Legacy Private Trust Co. Raises Stock Position in AbbVie Inc. $ABBV

Key Points

• Legacy Private Trust Co. increased its holdings in AbbVie Inc. by 20.9% during the 2nd quarter, bringing its total to 30,243 shares valued at approximately $5.61 million.
• Several institutional investors have significantly increased their stakes in AbbVie, indicating strong interest in the stock, with institutional ownership now at 70.23%.
• AbbVie recently announced a quarterly dividend of $1.64 per share, reflecting an annualized yield of 3.0%, although its dividend payout ratio is notably high at 312.38%.

Legacy Private Trust Co. grew its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 20.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,243 shares of the company's stock after buying an additional 5,226 shares during the quarter. Legacy Private Trust Co.'s holdings in AbbVie were worth $5,614,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. TD Capital Management LLC lifted its stake in shares of AbbVie by 82.9% in 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 during the last quarter. Abound Financial LLC purchased a new stake in AbbVie during the 1st quarter valued at $30,000. Siemens Fonds Invest GmbH lifted its position in AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after buying an additional 119,141 shares during the last quarter. Cypress Capital Management LLC WY bought a new stake in AbbVie in the first quarter worth $35,000. Finally, Pinney & Scofield Inc. purchased a new position in AbbVie during the fourth quarter worth $36,000. Institutional investors own 70.23% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. 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 reissued an "outperform" rating on shares of AbbVie in a research note on Monday, August 25th. Bank of America upped their target price on AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Guggenheim increased their price target on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Finally, Wall Street Zen cut AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Four 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 data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $217.10.

AbbVie Stock Down 0.8%

Shares of NYSE ABBV opened at $218.40 on Monday. The stock has a 50 day moving average price of $200.25 and a 200 day moving average price of $194.45. The firm has a market capitalization of $385.82 billion, a price-to-earnings ratio of 104.00, a PEG ratio of 1.40 and a beta of 0.53. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $221.76. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74.

AbbVie (NYSE:ABBV - Get Free Report) last issued its earnings results 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 for the quarter, compared to the consensus estimate of $14.93 billion. During the same period last year, the firm earned $2.65 earnings per share. The company's revenue for the quarter was up 6.6% on a year-over-year basis. Sell-side analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

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

Insider Activity

In related 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 directly owned 58,247 shares of the company's stock, valued at $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a filing 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 approximately $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company's stock.

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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