Canandaigua National Bank & Trust Co. Acquires New Stake in AbbVie Inc. $ABBV

Key Points

• Canandaigua National Bank & Trust acquired 27,540 AbbVie shares worth approximately $6.93 million during the second quarter. Institutional investors and hedge funds collectively own 70.23% of ABBV.
• AbbVie reported strong quarterly results, with revenue rising 10.2% year over year to $16.99 billion and earnings of $3.65 per share, exceeding analyst expectations. Growth from Skyrizi, Rinvoq and neuroscience products helped offset pressure on older medicines.
• AbbVie announced a quarterly dividend of $1.73 per share, equivalent to an annualized $6.92 and a 2.8% yield. Analysts maintain a broadly positive view, with a “Moderate Buy” consensus rating and an average price target of $272.76.

Canandaigua National Bank & Trust Co. bought a new position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 27,540 shares of the company's stock, valued at approximately $6,930,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of ABBV. Arlington Trust Co LLC lifted its stake in AbbVie by 33.1% in the 2nd quarter. Arlington Trust Co LLC now owns 1,150 shares of the company's stock valued at $289,000 after acquiring an additional 286 shares in the last quarter. Financial Enhancement Group LLC acquired a new stake in shares of AbbVie in the second quarter valued at approximately $229,000. Moody National Bank Trust Division lifted its position in shares of AbbVie by 1.1% in the second quarter. Moody National Bank Trust Division now owns 15,834 shares of the company's stock worth $3,984,000 after purchasing an additional 173 shares in the last quarter. Trinity Financial Advisors LLC lifted its position in shares of AbbVie by 5.2% in the second quarter. Trinity Financial Advisors LLC now owns 1,071 shares of the company's stock worth $269,000 after purchasing an additional 53 shares in the last quarter. Finally, CGN Advisors LLC boosted its holdings in AbbVie by 3.6% during the second quarter. CGN Advisors LLC now owns 2,104 shares of the company's stock worth $529,000 after purchasing an additional 73 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Stock Performance

Shares of ABBV stock opened at $243.83 on Wednesday. AbbVie Inc. has a 52-week low of $190.75 and a 52-week high of $267.47. The stock has a market cap of $430.80 billion, a price-to-earnings ratio of 68.88, a PEG ratio of 0.81 and a beta of 0.30. The firm's 50-day moving average is $240.29 and its 200-day moving average is $224.41.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings results on Friday, July 31st. The company reported $3.65 EPS for the quarter, topping analysts' consensus estimates of $3.61 by $0.04. The business had revenue of $16.99 billion during the quarter, compared to analysts' expectations of $16.80 billion. AbbVie had a negative return on equity of 466.39% and a net margin of 9.80%.AbbVie's quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the company posted $2.97 earnings per share. AbbVie has set its Q3 2026 guidance at 3.840-3.880 EPS. Sell-side analysts predict that AbbVie Inc. will post 14.08 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be issued a dividend of $1.73 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.8%. AbbVie's payout ratio is presently 195.48%.

More AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: BOTOX Cosmetic expansion: The FDA accepted AbbVie’s supplemental application for BOTOX Cosmetic to treat masseter muscle prominence, commonly associated with a more prominent jawline. If approved, it would be the first U.S.-approved neurotoxin for this condition and would add a potential fifth aesthetic indication. The filing is supported by positive Phase 3 results. FDA acceptance of BOTOX Cosmetic application
• Positive Sentiment: Strong second-quarter performance: AbbVie reported revenue of $16.99 billion, up 10.2% year over year and above expectations, while adjusted earnings of $3.65 per share also exceeded consensus. Growth from immunology products Skyrizi and Rinvoq, along with neuroscience, is helping offset pressure from older products. AbbVie second-quarter results
• Positive Sentiment: UBRELVY reimbursement recommendation: Canada’s drug agency recommended conditional public reimbursement for UBRELVY in adults treating acute migraine. The recommendation could improve access and support international sales growth for AbbVie’s migraine franchise. UBRELVY Canadian reimbursement recommendation
• Positive Sentiment: Analyst optimism: Cantor Fitzgerald raised its AbbVie price target to $285 from $265 and maintained an Overweight rating, reflecting confidence in the company’s growth catalysts and pipeline.
• Neutral Sentiment: Pipeline and sector activity: AbbVie’s late-stage ABBV-706 lung-cancer program and telisotuzumab adizutecan remain potential longer-term catalysts, although neither update represents an immediate commercial milestone. Broader biopharmaceutical merger activity may also improve the sector’s sentiment. ABBV-706 lung cancer trial
• Negative Sentiment: Apogee acquisition impact: Although AbbVie raised its 2026 revenue outlook on Skyrizi, Rinvoq and neuroscience growth, the Apogee deal is expected to dilute earnings and increase research-and-development spending. This creates a near-term headwind despite stronger operating momentum.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Morgan Stanley reaffirmed an "overweight" rating and issued a $296.00 target price on shares of AbbVie in a research report on Monday. JPMorgan Chase & Co. boosted their price target on shares of AbbVie from $260.00 to $280.00 and gave the stock an "overweight" rating in a research report on Thursday, July 9th. Wells Fargo & Company increased their price objective on shares of AbbVie from $260.00 to $295.00 and gave the stock an "overweight" rating in a research note on Friday, July 10th. HSBC restated a "buy" rating and issued a $300.00 price objective on shares of AbbVie in a report on Monday, July 6th. Finally, DZ Bank upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 30th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $272.76.

AbbVie Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie's product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women's health.

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source