Umpqua Bank Acquires 433 Shares of AbbVie Inc. (NYSE:ABBV)

Umpqua Bank grew its holdings in AbbVie Inc. (NYSE:ABBV) by 24.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,210 shares of the company’s stock after purchasing an additional 433 shares during the quarter. Umpqua Bank’s holdings in AbbVie were worth $379,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of ABBV. Capital Advisors Ltd. LLC boosted its position in AbbVie by 1.3% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 4,453 shares of the company’s stock valued at $764,000 after acquiring an additional 55 shares in the last quarter. Hilltop Partners LLC boosted its position in AbbVie by 1.4% during the second quarter. Hilltop Partners LLC now owns 3,859 shares of the company’s stock valued at $662,000 after purchasing an additional 55 shares in the last quarter. Lokken Investment Group LLC grew its stake in AbbVie by 3.6% in the fourth quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock valued at $258,000 after purchasing an additional 58 shares during the last quarter. RAM Investment Partners LLC raised its holdings in AbbVie by 1.1% in the second quarter. RAM Investment Partners LLC now owns 5,219 shares of the company’s stock worth $895,000 after purchasing an additional 59 shares in the last quarter. Finally, L. Roy Papp & Associates LLP lifted its position in shares of AbbVie by 0.8% during the second quarter. L. Roy Papp & Associates LLP now owns 7,892 shares of the company’s stock valued at $1,354,000 after buying an additional 60 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 0.3 %

NYSE ABBV opened at $193.40 on Friday. The company has a fifty day moving average of $183.88 and a 200 day moving average of $174.60. The company has a market capitalization of $341.52 billion, a PE ratio of 57.39, a P/E/G ratio of 2.68 and a beta of 0.64. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95.

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

AbbVie Announces Dividend

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

Insider Activity

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

Analyst Upgrades and Downgrades

Several research firms recently commented on ABBV. Piper Sandler boosted their price objective on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Truist Financial reiterated a “buy” rating and set a $210.00 price objective (up previously from $195.00) on shares of AbbVie in a report on Friday, July 26th. Wells Fargo & Company boosted their target price on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a research note on Wednesday, June 5th. Finally, BMO Capital Markets boosted their price target on AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $191.64.

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.