Peoples Financial Services CORP. Has $3.69 Million Stake in AbbVie Inc. $ABBV

Key Points

• Peoples Financial Services CORP. has reduced its holdings in AbbVie Inc. by 8.6%, now owning approximately $3.69 million of the stock, which represents about 1.8% of its total investments.
• AbbVie reported $2.97 EPS for the last quarter, missing expectations, but its revenue was up 6.6% year-over-year, reaching $15.42 billion.
• The company declared a quarterly dividend of $1.64 per share, resulting in an annualized yield of 3.0%, despite a payout ratio of 312.38%.

Peoples Financial Services CORP. reduced its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 8.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 19,899 shares of the company's stock after selling 1,876 shares during the period. AbbVie accounts for approximately 1.8% of Peoples Financial Services CORP.'s holdings, making the stock its 11th biggest position. Peoples Financial Services CORP.'s holdings in AbbVie were worth $3,694,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. TD Capital Management LLC grew its position in AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after buying an additional 58 shares in the last quarter. Marshall & Sullivan Inc. WA acquired a new stake in AbbVie during the second quarter worth about $25,000. Abound Financial LLC acquired a new stake in AbbVie during the first quarter worth about $30,000. Cypress Capital Management LLC WY acquired a new stake in AbbVie during the first quarter worth about $35,000. Finally, Inlight Wealth Management LLC acquired a new stake in AbbVie during the first quarter worth about $42,000. 70.23% of the stock is owned by institutional investors.

AbbVie Stock Performance

NYSE:ABBV opened at $220.75 on Monday. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $225.16. The firm has a 50 day moving average of $206.24 and a 200-day moving average of $195.04. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The stock has a market capitalization of $389.97 billion, a P/E ratio of 105.12, a price-to-earnings-growth ratio of 1.29 and a beta of 0.53.

AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business's revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the firm posted $2.65 EPS. As a group, sell-side analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

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 issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's payout ratio is currently 312.38%.

Insiders Place Their Bets

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction 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 completion of the sale, the executive vice president owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie 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 sale, the executive vice president directly owned 177,292 shares of the company's stock, 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 currently owned by insiders.

Analyst Upgrades and Downgrades

ABBV has been the subject of a number of analyst reports. Raymond James Financial restated an "outperform" rating on shares of AbbVie in a research note on Monday, August 25th. Daiwa Capital Markets upgraded shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target for the company in a research note on Thursday, August 7th. BMO Capital Markets raised their price target on shares of AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a research note on Friday, September 12th. Cantor Fitzgerald raised their price target on shares of AbbVie from $215.00 to $245.00 and gave the stock an "overweight" rating in a research note on Monday, September 15th. Finally, Piper Sandler initiated coverage on shares of AbbVie in a research note on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price target for the company. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price 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.

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.