Community Financial Services Group LLC Buys 21,464 Shares of AbbVie Inc. $ABBV

Community Financial Services Group LLC increased its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 216.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,384 shares of the company's stock after acquiring an additional 21,464 shares during the quarter. Community Financial Services Group LLC's holdings in AbbVie were worth $5,826,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of ABBV. Marshall & Sullivan Inc. WA bought a new stake in AbbVie in the second quarter valued at approximately $25,000. TD Capital Management LLC increased its stake in AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Abound Financial LLC bought a new stake in AbbVie during the 1st quarter worth approximately $30,000. Cypress Capital Management LLC WY bought a new stake in AbbVie during the 1st quarter worth approximately $35,000. Finally, Inlight Wealth Management LLC bought a new stake in AbbVie during the 1st quarter worth approximately $42,000. Institutional investors own 70.23% of the company's stock.

Insider Buying and Selling at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the transaction, the executive vice president directly owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the transaction, the executive vice president directly owned 58,247 shares of the company's stock, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

AbbVie Price Performance

Shares of ABBV opened at $244.77 on Thursday. The stock has a market capitalization of $432.40 billion, a P/E ratio of 116.56, a P/E/G ratio of 1.35 and a beta of 0.51. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81. The company has a 50 day moving average of $208.97 and a 200-day moving average of $195.71. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same period in the prior year, the business earned $2.65 earnings per share. AbbVie's revenue was up 6.6% compared to the same quarter last year. As a group, equities research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.7%. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of research reports. Daiwa America raised AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Berenberg Bank raised AbbVie from a "hold" rating to a "buy" rating and increased their target price for the stock from $170.00 to $270.00 in a research note on Wednesday, September 17th. Cantor Fitzgerald increased their target price on AbbVie from $215.00 to $245.00 and gave the stock an "overweight" rating in a research note on Monday, September 15th. Citigroup increased their target price on AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, June 11th. Finally, Evercore ISI increased their target price on AbbVie from $207.00 to $222.00 and gave the stock an "outperform" rating in a research note on Monday, September 22nd. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, AbbVie presently has an average rating of "Moderate Buy" and an average price target of $223.45.

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.

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