SouthState Corp Has $16.27 Million Holdings in AbbVie Inc. (NYSE:ABBV)

Key Points

• SouthState Corp increased its holdings in AbbVie Inc. by 6.7% during the first quarter, owning a total of 77,642 shares valued at approximately $16.27 million.
• AbbVie reported a miss in EPS for the last quarter at $2.97, below the consensus estimate of $3.24, despite a revenue increase of 6.6% year-over-year.
• Several analysts recently upgraded their price targets for AbbVie, with a consensus target of $214.43 and a general rating of "Moderate Buy".

SouthState Corp raised its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 6.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 77,642 shares of the company's stock after buying an additional 4,897 shares during the quarter. SouthState Corp's holdings in AbbVie were worth $16,268,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. CCM Investment Group LLC bought a new stake in shares of AbbVie during the first quarter valued at approximately $6,541,000. Nuveen LLC bought a new stake in shares of AbbVie during the first quarter valued at approximately $1,819,154,000. Aigen Investment Management LP bought a new stake in shares of AbbVie during the first quarter valued at approximately $560,000. Harvest Investment Advisors LLC increased its holdings in shares of AbbVie by 3.0% during the first quarter. Harvest Investment Advisors LLC now owns 11,569 shares of the company's stock valued at $2,423,000 after acquiring an additional 341 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of AbbVie during the first quarter valued at approximately $1,454,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Bank of America boosted their price objective on AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Raymond James Financial upped their price target on AbbVie from $227.00 to $236.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Citigroup upped their price target on AbbVie to $205.00 and gave the stock a "hold" rating in a report on Wednesday, June 11th. Evercore ISI upped their price target on AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Finally, Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Six research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $214.43.

AbbVie Stock Down 0.4%

ABBV stock opened at $198.10 on Friday. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.74. The company has a market capitalization of $349.96 billion, a price-to-earnings ratio of 94.33, a PEG ratio of 1.27 and a beta of 0.50. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66. The stock has a fifty day moving average of $189.65 and a 200-day moving average of $191.21.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The company had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%. The business's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period last year, the company posted $2.65 EPS. As a group, equities research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

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

Insider Transactions at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the sale, the executive vice president owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.25% of the company's stock.

AbbVie 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.

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV - Free Report).

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.