Central Pacific Bank Trust Division Acquires 5,662 Shares of AbbVie Inc. $ABBV

Key Points

• Central Pacific Bank Trust Division increased its holdings in AbbVie Inc. by 69.2% during the 2nd quarter, now owning a total of 13,842 shares valued at approximately $2.57 million.
• Multiple analysts have raised their price targets for AbbVie, with Guggenheim setting it at $227.00 and Wells Fargo raising it to $260.00, reflecting a strong investor sentiment.
• AbbVie recently declared a quarterly dividend of $1.64, set to be paid on November 14th, with a current dividend yield of 3.0%.

Central Pacific Bank Trust Division grew its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 69.2% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 13,842 shares of the company's stock after buying an additional 5,662 shares during the period. Central Pacific Bank Trust Division's holdings in AbbVie were worth $2,569,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of the business. Brighton Jones LLC grew its stake in shares of AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock valued at $4,072,000 after purchasing an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC lifted its stake in AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock valued at $1,294,000 after buying an additional 3,064 shares during the period. Shell Asset Management Co. raised its position in shares of AbbVie by 0.5% during the fourth quarter. Shell Asset Management Co. now owns 36,710 shares of the company's stock worth $6,523,000 after purchasing an additional 167 shares during the period. SGL Investment Advisors Inc. acquired a new stake in shares of AbbVie during the fourth quarter worth about $243,000. Finally, Security National Bank of SO Dak raised its position in shares of AbbVie by 4.9% during the fourth quarter. Security National Bank of SO Dak now owns 17,012 shares of the company's stock worth $3,023,000 after purchasing an additional 795 shares during the period. 70.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on ABBV shares. Morgan Stanley increased their price objective on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Wall Street Zen downgraded shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Raymond James Financial reissued an "outperform" rating on shares of AbbVie in a research report on Monday, August 25th. Bank of America upped their target price on shares of AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Finally, Cantor Fitzgerald raised their price objective on shares of AbbVie from $215.00 to $245.00 and gave the stock an "overweight" rating in a research report on Monday. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $222.68.

AbbVie Stock Up 1.7%

Shares of NYSE ABBV traded up $3.64 during trading on Wednesday, hitting $219.90. 2,137,587 shares of the company traded hands, compared to its average volume of 6,431,656. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $221.76. The firm has a market capitalization of $388.46 billion, a price-to-earnings ratio of 104.82, a P/E/G ratio of 1.40 and a beta of 0.53. The business's fifty day moving average is $201.39 and its 200 day moving average is $194.66.

AbbVie (NYSE:ABBV - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The company had revenue of $15.42 billion for 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 revenue was up 6.6% on a year-over-year basis. During the same period in the prior year, the company earned $2.65 earnings per share. Equities research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared 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. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.0%. AbbVie's dividend payout ratio is presently 312.38%.

Insiders Place Their Bets

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie 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 sale, the executive vice president directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the transaction, the executive vice president 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. 0.08% of the stock is currently owned by insiders.

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.