AbbVie Inc. (NYSE:ABBV) Shares Acquired by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. lifted its position in AbbVie Inc. (NYSE:ABBV) by 8.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 397,811 shares of the company’s stock after purchasing an additional 30,259 shares during the period. AbbVie comprises about 1.0% of Cullen Frost Bankers Inc.’s portfolio, making the stock its 27th biggest holding. Cullen Frost Bankers Inc.’s holdings in AbbVie were worth $68,233,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of AbbVie in the fourth quarter valued at approximately $26,000. Ridgewood Investments LLC acquired a new stake in AbbVie in the 2nd quarter valued at $27,000. Able Wealth Management LLC purchased a new stake in AbbVie in the 4th quarter worth $33,000. IFS Advisors LLC purchased a new stake in AbbVie in the 1st quarter worth $36,000. Finally, Ables Iannone Moore & Associates Inc. acquired a new position in AbbVie during the fourth quarter worth $37,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Trading Up 0.3 %

AbbVie stock traded up $0.54 during midday trading on Friday, reaching $193.40. 4,312,632 shares of the stock traded hands, compared to its average volume of 5,427,167. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The firm has a market cap of $341.52 billion, a PE ratio of 57.42, a price-to-earnings-growth ratio of 2.68 and a beta of 0.64. The company has a 50-day simple moving average of $183.88 and a two-hundred day simple moving average of $174.61. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $199.95.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same quarter last year, the firm posted $2.91 earnings per share. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. Research analysts expect that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio is currently 183.98%.

Analyst Ratings Changes

A number of research firms have recently commented on ABBV. Wells Fargo & Company boosted their target price on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Piper Sandler Companies reiterated an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a research note on Wednesday, July 3rd. Morgan Stanley raised their target price on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research note on Monday, August 5th. Finally, Barclays raised their price objective on AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, AbbVie presently has an average rating of “Buy” and a consensus target price of $191.64.

Insider Buying and Selling at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the transaction, the chairman now directly owns 513,099 shares in the company, valued at approximately $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

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.