5,070 Shares in AbbVie Inc. $ABBV Acquired by Hilltop National Bank

Key Points

• Hilltop National Bank has acquired a new position in AbbVie Inc., purchasing 5,070 shares valued at approximately $941,000 during the second quarter.
• Analysts have boosted their price targets for AbbVie, with Evercore ISI setting a target of $222.00 and Morgan Stanley at $255.00, reflecting positive sentiment towards the stock.
• AbbVie announced a quarterly dividend of $1.64 per share, contributing to an annualized dividend yield of 2.8% despite a high payout ratio of 312.38%.

Hilltop National Bank acquired a new position in AbbVie Inc. (NYSE:ABBV - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 5,070 shares of the company's stock, valued at approximately $941,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Marshall & Sullivan Inc. WA acquired a new position in AbbVie in the second quarter valued at approximately $25,000. TD Capital Management LLC increased its stake in shares of AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after acquiring an additional 58 shares in the last quarter. Abound Financial LLC acquired a new position in shares of AbbVie during the 1st quarter valued at $30,000. Cypress Capital Management LLC WY bought a new position in AbbVie during the first quarter worth $35,000. Finally, Inlight Wealth Management LLC acquired a new stake in AbbVie in the first quarter worth $42,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ABBV. Evercore ISI upped their price objective on shares of AbbVie from $207.00 to $222.00 and gave the company an "outperform" rating in a report on Monday, September 22nd. Bank of America upped their price objective on shares of AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Raymond James Financial reiterated an "outperform" rating on shares of AbbVie in a report on Monday, August 25th. Morgan Stanley boosted their price objective on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Finally, HSBC set a $225.00 price objective on AbbVie in a report on Thursday. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $223.52.

AbbVie Trading Down 3.0%

Shares of AbbVie stock opened at $236.98 on Friday. The stock has a fifty day simple moving average of $209.90 and a 200 day simple moving average of $195.87. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $244.81. The company has a market capitalization of $418.63 billion, a P/E ratio of 112.85, a price-to-earnings-growth ratio of 1.43 and a beta of 0.51. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The company had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same quarter last year, the company posted $2.65 EPS. The company's quarterly revenue was up 6.6% compared to the same quarter last year. On average, sell-side analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

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

Insider Buying and Selling at AbbVie

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 sale, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the sale, the executive vice president owned 58,247 shares of the company's stock, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company's stock.

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.

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