AbbVie Inc. $ABBV Shares Sold by First American Bank

Key Points

• First American Bank reduced its stake in AbbVie Inc. by 2.0%, now holding approximately 116,869 shares valued at $21.69 million, making it the 14th largest holding in its portfolio.
• AbbVie reported $2.97 earnings per share for the last quarter, missing expectations of $3.24, though quarterly revenue rose 6.6% year-over-year to $15.42 billion.
• The company announced a quarterly dividend of $1.64 per share, with an annualized dividend yield of 3.0%, and a significant dividend payout ratio of 312.38%.

First American Bank cut its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 2.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 116,869 shares of the company's stock after selling 2,403 shares during the quarter. AbbVie makes up approximately 1.5% of First American Bank's portfolio, making the stock its 14th largest holding. First American Bank's holdings in AbbVie were worth $21,693,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. ORG Partners LLC raised its position in shares of AbbVie by 43.7% during the 2nd quarter. ORG Partners LLC now owns 5,841 shares of the company's stock worth $1,018,000 after purchasing an additional 1,776 shares during the last quarter. Stillwater Capital Advisors LLC raised its holdings in shares of AbbVie by 0.3% in the second quarter. Stillwater Capital Advisors LLC now owns 90,880 shares of the company's stock worth $16,869,000 after acquiring an additional 273 shares during the last quarter. Meridian Investment Counsel Inc. lifted its position in shares of AbbVie by 1.1% in the second quarter. Meridian Investment Counsel Inc. now owns 26,851 shares of the company's stock valued at $4,984,000 after acquiring an additional 282 shares in the last quarter. Lloyd Advisory Services LLC. boosted its stake in shares of AbbVie by 27.1% during the second quarter. Lloyd Advisory Services LLC. now owns 1,686 shares of the company's stock valued at $313,000 after acquiring an additional 360 shares during the last quarter. Finally, Cove Private Wealth LLC increased its position in AbbVie by 171.0% during the 2nd quarter. Cove Private Wealth LLC now owns 9,911 shares of the company's stock worth $1,840,000 after purchasing an additional 6,254 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Up 1.0%

Shares of NYSE:ABBV opened at $220.75 on Friday. The stock has a 50-day simple moving average of $206.24 and a 200-day simple moving average of $195.27. The stock has a market capitalization of $389.97 billion, a P/E ratio of 105.12, a PEG ratio of 1.28 and a beta of 0.53. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $225.16. 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 (NYSE:ABBV - Get Free Report) last announced 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 business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same period last year, the firm earned $2.65 earnings per share. The company's quarterly revenue was up 6.6% on a year-over-year basis. Equities analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current 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 $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.0%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio is currently 312.38%.

Insider Activity

In other news, 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 value 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 trade represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm's 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 sale, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.25% of the company's stock.

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of recent research reports. Bank of America upped their target price on shares of AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective on the stock in a research note on Thursday, August 7th. Daiwa America raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Cantor Fitzgerald upped their price objective on shares of AbbVie from $215.00 to $245.00 and gave the company an "overweight" rating in a research note on Monday, September 15th. Finally, Piper Sandler began coverage on shares of AbbVie in a research report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 target price on the stock. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $223.45.

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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