Riverview Trust Co Decreases Position in AbbVie Inc. $ABBV

Key Points

• Riverview Trust Co has significantly reduced its stake in AbbVie Inc. by 48.5%, leaving it with 3,193 shares after selling 3,013 shares in the second quarter.
• In recent modifications, several institutional investors have increased their positions in AbbVie, including First Hawaiian Bank and Narus Financial Partners LLC, showcasing diversified investor interest in the company.
• AbbVie announced a quarterly dividend of $1.64 per share, yielding 2.7%, with an upcoming payment date set for November 14th.

Riverview Trust Co decreased its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 48.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,193 shares of the company's stock after selling 3,013 shares during the period. AbbVie makes up 0.7% of Riverview Trust Co's portfolio, making the stock its 21st biggest position. Riverview Trust Co's holdings in AbbVie were worth $593,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. First Hawaiian Bank boosted its position in shares of AbbVie by 0.8% in the second quarter. First Hawaiian Bank now owns 7,556 shares of the company's stock worth $1,403,000 after buying an additional 60 shares during the period. Narus Financial Partners LLC boosted its position in shares of AbbVie by 25.3% in the first quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock worth $417,000 after buying an additional 401 shares during the period. Highland Capital Management LLC boosted its position in shares of AbbVie by 6.3% in the first quarter. Highland Capital Management LLC now owns 46,853 shares of the company's stock worth $9,817,000 after buying an additional 2,792 shares during the period. Weaver Capital Management LLC boosted its position in shares of AbbVie by 3.9% in the first quarter. Weaver Capital Management LLC now owns 8,240 shares of the company's stock worth $1,727,000 after buying an additional 310 shares during the period. Finally, North Star Asset Management Inc. lifted its stake in shares of AbbVie by 0.5% in the first quarter. North Star Asset Management Inc. now owns 161,320 shares of the company's stock worth $33,800,000 after acquiring an additional 756 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

Insider Activity at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the sale, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the transaction, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of analyst reports. HSBC downgraded AbbVie from a "buy" rating to a "hold" rating in a report on Wednesday. Bank of America increased their price target on AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Daiwa America raised AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Berenberg Bank raised AbbVie from a "hold" rating to a "buy" rating and increased their price target for the company from $170.00 to $270.00 in a report on Wednesday, September 17th. Finally, Cantor Fitzgerald increased their price target on AbbVie from $215.00 to $245.00 and gave the company an "overweight" rating in a report on Monday, September 15th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $223.45.

AbbVie Stock Up 5.7%

Shares of AbbVie stock opened at $244.77 on Thursday. 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 business's 50 day simple moving average is $208.97 and its 200-day simple moving average is $195.71. The stock has a market capitalization of $432.40 billion, a price-to-earnings ratio of 116.56, a PEG ratio of 1.35 and a beta of 0.51. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81.

AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $2.97 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 699.66%. The business had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the prior year, the business earned $2.65 earnings per share. The firm's revenue was up 6.6% compared to the same quarter last year. Equities research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 2.7%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

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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