Washington Trust Bank Reduces Stock Position in AbbVie Inc. (NYSE:ABBV)

Washington Trust Bank cut its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 20.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 11,207 shares of the company's stock after selling 2,895 shares during the period. Washington Trust Bank's holdings in AbbVie were worth $2,348,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of ABBV. Norges Bank purchased a new position in AbbVie in the fourth quarter worth about $4,459,385,000. GAMMA Investing LLC raised its holdings in AbbVie by 25,841.6% in the first quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock worth $2,144,382,000 after buying an additional 10,195,284 shares during the last quarter. FMR LLC raised its holdings in AbbVie by 32.8% in the fourth quarter. FMR LLC now owns 18,097,375 shares of the company's stock worth $3,215,903,000 after buying an additional 4,466,971 shares during the last quarter. Franklin Resources Inc. raised its holdings in AbbVie by 24.3% in the fourth quarter. Franklin Resources Inc. now owns 17,246,900 shares of the company's stock worth $3,064,773,000 after buying an additional 3,373,156 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in AbbVie by 11.8% in the fourth quarter. Northern Trust Corp now owns 21,824,626 shares of the company's stock worth $3,878,236,000 after buying an additional 2,299,645 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on ABBV shares. Wall Street Zen cut shares of AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. The Goldman Sachs Group reissued a "neutral" rating and set a $194.00 price objective on shares of AbbVie in a report on Tuesday, April 8th. Bank of America boosted their price objective on shares of AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Citigroup boosted their price objective on shares of AbbVie to $205.00 and gave the company a "hold" rating in a report on Wednesday, June 11th. Finally, Evercore ISI boosted their price objective on shares of AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a report on Monday, April 28th. 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 company's stock. According to data from MarketBeat.com, AbbVie has a consensus rating of "Moderate Buy" and an average price target of $211.29.

AbbVie Price Performance

Shares of NYSE:ABBV traded down $1.84 during midday trading on Monday, reaching $187.44. 10,162,022 shares of the company were exchanged, compared to its average volume of 6,269,186. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. The business's fifty day moving average is $187.37 and its two-hundred day moving average is $188.68. AbbVie Inc. has a one year low of $163.81 and a one year high of $218.66. The stock has a market cap of $331.09 billion, a PE ratio of 79.76, a price-to-earnings-growth ratio of 1.26 and a beta of 0.48.

AbbVie (NYSE:ABBV - Get Free Report) last issued its earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping analysts' consensus estimates of $2.40 by $0.06. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The firm had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. During the same quarter in the prior year, the business earned $2.31 earnings per share. AbbVie's revenue for the quarter was up 8.4% on a year-over-year basis. As a group, analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be given a dividend of $1.64 per share. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 annualized dividend and a yield of 3.50%. AbbVie's dividend payout ratio (DPR) is currently 279.15%.

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.