AbbVie Inc. $ABBV Shares Acquired by Eastern Bank

Key Points

• Eastern Bank increased its stake in AbbVie Inc. by 1.2%, holding 376,510 shares valued at approximately $69.9 million, making AbbVie its 20th largest holding.
• AbbVie reported a net margin of 6.45% and revenue of $15.42 billion for the last quarter, surpassing estimates, although its earnings per share of $2.97 missed analysts' expectations.
• The company declared a quarterly dividend of $1.64 to be paid on November 14, with a notable annualized yield of 2.8% and a payout ratio of 312.38%.

Eastern Bank grew its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 1.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 376,510 shares of the company's stock after purchasing an additional 4,316 shares during the period. AbbVie makes up approximately 1.3% of Eastern Bank's holdings, making the stock its 20th largest holding. Eastern Bank's holdings in AbbVie were worth $69,888,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. TD Capital Management LLC raised its holdings in shares of AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after buying an additional 58 shares during the period. Marshall & Sullivan Inc. WA purchased a new stake in shares of AbbVie during the 2nd quarter valued at about $25,000. Abound Financial LLC purchased a new stake in shares of AbbVie during the 1st quarter valued at about $30,000. Cypress Capital Management LLC WY purchased a new stake in shares of AbbVie during the 1st quarter valued at about $35,000. Finally, Inlight Wealth Management LLC purchased a new stake in shares of AbbVie during the 1st quarter valued at about $42,000. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Price Performance

ABBV stock opened at $230.88 on Friday. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $244.81. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The company has a market capitalization of $407.86 billion, a PE ratio of 109.94, a P/E/G ratio of 1.35 and a beta of 0.51. The stock's 50 day moving average is $214.84 and its two-hundred day moving average is $196.79.

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

AbbVie Announces Dividend

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

Insider Buying and Selling

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. The trade was a 18.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the transaction, the executive vice president owned 177,292 shares of the company's stock, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. raised their target price on AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a report on Tuesday, September 16th. Piper Sandler raised their target price on AbbVie from $231.00 to $284.00 and gave the company an "overweight" rating in a report on Friday. Wall Street Zen downgraded AbbVie from a "buy" rating to a "hold" rating in a report on Saturday. Berenberg Bank upgraded AbbVie from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $170.00 to $270.00 in a report on Wednesday, September 17th. Finally, Hsbc Global Res downgraded AbbVie from a "strong-buy" rating to a "hold" rating in a report on Wednesday, October 1st. Three research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $231.90.

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.

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