First Financial Bank Trust Division Purchases 1,243 Shares of AbbVie Inc. $ABBV

Key Points

• First Financial Bank Trust Division increased its ownership in AbbVie Inc. by 5.1% during Q2, now holding 25,420 shares valued at approximately $4.7 million.
• Several research firms recently raised their price targets for AbbVie, with Wells Fargo increasing it to $260, indicating strong analyst support for the stock.
• AbbVie announced a quarterly dividend of $1.64, expected to be paid on November 14th, representing a 3.0% annual yield based on the current share price.

First Financial Bank Trust Division increased its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 5.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,420 shares of the company's stock after purchasing an additional 1,243 shares during the period. First Financial Bank Trust Division's holdings in AbbVie were worth $4,718,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Private Management Group Inc. boosted its holdings in AbbVie by 1.9% in the first quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock worth $616,000 after purchasing an additional 54 shares in the last quarter. Silicon Valley Capital Partners boosted its holdings in AbbVie by 10.8% in the first quarter. Silicon Valley Capital Partners now owns 573 shares of the company's stock worth $118,000 after purchasing an additional 56 shares in the last quarter. Connecticut Wealth Management LLC boosted its holdings in AbbVie by 1.6% in the fourth quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock worth $660,000 after purchasing an additional 57 shares in the last quarter. Castle Wealth Management LLC lifted its position in AbbVie by 3.4% during the 1st quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock worth $361,000 after acquiring an additional 57 shares during the last quarter. Finally, High Falls Advisors Inc lifted its position in AbbVie by 3.2% during the 1st quarter. High Falls Advisors Inc now owns 1,863 shares of the company's stock worth $390,000 after acquiring an additional 57 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the transaction, the executive vice president owned 58,247 shares of the company's stock, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction dated 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 transaction, the executive vice president directly owned 177,292 shares of the company's stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company's stock.

AbbVie Stock Performance

Shares of ABBV traded down $1.82 during trading hours on Friday, reaching $218.40. 4,418,717 shares of the company traded hands, compared to its average volume of 4,347,311. The stock's fifty day moving average is $200.25 and its 200 day moving average is $194.45. The stock has a market cap of $385.82 billion, a P/E ratio of 104.00, a price-to-earnings-growth ratio of 1.40 and a beta of 0.53. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $221.76.

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

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio is 312.38%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Wells Fargo & Company boosted their target price on shares of AbbVie from $240.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday. Piper Sandler assumed coverage on shares of AbbVie in a research report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 target price for the company. Wall Street Zen lowered shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Citigroup boosted their target price on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a research report on Wednesday, June 11th. Finally, Bank of America boosted their target price on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a research report on Monday, June 9th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $217.10.

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.