American National Bank & Trust Raises Holdings in AbbVie Inc. $ABBV

Key Points

• American National Bank & Trust increased its stake in AbbVie Inc. by 3.0%, now holding 80,665 shares valued at approximately $14.97 million.
• AbbVie announced a quarterly dividend of $1.64 per share, with a yield of 3.0%, scheduled for payment on November 14th.
• Analysts have a consensus rating of "Moderate Buy" for AbbVie, with an average target price of $223.45 following several upward revisions by prominent firms.

American National Bank & Trust boosted its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 3.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 80,665 shares of the company's stock after purchasing an additional 2,320 shares during the quarter. AbbVie makes up 1.5% of American National Bank & Trust's investment portfolio, making the stock its 15th biggest holding. American National Bank & Trust's holdings in AbbVie were worth $14,973,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of ABBV. GAMMA Investing LLC increased its holdings in AbbVie by 25,841.6% during the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock worth $2,144,382,000 after purchasing an additional 10,195,284 shares during the period. Nuveen LLC purchased a new position in shares of AbbVie in the 1st quarter valued at about $1,819,154,000. Assenagon Asset Management S.A. increased its holdings in shares of AbbVie by 550.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company's stock valued at $804,116,000 after acquiring an additional 3,666,521 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of AbbVie by 31.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock valued at $3,068,820,000 after acquiring an additional 3,519,187 shares during the last quarter. Finally, Kingstone Capital Partners Texas LLC purchased a new position in shares of AbbVie in the 2nd quarter valued at about $581,817,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

Insider Buying and Selling

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the 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 sale, the executive vice president directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred on 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 sale, the executive vice president directly owned 177,292 shares of the company's stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

AbbVie Stock Down 0.8%

Shares of NYSE ABBV opened at $218.23 on Friday. The stock has a market cap of $385.52 billion, a PE ratio of 103.92, a price-to-earnings-growth ratio of 1.31 and a beta of 0.53. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $225.16. The business has a 50-day moving average price of $205.61 and a 200 day moving average price of $195.22.

AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The firm had revenue of $15.42 billion during 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%. The firm's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the company earned $2.65 earnings per share. Equities research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of recent analyst reports. Evercore ISI increased their price objective on AbbVie from $207.00 to $222.00 and gave the company an "outperform" rating in a report on Monday. Piper Sandler initiated coverage on AbbVie in a report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price objective on the stock. Berenberg Bank upgraded AbbVie from a "hold" rating to a "buy" rating and increased their price objective for the company from $170.00 to $270.00 in a report on Wednesday, September 17th. Citigroup increased their price objective on AbbVie to $205.00 and gave the company a "hold" rating in a report on Wednesday, June 11th. Finally, Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $223.45.

AbbVie 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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