Truist Financial Corp Decreases Stake in AbbVie Inc. (NYSE:ABBV)

Truist Financial Corp reduced its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 1.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,040,849 shares of the company's stock after selling 26,505 shares during the period. AbbVie makes up 0.7% of Truist Financial Corp's holdings, making the stock its 26th biggest position. Truist Financial Corp owned 0.12% of AbbVie worth $427,599,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. EnRich Financial Partners LLC lifted its stake in shares of AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock worth $29,000 after buying an additional 110 shares in the last quarter. Promus Capital LLC purchased a new position in shares of AbbVie in the fourth quarter worth about $30,000. Prudent Man Investment Management Inc. purchased a new position in AbbVie during the fourth quarter worth about $32,000. Pinney & Scofield Inc. purchased a new position in AbbVie during the fourth quarter worth about $36,000. Finally, Inlight Wealth Management LLC purchased a new position in AbbVie during the first quarter worth about $42,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Trading Down 0.7%

Shares of ABBV stock opened at $189.50 on Friday. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.76. The stock has a market capitalization of $334.73 billion, a P/E ratio of 80.64, a price-to-earnings-growth ratio of 1.26 and a beta of 0.48. The company has a 50 day moving average price of $187.37 and a 200 day moving average price of $188.46. AbbVie Inc. has a fifty-two week low of $163.63 and a fifty-two week high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, beating analysts' consensus estimates of $2.40 by $0.06. The firm had revenue of $13.34 billion during the quarter, compared to analysts' expectations of $12.91 billion. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The business's quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.31 earnings per share. Equities research analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.46%. The ex-dividend date is Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is presently 279.15%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Citigroup lifted their target price on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, June 11th. Guggenheim lifted their target price on shares of AbbVie from $214.00 to $216.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Evercore ISI lifted their target price on shares of AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a research note on Monday, April 28th. Cantor Fitzgerald assumed coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 target price on the stock. Finally, Bank of America lifted their target price on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a research note on Monday, June 9th. Eight equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $211.29.

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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