AbbVie Inc. (NYSE:ABBV) Shares Sold by Associated Banc Corp

Key Points

• Associated Banc Corp reduced its holdings in AbbVie Inc. by 4.6%, now owning 34,043 shares worth approximately $7.13 million.
• AbbVie reported $2.97 earnings per share for the last quarter, missing the consensus estimate by $0.27, but had a revenue of $15.42 billion, exceeding expectations.
• The company recently declared a quarterly dividend of $1.64, which will be paid on August 15th, representing a yield of 3.3%.

Associated Banc Corp trimmed its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 4.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,043 shares of the company's stock after selling 1,639 shares during the quarter. Associated Banc Corp's holdings in AbbVie were worth $7,133,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. EnRich Financial Partners LLC grew its holdings in AbbVie by 196.4% during the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock valued at $29,000 after buying an additional 110 shares in the last quarter. Abound Financial LLC purchased a new position in shares of AbbVie in the first quarter valued at $30,000. Siemens Fonds Invest GmbH grew its holdings in shares of AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after purchasing an additional 119,141 shares in the last quarter. Cypress Capital Management LLC WY purchased a new position in shares of AbbVie in the first quarter valued at $35,000. Finally, Pinney & Scofield Inc. purchased a new position in shares of AbbVie in the fourth quarter valued at $36,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ABBV has been the subject of a number of recent research reports. Guggenheim raised their target price on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a report on Friday, August 1st. Raymond James Financial raised their price target on AbbVie from $227.00 to $236.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. BNP Paribas upgraded AbbVie to a "hold" rating in a research report on Thursday, May 8th. Bank of America raised their price target on AbbVie to $204.00 and gave the stock a "hold" rating in a research report on Monday, June 9th. Finally, Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Eight equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, AbbVie currently has a consensus rating of "Moderate Buy" and an average price target of $212.81.

AbbVie Stock Performance

NYSE ABBV traded down $2.18 during trading hours on Wednesday, reaching $196.37. The stock had a trading volume of 4,057,167 shares, compared to its average volume of 5,355,388. The stock has a fifty day moving average of $188.86 and a 200 day moving average of $190.65. The stock has a market cap of $346.90 billion, a P/E ratio of 93.51, a price-to-earnings-growth ratio of 1.27 and a beta of 0.50. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $218.66. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.74.

AbbVie (NYSE:ABBV - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $2.97 EPS 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 analysts' expectations of $14.93 billion. During the same quarter in the prior year, the company earned $2.65 EPS. AbbVie's quarterly revenue was up 6.6% on a year-over-year basis. Sell-side analysts predict 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, August 15th. Shareholders of record on Tuesday, July 15th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.3%. The ex-dividend date is Tuesday, July 15th. AbbVie's dividend payout ratio is currently 312.38%.

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.