Cullen Frost Bankers Inc. Acquires 11,730 Shares of AbbVie Inc. $ABBV

Key Points

• Cullen Frost Bankers Inc. increased its holdings in AbbVie Inc. by 3.1%, acquiring an additional 11,730 shares, resulting in a total of 396,225 shares valued at $73.5 million.
• AbbVie reported quarterly earnings of $2.97 per share, which fell short of analysts' expectations of $3.24, despite achieving revenue of $15.42 billion.
• AbbVie declared a quarterly dividend of $1.64 per share, reflecting an annualized payout of $6.56 and a dividend yield of 2.8%, with the ex-dividend date on October 15th.

Cullen Frost Bankers Inc. raised its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 3.1% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 396,225 shares of the company's stock after acquiring an additional 11,730 shares during the quarter. AbbVie makes up 0.9% of Cullen Frost Bankers Inc.'s holdings, making the stock its 28th largest holding. Cullen Frost Bankers Inc.'s holdings in AbbVie were worth $73,547,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. grew its position in AbbVie by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company's stock valued at $36,439,271,000 after acquiring an additional 845,787 shares during the last quarter. Northern Trust Corp grew its position in AbbVie by 0.9% in the 1st quarter. Northern Trust Corp now owns 22,013,920 shares of the company's stock valued at $4,612,357,000 after acquiring an additional 189,294 shares during the last quarter. Goldman Sachs Group Inc. grew its position in 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 acquiring an additional 3,519,187 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in AbbVie by 5.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company's stock valued at $2,675,959,000 after acquiring an additional 713,148 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in AbbVie by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,413,033 shares of the company's stock valued at $1,972,050,000 after acquiring an additional 45,871 shares during the last quarter. Institutional investors own 70.23% of the company's stock.

AbbVie Trading Down 0.2%

Shares of NYSE ABBV opened at $231.48 on Wednesday. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The stock has a market capitalization of $408.93 billion, a P/E ratio of 110.23, a price-to-earnings-growth ratio of 1.45 and a beta of 0.51. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $244.81. The business has a fifty day moving average price of $219.24 and a 200 day moving average price of $198.07.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data 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 analysts' expectations of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The company's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter last year, the company earned $2.65 earnings per share. Equities research analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid 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 is Wednesday, October 15th. AbbVie's dividend payout ratio is 312.38%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ABBV shares. Weiss Ratings reaffirmed a "hold (c)" rating on shares of AbbVie in a research report on Wednesday, October 8th. Evercore ISI upped their target price on AbbVie from $207.00 to $222.00 and gave the stock an "outperform" rating in a report on Monday, September 22nd. Wall Street Zen cut AbbVie from a "buy" rating to a "hold" rating in a report on Saturday, October 11th. Erste Group Bank cut AbbVie from a "buy" rating to a "hold" rating in a report on Tuesday, October 14th. Finally, Berenberg Bank upgraded AbbVie from a "hold" rating to a "buy" rating and upped their target price for the stock from $170.00 to $270.00 in a report on Wednesday, September 17th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, AbbVie has a consensus rating of "Moderate Buy" and a consensus target price of $234.80.

Insiders Place Their Bets

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction 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 completion of the sale, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the sale, the executive vice president owned 177,292 shares of the company's stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company's stock.

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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.