Washington Trust Bank Sells 5,155 Shares of AbbVie Inc. $ABBV

Washington Trust Bank lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 41.4% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 7,304 shares of the company's stock after selling 5,155 shares during the period. Washington Trust Bank's holdings in AbbVie were worth $1,838,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Litman Gregory Wealth Management LLC acquired a new stake in AbbVie during the fourth quarter valued at approximately $28,000. Imprint Wealth LLC raised its position in AbbVie by 56.2% in the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company's stock valued at $29,000 after purchasing an additional 45 shares during the last quarter. Burk Holdings LLC acquired a new position in AbbVie in the second quarter worth $30,000. IFC & Insurance Marketing Inc. bought a new stake in shares of AbbVie during the fourth quarter worth $31,000. Finally, Abound Financial LLC bought a new stake in shares of AbbVie during the fourth quarter worth $32,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Activity at AbbVie

In related news, EVP Nicholas Donoghoe sold 32,710 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $250.00, for a total value of $8,177,500.00. Following the sale, the executive vice president directly owned 74,430 shares in the company, valued at $18,607,500. This trade represents a 30.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.06% of the stock is currently owned by company insiders.

AbbVie Stock Performance

Shares of AbbVie stock opened at $256.27 on Tuesday. The firm has a fifty day moving average of $254.71 and a two-hundred day moving average of $230.21. The stock has a market capitalization of $452.78 billion, a price-to-earnings ratio of 72.39, a PEG ratio of 1.16 and a beta of 0.29. AbbVie Inc. has a 52 week low of $190.75 and a 52 week high of $267.47.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Friday, July 31st. The company reported $3.65 EPS for the quarter, topping analysts' consensus estimates of $3.61 by $0.04. The business had revenue of $16.99 billion during the quarter, compared to analysts' expectations of $16.80 billion. AbbVie had a negative return on equity of 422.07% and a net margin of 9.80%.The firm's quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.97 earnings per share. AbbVie has set its Q3 2026 guidance at 3.840-3.880 EPS. As a group, research analysts forecast that AbbVie Inc. will post 14.05 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th were given a dividend of $1.73 per share. This represents a $6.92 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Wednesday, July 15th. AbbVie's payout ratio is presently 195.48%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ABBV shares. JPMorgan Chase & Co. lifted their price target on AbbVie from $260.00 to $280.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. Sanford C. Bernstein reissued a "market perform" rating on shares of AbbVie in a report on Tuesday, June 23rd. Piper Sandler raised their price objective on shares of AbbVie from $298.00 to $303.00 and gave the company an "overweight" rating in a research report on Thursday, August 20th. Canaccord Genuity Group increased their price target on shares of AbbVie from $282.00 to $290.00 and gave the company a "buy" rating in a research note on Monday, August 3rd. Finally, Barclays raised their price target on shares of AbbVie from $275.00 to $300.00 and gave the company an "overweight" rating in a report on Wednesday, July 29th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $275.95.

AbbVie Company Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie's product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women's health.

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