AbbVie Inc. (NYSE:ABBV) Shares Bought by Community Financial Services Group LLC

Community Financial Services Group LLC raised its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 269.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,920 shares of the company's stock after acquiring an additional 7,233 shares during the period. Community Financial Services Group LLC's holdings in AbbVie were worth $2,078,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Embree Financial Group boosted its stake in AbbVie by 0.9% in the first quarter. Embree Financial Group now owns 19,688 shares of the company's stock valued at $4,125,000 after acquiring an additional 167 shares during the period. Keudell Morrison Wealth Management boosted its stake in AbbVie by 0.7% in the first quarter. Keudell Morrison Wealth Management now owns 21,977 shares of the company's stock valued at $4,605,000 after acquiring an additional 143 shares during the period. Spirepoint Private Client LLC boosted its stake in AbbVie by 4.4% in the first quarter. Spirepoint Private Client LLC now owns 36,573 shares of the company's stock valued at $7,663,000 after acquiring an additional 1,553 shares during the period. Consolidated Portfolio Review Corp boosted its stake in AbbVie by 7.6% in the first quarter. Consolidated Portfolio Review Corp now owns 2,136 shares of the company's stock valued at $448,000 after acquiring an additional 150 shares during the period. Finally, FORM Wealth Advisors LLC acquired a new position in AbbVie in the first quarter valued at approximately $1,888,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ABBV shares. Erste Group Bank upgraded AbbVie to a "strong-buy" rating in a research report on Monday, March 17th. Citigroup boosted their price objective on AbbVie to $205.00 and gave the stock a "hold" rating in a research report on Wednesday, June 11th. Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Cantor Fitzgerald started coverage on AbbVie in a research report on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 price objective for the company. Finally, Morgan Stanley boosted their price objective on AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. Eight equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie presently has an average rating of "Moderate Buy" and a consensus price target of $211.29.

Insider Activity

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business's stock in a transaction on Monday, March 31st. The shares were sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the transaction, the executive vice president now directly owns 53,234 shares in the company, valued at $11,183,398.72. The trade was a 52.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.08% of the stock is currently owned by corporate insiders.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $183.92 on Tuesday. The company's fifty day moving average is $185.28 and its two-hundred day moving average is $187.84. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 12-month low of $163.52 and a 12-month high of $218.66. The company has a market cap of $324.88 billion, a P/E ratio of 78.26, a price-to-earnings-growth ratio of 1.23 and a beta of 0.50.

AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.06. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The company had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. During the same period in the previous year, the business earned $2.31 EPS. The company's revenue was up 8.4% on a year-over-year basis. Equities analysts expect 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, August 15th. Stockholders of record on Tuesday, July 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.57%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio is currently 279.15%.

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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