Glenview Trust co Grows Position in AbbVie Inc. $ABBV

Key Points

• Glenview Trust co increased its stake in AbbVie Inc. by acquiring an additional 1,974 shares, bringing its total holdings to 413,109 shares, valued at approximately $86.6 million.
• Institutional investors currently own 70.23% of AbbVie stock, with several funds, including Aspen Investment Management Inc. and Advisory Alpha LLC, significantly increasing their positions during the first quarter.
• AbbVie has recently seen positive analyst attention, with several firms raising their target prices, resulting in a consensus rating of “Moderate Buy” and an average price target of $214.95.

Glenview Trust co lifted its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 0.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 413,109 shares of the company's stock after purchasing an additional 1,974 shares during the period. AbbVie comprises approximately 1.7% of Glenview Trust co's portfolio, making the stock its 16th largest position. Glenview Trust co's holdings in AbbVie were worth $86,555,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Narus Financial Partners LLC lifted its position in shares of AbbVie by 25.3% during the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock worth $417,000 after purchasing an additional 401 shares during the last quarter. Highland Capital Management LLC lifted its position in shares of AbbVie by 6.3% during the 1st quarter. Highland Capital Management LLC now owns 46,853 shares of the company's stock worth $9,817,000 after purchasing an additional 2,792 shares during the last quarter. Weaver Capital Management LLC lifted its position in shares of AbbVie by 3.9% during the 1st quarter. Weaver Capital Management LLC now owns 8,240 shares of the company's stock worth $1,727,000 after purchasing an additional 310 shares during the last quarter. North Star Asset Management Inc. boosted its holdings in shares of AbbVie by 0.5% in the 1st quarter. North Star Asset Management Inc. now owns 161,320 shares of the company's stock valued at $33,800,000 after buying an additional 756 shares in the last quarter. Finally, Alpine Bank Wealth Management acquired a new position in shares of AbbVie in the 1st quarter valued at $3,879,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ABBV has been the subject of several research analyst reports. Guggenheim upped their target price on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a report on Friday, August 1st. Daiwa America upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Raymond James Financial restated an "outperform" rating on shares of AbbVie in a report on Monday, August 25th. Daiwa Capital Markets upgraded shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price for the company in a report on Thursday, August 7th. Finally, Bank of America upped their target price on shares of AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $214.95.

AbbVie Stock Performance

Shares of AbbVie stock traded up $8.45 during trading on Thursday, reaching $220.09. The company's stock had a trading volume of 7,647,202 shares, compared to its average volume of 4,197,288. The company has a 50-day moving average price of $199.67 and a two-hundred day moving average price of $194.48. The firm has a market cap of $388.80 billion, a PE ratio of 104.81, a P/E/G ratio of 1.36 and a beta of 0.53. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $221.77. 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 (NYSE:ABBV - Get Free Report) last posted 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). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. During the same quarter last year, the business earned $2.65 earnings per share. The business's quarterly revenue was up 6.6% on a year-over-year basis. On average, analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) is 312.38%.

Insider Buying and Selling at AbbVie

In other 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 sale, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm'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 owned 58,247 shares of the company's stock, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

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.