Synovus Financial Corp Has $25.34 Million Stock Position in AbbVie Inc. $ABBV

Key Points

• Synovus Financial Corp reduced its holdings in AbbVie Inc., owning 120,937 shares worth approximately $25.34 million after selling 1,206 shares in the 1st quarter.
• Several hedge funds, including Crestline Management LP, significantly increased their stakes in AbbVie, with some raising holdings by over 400% in recent quarters.
• AbbVie recently reported earnings per share of $2.97 for the quarter, missing expectations, but saw a revenue increase of 6.6% year-over-year, totaling $15.42 billion.

Synovus Financial Corp lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 1.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 120,937 shares of the company's stock after selling 1,206 shares during the quarter. Synovus Financial Corp's holdings in AbbVie were worth $25,339,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Crestline Management LP raised its stake in AbbVie by 438.4% during the 4th quarter. Crestline Management LP now owns 35,311 shares of the company's stock worth $6,275,000 after buying an additional 28,753 shares during the period. Narus Financial Partners LLC raised its stake in AbbVie by 25.3% during the 1st 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. AXA S.A. raised its stake in AbbVie by 14.8% during the 4th quarter. AXA S.A. now owns 971,893 shares of the company's stock worth $172,705,000 after buying an additional 125,568 shares during the period. Highland Capital Management LLC raised its stake in AbbVie by 6.3% during the 1st 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. Finally, Weaver Capital Management LLC raised its stake in AbbVie by 3.9% during the 1st 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. Institutional investors and hedge funds own 70.23% of the company's stock.

Insider Activity

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction dated 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 transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction dated 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 completion of the transaction, the executive vice president owned 177,292 shares of the company's stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

AbbVie Price Performance

Shares of NYSE ABBV opened at $210.2840 on Friday. The stock has a market capitalization of $371.48 billion, a price-to-earnings ratio of 100.14, a PEG ratio of 1.35 and a beta of 0.50. The business has a 50-day moving average of $192.84 and a 200-day moving average of $192.96. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66.

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

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th were issued a $1.64 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.1%. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Analyst Ratings Changes

Several analysts recently commented on ABBV shares. Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective on the stock in a research note on Thursday, August 7th. Morgan Stanley increased their target price on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Piper Sandler initiated coverage on AbbVie in a report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 target price for the company. Bank of America increased their target price on AbbVie to $204.00 and gave the stock a "hold" rating in a report on Monday, June 9th. Finally, Citigroup increased their target price on AbbVie to $205.00 and gave the stock a "hold" rating in a report on Wednesday, June 11th. Five equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, AbbVie currently has an average rating of "Moderate Buy" and an average price target of $214.95.

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.

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