Thomasville National Bank Sells 2,562 Shares of AbbVie Inc. $ABBV

Key Points

• Thomasville National Bank reduced its holdings in AbbVie Inc. by 8.5%, now owning 27,518 shares valued at approximately $5.11 million.
• Several institutional investors significantly increased their positions in AbbVie, with Goldman Sachs raising its holdings by 31.6% in the previous quarter.
• AbbVie recently announced a quarterly dividend of $1.64 per share, with a yield of 3.0% set to be paid on November 14th.

Thomasville National Bank decreased its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 8.5% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 27,518 shares of the company's stock after selling 2,562 shares during the period. Thomasville National Bank's holdings in AbbVie were worth $5,108,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. TD Capital Management LLC raised its position in AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after buying an additional 58 shares during the period. Abound Financial LLC acquired a new position in shares of AbbVie in the 1st quarter valued at about $30,000. Cypress Capital Management LLC WY purchased a new stake in shares of AbbVie in the first quarter worth approximately $35,000. Pinney & Scofield Inc. acquired a new stake in shares of AbbVie during the fourth quarter worth approximately $36,000. Finally, Inlight Wealth Management LLC purchased a new position in AbbVie during the first quarter valued at approximately $42,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Cantor Fitzgerald boosted their price target on shares of AbbVie from $215.00 to $245.00 and gave the company an "overweight" rating in a report on Monday, September 15th. Berenberg Bank upgraded 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. Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective for the company in a research report on Thursday, August 7th. Raymond James Financial restated an "outperform" rating on shares of AbbVie in a research report on Monday, August 25th. Finally, BMO Capital Markets increased their target price on shares of AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a research note on Friday, September 12th. Four analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, AbbVie presently has an average rating of "Moderate Buy" and a consensus target price of $222.68.

Insider Buying and Selling

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred 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 directly owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 sale, the executive vice president directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.25% of the company's stock.

AbbVie Price Performance

ABBV stock traded up $0.30 during trading on Friday, hitting $222.29. 14,371,957 shares of the stock traded hands, compared to its average volume of 4,244,925. The stock has a market cap of $392.69 billion, a price-to-earnings ratio of 105.85, a P/E/G ratio of 1.33 and a beta of 0.53. AbbVie Inc. has a one year low of $163.81 and a one year high of $223.49. 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 company has a 50 day simple moving average of $203.12 and a 200 day simple moving average of $194.78.

AbbVie (NYSE:ABBV - Get Free Report) last posted 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 firm had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business's quarterly revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the business posted $2.65 EPS. Equities analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal 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 $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.0%. AbbVie's payout ratio is currently 312.38%.

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.