Truist Financial Corp Increases Holdings in AbbVie Inc. $ABBV

Key Points

• Truist Financial Corp increased its holdings in AbbVie Inc. by 6.9%, owning a total of 2,181,263 shares valued at $404.89 million.
• AbbVie reported $2.97 earnings per share in its latest quarterly results, missing analyst expectations of $3.24, while revenue rose to $15.42 billion, exceeding estimates.
• The company announced a quarterly dividend of $1.64 per share, resulting in an annualized dividend of $6.56 with a yield of 2.8%.

Truist Financial Corp lifted its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 6.9% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,181,263 shares of the company's stock after purchasing an additional 140,414 shares during the period. Truist Financial Corp owned 0.12% of AbbVie worth $404,886,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of AbbVie by 0.5% in the first quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company's stock valued at $36,439,271,000 after purchasing an additional 845,787 shares during the period. Northern Trust Corp raised its stake in AbbVie by 0.9% in the first quarter. Northern Trust Corp now owns 22,013,920 shares of the company's stock worth $4,612,357,000 after buying an additional 189,294 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in AbbVie by 31.6% in the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock worth $3,068,820,000 after buying an additional 3,519,187 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in AbbVie by 5.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company's stock worth $2,675,959,000 after buying an additional 713,148 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in AbbVie by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 9,413,033 shares of the company's stock worth $1,972,050,000 after buying an additional 45,871 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Stock Performance

Shares of ABBV stock opened at $231.47 on Wednesday. The business's fifty day simple moving average is $207.89 and its 200-day simple moving average is $195.37. The company has a market cap of $408.91 billion, a PE ratio of 110.22, a PEG ratio of 1.31 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 12-month low of $163.81 and a 12-month high of $232.35.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results 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 business 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 revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.65 earnings per share. Analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio is presently 312.38%.

Insider Buying and Selling at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the company's 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 transaction, the executive vice president directly owned 58,247 shares of the company's stock, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction 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 completion of the transaction, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. The trade was 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 corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on ABBV shares. Cantor Fitzgerald boosted their price objective on shares of AbbVie from $215.00 to $245.00 and gave the stock an "overweight" rating in a research note on Monday, September 15th. Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective for the company in a research note on Thursday, August 7th. JPMorgan Chase & Co. boosted their price objective on shares of AbbVie from $200.00 to $235.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 16th. Morgan Stanley boosted their price objective on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Finally, BMO Capital Markets boosted their price objective on shares of AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a research note on Friday, September 12th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, AbbVie has an average rating of "Moderate Buy" and an average target price of $223.45.

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.