Citizens National Bank Trust Department Boosts Position in AbbVie Inc. $ABBV

Key Points

• Citizens National Bank Trust Department boosted its holdings in AbbVie Inc. by 2.8% in Q2, owning 40,546 shares worth $7.53 million, making it the bank's 21st largest position.
• Several large investors, including Nuveen LLC and Goldman Sachs Group Inc., have significantly increased their stakes in AbbVie, which now has institutional ownership of 70.23%.
• AbbVie recently declared a quarterly dividend of $1.64 per share, representing a 2.8% dividend yield, with a payout ratio of 312.38% as of the most recent filing.

Citizens National Bank Trust Department increased its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 2.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 40,546 shares of the company's stock after acquiring an additional 1,122 shares during the quarter. AbbVie comprises approximately 1.5% of Citizens National Bank Trust Department's portfolio, making the stock its 21st biggest position. Citizens National Bank Trust Department's holdings in AbbVie were worth $7,526,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Nuveen LLC purchased a new stake in AbbVie in the first quarter worth about $1,819,154,000. Assenagon Asset Management S.A. raised its position 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 worth $804,116,000 after acquiring an additional 3,666,521 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake 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 purchasing an additional 3,519,187 shares during the period. Kingstone Capital Partners Texas LLC bought a new stake in shares of AbbVie during the second quarter valued at approximately $581,817,000. Finally, Bessemer Group Inc. grew its stake in AbbVie by 147.6% in the first quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company's stock worth $576,800,000 after purchasing an additional 1,641,091 shares during the period. Institutional investors own 70.23% of the company's stock.

Analyst Ratings Changes

ABBV has been the subject of several recent research reports. Morgan Stanley raised their price objective on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Cantor Fitzgerald lifted their price target on shares of AbbVie from $215.00 to $245.00 and gave the company an "overweight" rating in a research report on Monday, September 15th. HSBC set a $225.00 price objective on shares of AbbVie in a research note on Thursday, October 2nd. Daiwa America raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of AbbVie in a report on Saturday, September 27th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, AbbVie has a consensus rating of "Moderate Buy" and a consensus target price of $229.14.

AbbVie Stock Performance

ABBV stock opened at $233.42 on Wednesday. The stock's 50 day simple moving average is $212.45 and its 200 day simple moving average is $196.19. 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 Inc. has a 12-month low of $163.81 and a 12-month high of $244.81. The stock has a market capitalization of $412.35 billion, a PE ratio of 111.15, a price-to-earnings-growth ratio of 1.35 and a beta of 0.51.

AbbVie (NYSE:ABBV - Get Free Report) last posted 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). The business had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the business posted $2.65 EPS. As a group, research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Insider Buying and Selling

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the sale, the executive vice president 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 document filed with the SEC, which is accessible through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction 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 sale, the executive vice president owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.08% of the company's stock.

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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