th. HSBC initiated coverage on AbbVie in a report on Friday, July 14th. They set a “buy” rating and a $167.00 target price for the company. William Blair initiated coverage on AbbVie in a report on Tuesday, July 25th. They issued a “market perform” rating for the company. Finally, Piper Sandler increased their price target on AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a report on Friday, July 28th. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus target price of $165.79.
Insider Transactions at AbbVie
In other news, CEO Richard A. Gonzalez sold 18,500 shares of the firm’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $149.15, for a total transaction of $2,759,275.00. Following the completion of the transaction, the chief executive officer now directly owns 625,294 shares in the company, valued at $93,262,600.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.26% of the company’s stock.
AbbVie Trading Up 1.2 %
Shares of AbbVie stock opened at $153.93 on Tuesday. The firm has a market capitalization of $271.69 billion, a price-to-earnings ratio of 31.67, a PEG ratio of 2.79 and a beta of 0.58. AbbVie Inc. has a fifty-two week low of $130.96 and a fifty-two week high of $168.11. The company has a debt-to-equity ratio of 4.33, a quick ratio of 0.77 and a current ratio of 0.89. The stock has a 50 day moving average of $146.42 and a 200 day moving average of $147.44.
AbbVie (NYSE:ABBV – Get Free Report) last issued its quarterly earnings data on Thursday, July 27th. The company reported $2.91 earnings per share for the quarter, topping the consensus estimate of $2.79 by $0.12. AbbVie had a return on equity of 151.29% and a net margin of 15.50%. The company had revenue of $13.87 billion during the quarter, compared to analyst estimates of $13.52 billion. As a group, research analysts predict that AbbVie Inc. will post 11.03 earnings per share for the current year.
AbbVie Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be given a dividend of $1.48 per share. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $5.92 annualized dividend and a dividend yield of 3.85%. AbbVie’s dividend payout ratio is currently 121.81%.
AbbVie Company Profile
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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