Fifth Third Bancorp Acquires 14,401 Shares of AbbVie Inc. $ABBV

Key Points

• Fifth Third Bancorp increased its stake in AbbVie Inc. by 1.0% during the second quarter, acquiring an additional 14,401 shares and holding a total of 1,454,878 shares, which represent 0.9% of its portfolio.
• AbbVie reported a quarterly revenue of $15.42 billion, exceeding analyst expectations, although its earnings per share of $2.97 missed the consensus estimate by $0.27.
• The company declared a quarterly dividend of $1.64 per share, with an annualized dividend yield of 2.9%, to be paid on November 14th to shareholders of record by October 15th.

Fifth Third Bancorp increased its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 1.0% in the second quarter, according to its most recent filing with the SEC. The fund owned 1,454,878 shares of the company's stock after acquiring an additional 14,401 shares during the period. AbbVie comprises 0.9% of Fifth Third Bancorp's portfolio, making the stock its 22nd biggest position. Fifth Third Bancorp owned about 0.08% of AbbVie worth $270,054,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of ABBV. Marshall & Sullivan Inc. WA bought a new stake in AbbVie during the 2nd quarter valued at $25,000. TD Capital Management LLC raised its position in AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $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 valued at $30,000. Siemens Fonds Invest GmbH raised its position in AbbVie by 197.6% during the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after purchasing an additional 119,141 shares in the last quarter. Finally, Cypress Capital Management LLC WY bought a new stake in AbbVie during the 1st quarter valued at $35,000. 70.23% of the stock is owned by institutional investors.

AbbVie Stock Up 0.1%

Shares of ABBV stock opened at $222.88 on Wednesday. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $225.16. The stock's fifty day moving average price is $204.47 and its 200 day moving average price is $195.04. 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 company has a market cap of $393.74 billion, a price-to-earnings ratio of 106.14, a price-to-earnings-growth ratio of 1.33 and a beta of 0.53.

AbbVie (NYSE:ABBV - Get Free Report) last announced its 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 analysts' expectations of $14.93 billion. During the same quarter last year, the firm earned $2.65 earnings per share. The firm's quarterly revenue was up 6.6% compared to the same quarter last year. On average, research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm 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 dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 2.9%. The ex-dividend date is Wednesday, October 15th. AbbVie's payout ratio is 312.38%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ABBV. Morgan Stanley lifted their target price on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. JPMorgan Chase & Co. lifted their price target on AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a report on Tuesday, September 16th. BMO Capital Markets lifted their price target on AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a report on Friday, September 12th. Cantor Fitzgerald lifted their price target on AbbVie from $215.00 to $245.00 and gave the company an "overweight" rating in a report on Monday, September 15th. Finally, Berenberg Bank upgraded AbbVie from a "hold" rating to a "buy" rating and lifted their price target for the company from $170.00 to $270.00 in a report on Wednesday, September 17th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $223.45.

Insider Buying and Selling at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction on Tuesday, August 12th. The stock was 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. The trade was a 19.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction dated 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 sale, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by insiders.

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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