AbbVie Inc. $ABBV Shares Sold by Rockland Trust Co.

Key Points

• Rockland Trust Co. reduced its stake in AbbVie Inc. by 13.3%, leaving it with 27,555 shares valued at $5,115,000 at the end of the second quarter.
• Several hedge funds made significant adjustments to their holdings in AbbVie, with TD Capital Management LLC increasing its stake by 82.9% during the first quarter.
• AbbVie announced a quarterly dividend of $1.64 to be paid on November 14th, representing a 3.0% dividend yield based on its annualized payout.

Rockland Trust Co. reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 13.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,555 shares of the company's stock after selling 4,239 shares during the period. Rockland Trust Co.'s holdings in AbbVie were worth $5,115,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. First Hawaiian Bank lifted its stake in shares of AbbVie by 0.8% during 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 increased its holdings 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 valued at $417,000 after purchasing an additional 401 shares during the period. Highland Capital Management LLC raised its stake 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 purchasing an additional 2,792 shares during the last quarter. Weaver Capital Management LLC lifted its holdings in shares of AbbVie by 3.9% during the first quarter. Weaver Capital Management LLC now owns 8,240 shares of the company's stock worth $1,727,000 after purchasing an additional 310 shares during the period. Finally, North Star Asset Management Inc. boosted its position in AbbVie by 0.5% in the first quarter. North Star Asset Management Inc. now owns 161,320 shares of the company's stock valued at $33,800,000 after buying an additional 756 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

Insider Transactions at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction 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 completion of the sale, the executive vice president directly 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction dated 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 owned 177,292 shares in the company, valued at $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. 0.08% of the stock is owned by company insiders.

AbbVie Price Performance

ABBV traded up $1.92 on Monday, hitting $224.39. 1,793,918 shares of the company's stock were exchanged, compared to its average volume of 6,457,369. The firm has a 50-day moving average price of $203.12 and a 200-day moving average price of $194.78. The stock has a market cap of $396.39 billion, a price-to-earnings ratio of 106.94, a P/E/G ratio of 1.33 and a beta of 0.53. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $225.16.

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 return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the previous year, the firm posted $2.65 earnings per share. The business's revenue was up 6.6% compared to the same quarter last year. As a group, equities analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) is 312.38%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Morgan Stanley raised their price target on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Raymond James Financial reissued an "outperform" rating on shares of AbbVie in a report on Monday, August 25th. Wells Fargo & Company upped their price target on shares of AbbVie from $240.00 to $260.00 and gave the company an "overweight" rating in a report on Friday, September 12th. JPMorgan Chase & Co. lifted their price objective on AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a research note on Tuesday, September 16th. Finally, BMO Capital Markets upped their target price on AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a research note on Friday, September 12th. Four analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $223.45.

AbbVie Company Profile

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.