AbbVie Inc. (NYSE:ABBV) Shares Sold by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc lessened its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 1.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 171,020 shares of the company's stock after selling 2,958 shares during the quarter. AbbVie makes up about 0.7% of Pinnacle Financial Partners Inc's investment portfolio, making the stock its 27th largest holding. Pinnacle Financial Partners Inc's holdings in AbbVie were worth $35,527,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Fiduciary Group LLC grew its holdings in shares of AbbVie by 2.0% during the first quarter. Fiduciary Group LLC now owns 24,382 shares of the company's stock valued at $5,108,000 after purchasing an additional 487 shares during the last quarter. Horizon Financial Services LLC lifted its holdings in shares of AbbVie by 17,945.7% in the 1st quarter. Horizon Financial Services LLC now owns 6,316 shares of the company's stock worth $1,323,000 after purchasing an additional 6,281 shares during the last quarter. American Capital Advisory LLC boosted its position in AbbVie by 3.0% during the 1st quarter. American Capital Advisory LLC now owns 2,816 shares of the company's stock valued at $590,000 after purchasing an additional 81 shares during the period. Moody Lynn & Lieberson LLC grew its stake in AbbVie by 7.8% during the 1st quarter. Moody Lynn & Lieberson LLC now owns 168,169 shares of the company's stock worth $35,235,000 after buying an additional 12,217 shares during the last quarter. Finally, Aaron Wealth Advisors LLC grew its stake in AbbVie by 8.7% during the 1st quarter. Aaron Wealth Advisors LLC now owns 11,653 shares of the company's stock worth $2,442,000 after buying an additional 934 shares during the last quarter. Institutional investors own 70.23% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ABBV. BNP Paribas raised shares of AbbVie to a "hold" rating in a report on Thursday, May 8th. Cantor Fitzgerald initiated coverage on shares of AbbVie in a research report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price objective on the stock. Erste Group Bank raised shares of AbbVie to a "strong-buy" rating in a research note on Monday, March 17th. Citigroup lifted their price target on AbbVie to $205.00 and gave the company a "hold" rating in a report on Wednesday, June 11th. Finally, Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Eight research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $211.29.

AbbVie Price Performance

Shares of AbbVie stock traded down $1.25 during trading on Thursday, hitting $189.50. The stock had a trading volume of 3,706,217 shares, compared to its average volume of 6,248,905. The business has a fifty day moving average of $187.30 and a two-hundred day moving average of $188.36. AbbVie Inc. has a fifty-two week low of $163.63 and a fifty-two week high of $218.66. The firm has a market cap of $334.73 billion, a P/E ratio of 80.64, a PEG ratio of 1.27 and a beta of 0.48. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, topping the consensus estimate of $2.40 by $0.06. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The firm had revenue of $13.34 billion for the quarter, compared to analysts' expectations of $12.91 billion. During the same period in the previous year, the business earned $2.31 earnings per share. AbbVie's revenue for the quarter was up 8.4% compared to the same quarter last year. On average, sell-side analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be paid a $1.64 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.46%. AbbVie's dividend payout ratio is currently 279.15%.

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.