Farmers Trust Co. Lowers Stake in AbbVie Inc. $ABBV

Key Points

• Farmers Trust Co. has reduced its stake in AbbVie Inc. by 18.0%, owning 22,729 shares valued at approximately $4.2 million after selling 4,989 shares.
• AbbVie reported quarterly earnings of $2.97 per share, missing expectations, but its revenue of $15.42 billion surpassed analyst estimates.
• The company declared a quarterly dividend of $1.64 per share, with a yield of 2.9% and a payout ratio of 312.38%.

Farmers Trust Co. reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 18.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,729 shares of the company's stock after selling 4,989 shares during the period. Farmers Trust Co.'s holdings in AbbVie were worth $4,219,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of ABBV. Brighton Jones LLC lifted its position in AbbVie by 17.4% during the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock valued at $4,072,000 after acquiring an additional 3,401 shares during the period. Revolve Wealth Partners LLC lifted its position in AbbVie by 72.7% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock valued at $1,294,000 after acquiring an additional 3,064 shares during the period. Vermillion Wealth Management Inc. purchased a new position in AbbVie during the 4th quarter valued at about $122,000. United Advisor Group LLC increased its stake in AbbVie by 2.1% during the 4th quarter. United Advisor Group LLC now owns 4,472 shares of the company's stock valued at $795,000 after purchasing an additional 90 shares in the last quarter. Finally, Garde Capital Inc. increased its stake in AbbVie by 17.6% during the 4th quarter. Garde Capital Inc. now owns 1,335 shares of the company's stock valued at $237,000 after purchasing an additional 200 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $223.09 on Tuesday. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $225.16. The company has a market capitalization of $394.09 billion, a P/E ratio of 106.23, a P/E/G ratio of 1.33 and a beta of 0.53. The firm's 50 day simple moving average is $203.75 and its two-hundred day simple moving average is $194.84.

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 net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. During the same period in the prior year, the firm earned $2.65 EPS. AbbVie's revenue for the quarter was up 6.6% compared to the same quarter last year. Research analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 2.9%. AbbVie's payout ratio is currently 312.38%.

Insider Activity at AbbVie

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 transaction of $2,639,190.45. Following the transaction, the executive vice president owned 58,247 shares of the company's stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 directly owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ABBV shares. JPMorgan Chase & Co. raised their price objective on shares of AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a research note on Tuesday, September 16th. Daiwa America upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Wells Fargo & Company raised their price objective on shares of AbbVie from $240.00 to $260.00 and gave the company an "overweight" rating in a research note on Friday, September 12th. Piper Sandler started coverage on shares of AbbVie in a research note on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price objective for the company. Finally, Raymond James Financial restated an "outperform" rating on shares of AbbVie in a research note on Monday, August 25th. Four analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus 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.

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.