Truist Financial Corp Sells 257,427 Shares of AbbVie Inc. (NYSE:ABBV)

Truist Financial Corp lessened its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 8.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,953,515 shares of the company's stock after selling 257,427 shares during the quarter. AbbVie comprises about 0.7% of Truist Financial Corp's investment portfolio, making the stock its 25th biggest holding. Truist Financial Corp owned 0.16% of AbbVie worth $457,706,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Altfest L J & Co. Inc. raised its stake in AbbVie by 0.9% during the 3rd quarter. Altfest L J & Co. Inc. now owns 23,346 shares of the company's stock valued at $3,480,000 after buying an additional 215 shares during the last quarter. Torray Investment Partners LLC increased its position in AbbVie by 13.0% during the third quarter. Torray Investment Partners LLC now owns 21,190 shares of the company's stock valued at $3,159,000 after acquiring an additional 2,446 shares during the last quarter. Retirement Planning Co of New England Inc. lifted its holdings in AbbVie by 21.3% in the third quarter. Retirement Planning Co of New England Inc. now owns 26,409 shares of the company's stock valued at $3,936,000 after acquiring an additional 4,633 shares during the period. Amplius Wealth Advisors LLC boosted its position in AbbVie by 17.6% in the fourth quarter. Amplius Wealth Advisors LLC now owns 2,668 shares of the company's stock worth $413,000 after purchasing an additional 400 shares during the last quarter. Finally, Synovus Financial Corp grew its stake in shares of AbbVie by 5.4% during the 3rd quarter. Synovus Financial Corp now owns 118,795 shares of the company's stock valued at $17,709,000 after purchasing an additional 6,139 shares during the period. 70.23% of the stock is currently owned by institutional investors.

AbbVie Trading Down 4.6 %

Shares of NYSE ABBV traded down $7.67 during mid-day trading on Friday, reaching $159.62. The company had a trading volume of 10,709,214 shares, compared to its average volume of 5,657,401. The stock has a market cap of $282.63 billion, a price-to-earnings ratio of 58.47, a price-to-earnings-growth ratio of 2.13 and a beta of 0.58. AbbVie Inc. has a 52 week low of $130.96 and a 52 week high of $182.89. The business's 50-day moving average is $174.59 and its 200-day moving average is $160.74. The company has a current ratio of 0.87, a quick ratio of 0.76 and a debt-to-equity ratio of 5.02.

AbbVie (NYSE:ABBV - Get Free Report) last issued its earnings results on Friday, April 26th. The company reported $2.31 EPS for the quarter, topping analysts' consensus estimates of $2.20 by $0.11. The business had revenue of $12.31 billion for the quarter, compared to the consensus estimate of $11.93 billion. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The company's revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.46 EPS. Equities analysts expect that AbbVie Inc. will post 11.19 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.88%. The ex-dividend date of this dividend is Friday, April 12th. AbbVie's payout ratio is 227.11%.

Analyst Ratings Changes

A number of research firms recently issued reports on ABBV. William Blair raised shares of AbbVie from a "market perform" rating to an "outperform" rating in a report on Monday, January 29th. Raymond James lifted their price target on shares of AbbVie from $181.00 to $189.00 and gave the stock an "outperform" rating in a research note on Monday, February 5th. BMO Capital Markets upped their price objective on AbbVie from $187.00 to $195.00 and gave the stock an "outperform" rating in a research note on Monday, February 5th. Truist Financial lifted their target price on AbbVie from $180.00 to $195.00 and gave the company a "buy" rating in a research report on Tuesday, February 6th. Finally, Barclays boosted their price target on AbbVie from $185.00 to $195.00 and gave the company an "overweight" rating in a report on Wednesday, March 27th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $177.43.

Insider Buying and Selling at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the company's stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total value of $9,184,047.70. Following the sale, the executive vice president now owns 243,944 shares in the company, valued at $42,375,512.24. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other AbbVie news, CEO Richard A. Gonzalez sold 138,616 shares of the stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the transaction, the chief executive officer now directly owns 519,099 shares of the company's stock, valued at $92,020,679.73. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 52,870 shares of the firm's stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total value of $9,184,047.70. Following the completion of the transaction, the executive vice president now owns 243,944 shares in the company, valued at approximately $42,375,512.24. The disclosure for this sale can be found here. Insiders sold a total of 383,324 shares of company stock worth $67,780,003 over the last three months. Corporate insiders own 0.25% of the company's stock.

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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