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Renasant Bank Trims Stock Position in AbbVie Inc. (NYSE:ABBV)

AbbVie logo with Medical background

Key Points

  • Renasant Bank reduced its holdings in AbbVie Inc. by 26.2%, now owning 5,409 shares worth approximately $1.13 million after selling 1,919 shares.
  • AbbVie recently declared a quarterly dividend of $1.64 per share, representing an annualized dividend yield of 3.3%, with a payout ratio of 312.38%.
  • Analysts have given AbbVie a consensus rating of "Moderate Buy" with an average target price of $212.81, reflecting positive sentiment in the market.
  • Five stocks to consider instead of AbbVie.

Renasant Bank lowered its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 26.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,409 shares of the company's stock after selling 1,919 shares during the period. Renasant Bank's holdings in AbbVie were worth $1,133,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ABBV. Brighton Jones LLC increased its stake in AbbVie by 17.4% in the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after acquiring an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC increased its position in shares of AbbVie by 72.7% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock valued at $1,294,000 after purchasing an additional 3,064 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC increased its position in shares of AbbVie by 17.1% during the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 7,233 shares of the company's stock valued at $1,285,000 after purchasing an additional 1,054 shares during the last quarter. Titleist Asset Management LLC increased its position in shares of AbbVie by 24.8% during the 4th quarter. Titleist Asset Management LLC now owns 1,519 shares of the company's stock valued at $270,000 after purchasing an additional 302 shares during the last quarter. Finally, Polymer Capital Management HK LTD bought a new position in shares of AbbVie during the 4th quarter valued at about $1,102,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Up 0.9%

AbbVie stock opened at $197.05 on Tuesday. The stock has a market cap of $348.07 billion, a PE ratio of 93.83, a price-to-earnings-growth ratio of 1.27 and a beta of 0.50. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.76. AbbVie Inc. has a one year low of $163.81 and a one year high of $218.66. The stock has a fifty day moving average of $188.60 and a 200 day moving average of $190.60.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $14.93 billion. During the same period in the prior year, the firm posted $2.65 EPS. The business's revenue for the quarter was up 6.6% on a year-over-year basis. As a group, sell-side analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's payout ratio is currently 312.38%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ABBV. The Goldman Sachs Group reiterated a "neutral" rating and set a $194.00 price objective on shares of AbbVie in a research report on Tuesday, April 8th. Guggenheim increased their price objective on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research report on Friday. Cantor Fitzgerald assumed coverage on AbbVie in a research report on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 price objective on the stock. Morgan Stanley raised their price target on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research report on Friday. Finally, Evercore ISI raised their price target on AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. Eight equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $212.81.

Read Our Latest Stock Analysis on AbbVie

AbbVie Company Profile

(Free Report)

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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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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.

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