PNC Financial Services Group Inc. Sells 4,123 Shares of AbbVie Inc. (NYSE:ABBV)

Key Points

• PNC Financial Services Group Inc. sold 4,123 shares of AbbVie Inc., reducing its stake by 0.1% and now holding approximately $867 million worth of AbbVie stock.
• AbbVie reported $2.97 earnings per share for the last quarter, missing analysts' estimates of $3.24, while revenue increased to $15.42 billion, exceeding expectations.
• The company announced a quarterly dividend of $1.64 per share, representing an annual dividend yield of 3.4%, with a high payout ratio of 279.15%.

PNC Financial Services Group Inc. reduced its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 0.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,138,199 shares of the company's stock after selling 4,123 shares during the period. AbbVie makes up approximately 0.5% of PNC Financial Services Group Inc.'s holdings, making the stock its 29th largest holding. PNC Financial Services Group Inc. owned approximately 0.23% of AbbVie worth $867,036,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. EnRich Financial Partners LLC grew its stake in shares of AbbVie by 196.4% in the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock valued at $29,000 after purchasing an additional 110 shares during the period. Abound Financial LLC acquired a new position in shares of AbbVie in the 1st quarter worth approximately $30,000. Siemens Fonds Invest GmbH boosted its holdings in shares of AbbVie by 197.6% in the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after acquiring an additional 119,141 shares in the last quarter. Cypress Capital Management LLC WY acquired a new position in shares of AbbVie in the 1st quarter worth approximately $35,000. Finally, Pinney & Scofield Inc. acquired a new position in shares of AbbVie in the 4th quarter worth approximately $36,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Performance

ABBV stock opened at $195.17 on Friday. The business's fifty day moving average is $188.33 and its 200-day moving average is $190.17. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. The company has a market cap of $344.75 billion, a P/E ratio of 92.94, a price-to-earnings-growth ratio of 1.25 and a beta of 0.50. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly 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 518.10%. The company had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same period last year, the company earned $2.65 EPS. The business's revenue for the quarter was up 6.6% compared to the same quarter last year. Equities research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be given a $1.64 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.4%. AbbVie's dividend payout ratio is currently 279.15%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ABBV shares. The Goldman Sachs Group reissued a "neutral" rating and issued a $194.00 target price on shares of AbbVie in a report on Tuesday, April 8th. Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Cantor Fitzgerald started coverage on AbbVie in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 target price on the stock. BNP Paribas raised AbbVie to a "hold" rating in a report on Thursday, May 8th. Finally, Citigroup upped their price objective on AbbVie to $205.00 and gave the stock a "hold" rating in a report on Wednesday, June 11th. Eight equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $212.81.

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.

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