Park National Corp OH Sells 6,771 Shares of AbbVie Inc. $ABBV

Key Points

• Park National Corp OH reduced its AbbVie stake by 6.6%, selling 6,771 shares and retaining 96,512 shares valued at approximately $25.25 million. Institutional investors collectively own 70.23% of AbbVie.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $272.39, while ABBV recently traded at $263.68. Price targets range from $258 to $303.
• AbbVie beat quarterly earnings and revenue expectations, reporting $3.65 in adjusted EPS and $16.99 billion in revenue, while declaring a quarterly dividend of $1.73 per share, equivalent to a 2.6% yield.

Park National Corp OH trimmed its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 6.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 96,512 shares of the company's stock after selling 6,771 shares during the quarter. Park National Corp OH's holdings in AbbVie were worth $25,247,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Corient Private Wealth LP purchased a new position in AbbVie in the 2nd quarter valued at about $559,736,000. Legal & General Group Plc purchased a new position in shares of AbbVie during the second quarter valued at approximately $2,905,952,000. Capital World Investors lifted its stake in shares of AbbVie by 106.3% during the fourth quarter. Capital World Investors now owns 13,071,444 shares of the company's stock valued at $2,986,777,000 after buying an additional 6,736,161 shares during the period. Jupiter Topco LLC acquired a new stake in AbbVie during the second quarter worth approximately $1,560,354,000. Finally, Cardano Risk Management B.V. grew its stake in AbbVie by 914.6% in the 4th quarter. Cardano Risk Management B.V. now owns 5,444,930 shares of the company's stock worth $1,244,112,000 after acquiring an additional 4,908,260 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ABBV shares. Citigroup raised their price objective on AbbVie from $230.00 to $260.00 and gave the stock a "neutral" rating in a report on Wednesday, July 15th. UBS Group increased their target price on AbbVie from $230.00 to $260.00 and gave the stock a "neutral" rating in a research report on Monday, July 13th. Oppenheimer lifted their price target on AbbVie from $244.00 to $258.00 and gave the company a "neutral" rating in a report on Monday, August 3rd. Wall Street Zen lowered shares of AbbVie from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 5th. Finally, Piper Sandler boosted their target price on shares of AbbVie from $298.00 to $303.00 and gave the company an "overweight" rating in a report on Thursday, August 20th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $272.39.

AbbVie Price Performance

NYSE ABBV traded up $0.86 on Monday, reaching $263.68. The company had a trading volume of 1,437,161 shares, compared to its average volume of 6,414,063. AbbVie Inc. has a 1 year low of $190.75 and a 1 year high of $269.39. The firm has a 50-day moving average of $257.87 and a 200-day moving average of $234.68. The firm has a market capitalization of $465.87 billion, a PE ratio of 74.50, a P/E/G ratio of 1.19 and a beta of 0.24.

AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Friday, July 31st. The company reported $3.65 earnings per share for the quarter, beating the consensus estimate of $3.61 by $0.04. AbbVie had a net margin of 9.80% and a negative return on equity of 422.07%. The business had revenue of $16.99 billion during the quarter, compared to the consensus estimate of $16.80 billion. During the same period in the prior year, the firm earned $2.97 earnings per share. The business's quarterly revenue was up 10.2% compared to the same quarter last year. AbbVie has set its Q3 2026 guidance at 3.840-3.880 EPS. As a group, sell-side analysts expect that AbbVie Inc. will post 14.05 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Thursday, October 15th will be paid a $1.73 dividend. The ex-dividend date is Thursday, October 15th. This represents a $6.92 annualized dividend and a dividend yield of 2.6%. AbbVie's payout ratio is 195.48%.

Insider Buying and Selling

In related news, EVP Nicholas Donoghoe sold 32,710 shares of the stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $250.00, for a total value of $8,177,500.00. Following the completion of the transaction, the executive vice president owned 74,430 shares of the company's stock, valued at approximately $18,607,500. This represents a 30.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.06% of the company's stock.

About AbbVie

AbbVie Inc is a global biopharmaceutical company that develops, manufactures and markets medicines for a range of serious and chronic health conditions. Its portfolio spans immunology, oncology, neuroscience, eye care, aesthetics, gastroenterology and women's health.

The company's products include the immunology medicines Skyrizi and Rinvoq; neuroscience treatments such as Vraylar, Ubrelvy and Qulipta; and oncology medicines including Imbruvica and Venclexta. AbbVie also markets Botox Cosmetic and Botox Therapeutic, as well as other products for aesthetics, eye care and specialty care.

AbbVie was established in 2013 as an independent, publicly traded company following its separation from Abbott Laboratories.

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