Whittier Trust Co. Buys 9,073 Shares of AbbVie Inc. $ABBV

Key Points

• Whittier Trust Co. increased its holdings of AbbVie Inc. by 4.0% during the second quarter, owning a total of 237,030 shares valued at approximately $44 million.
• AbbVie reported a Q2 EPS of $2.97, missing the consensus estimate of $3.24, while its quarterly revenue was $15.42 billion, exceeding analyst expectations.
• The company also declared a quarterly dividend of $1.64 per share, representing a 2.8% yield, with the ex-dividend date set for October 15.

Whittier Trust Co. raised its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 4.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 237,030 shares of the company's stock after purchasing an additional 9,073 shares during the quarter. Whittier Trust Co.'s holdings in AbbVie were worth $43,997,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Conning Inc. lifted its position in AbbVie by 7.1% during the second quarter. Conning Inc. now owns 191,023 shares of the company's stock valued at $35,458,000 after purchasing an additional 12,690 shares during the last quarter. Dohj LLC lifted its position in AbbVie by 41.8% during the second quarter. Dohj LLC now owns 4,529 shares of the company's stock valued at $802,000 after purchasing an additional 1,335 shares during the last quarter. First Hawaiian Bank lifted its position in AbbVie by 0.8% during the second quarter. First Hawaiian Bank now owns 7,556 shares of the company's stock valued at $1,403,000 after purchasing an additional 60 shares during the last quarter. Narus Financial Partners LLC raised its stake in shares of AbbVie by 25.3% in the first quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock valued at $417,000 after acquiring an additional 401 shares during the period. Finally, BankPlus Trust Department raised its stake in shares of AbbVie by 3.3% in the second quarter. BankPlus Trust Department now owns 27,113 shares of the company's stock valued at $5,033,000 after acquiring an additional 855 shares during the period. Institutional investors own 70.23% of the company's stock.

AbbVie Trading Up 1.1%

ABBV stock opened at $232.07 on Tuesday. The company has a market capitalization of $409.97 billion, a PE ratio of 110.51, a P/E/G ratio of 1.43 and a beta of 0.51. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $244.81. The firm's 50-day moving average is $218.58 and its 200 day moving average is $197.84. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). The company had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The company's quarterly revenue was up 6.6% on a year-over-year basis. During the same period in the prior year, the business earned $2.65 EPS. On average, research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on ABBV shares. Wall Street Zen downgraded shares of AbbVie from a "buy" rating to a "hold" rating in a research note on Saturday, October 11th. Citigroup reissued a "neutral" rating on shares of AbbVie in a research note on Monday, October 13th. Piper Sandler increased their target price on shares of AbbVie from $231.00 to $284.00 and gave the company an "overweight" rating in a research note on Friday, October 10th. Weiss Ratings reissued a "hold (c)" rating on shares of AbbVie in a research note on Wednesday, October 8th. Finally, Guggenheim set a $242.00 target price on shares of AbbVie in a research note on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $234.80.

Insider Activity

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the transaction, the executive vice president owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the transaction, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.08% of the company's stock.

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.

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