Bell Bank Has $13.21 Million Stock Position in AbbVie Inc. $ABBV

Key Points

• Bell Bank reduced its holdings in AbbVie Inc. by 3.5%, bringing its total shares to 71,191, valued at approximately $13.21 million, making it the bank's 20th largest investment.
• Research firms have raised their price targets on AbbVie, with Morgan Stanley setting a target of $255, while the consensus rating remains a "Moderate Buy" with an average target of $222.68.
• AbbVie recently declared a quarterly dividend of $1.64 per share, which reflects a 3.0% dividend yield, amid a payout ratio of 312.38%.

Bell Bank lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 3.5% in the second quarter, according to its most recent filing with the SEC. The firm owned 71,191 shares of the company's stock after selling 2,579 shares during the quarter. AbbVie comprises approximately 0.6% of Bell Bank's holdings, making the stock its 20th largest position. Bell Bank's holdings in AbbVie were worth $13,214,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in ABBV. FF Advisors LLC lifted its holdings in shares of AbbVie by 3.6% in the second quarter. FF Advisors LLC now owns 1,539 shares of the company's stock valued at $286,000 after buying an additional 53 shares during the period. Private Management Group Inc. lifted its holdings in shares of AbbVie by 1.9% in the first quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock valued at $616,000 after buying an additional 54 shares during the period. Silicon Valley Capital Partners lifted its holdings in shares of AbbVie by 10.8% in the first quarter. Silicon Valley Capital Partners now owns 573 shares of the company's stock valued at $118,000 after buying an additional 56 shares during the period. Seneca House Advisors lifted its holdings in shares of AbbVie by 2.7% in the second quarter. Seneca House Advisors now owns 2,093 shares of the company's stock valued at $388,000 after buying an additional 56 shares during the period. Finally, Connecticut Wealth Management LLC lifted its holdings in shares of AbbVie by 1.6% in the fourth quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock valued at $660,000 after buying an additional 57 shares during the period. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Price Performance

NYSE ABBV traded up $0.86 during trading hours on Tuesday, reaching $223.45. 855,513 shares of the company's stock were exchanged, compared to its average volume of 6,449,535. The stock has a market cap of $394.73 billion, a PE ratio of 106.43, a price-to-earnings-growth ratio of 1.33 and a beta of 0.53. AbbVie Inc. has a one year low of $163.81 and a one year high of $225.16. The firm has a fifty day moving average of $203.75 and a 200-day moving average of $194.84. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14.

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 firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm's quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.65 earnings per share. On average, equities research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be issued a $1.64 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. BMO Capital Markets boosted their target price on AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a research report on Friday, September 12th. Guggenheim boosted their target price on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Bank of America boosted their target price on AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Morgan Stanley upped their price target on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Finally, Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a research note 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's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $223.45.

Insider Activity

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction that occurred on 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 sale, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was 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 of the company's stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.

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.