Fifth Third Bancorp Has $299.84 Million Holdings in AbbVie Inc. (NYSE:ABBV)

Fifth Third Bancorp raised its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 0.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,646,542 shares of the company's stock after buying an additional 9,254 shares during the quarter. AbbVie accounts for 1.2% of Fifth Third Bancorp's portfolio, making the stock its 18th largest position. Fifth Third Bancorp owned about 0.09% of AbbVie worth $299,835,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Lokken Investment Group LLC lifted its position in shares of AbbVie by 3.6% during the 4th quarter. Lokken Investment Group LLC now owns 1,666 shares of the company's stock valued at $258,000 after acquiring an additional 58 shares during the period. Arcadia Investment Management Corp MI raised its stake in AbbVie by 0.6% in the first quarter. Arcadia Investment Management Corp MI now owns 9,371 shares of the company's stock valued at $1,706,000 after purchasing an additional 59 shares in the last quarter. Aspen Wealth Strategies LLC lifted its position in AbbVie by 0.5% during the fourth quarter. Aspen Wealth Strategies LLC now owns 11,463 shares of the company's stock worth $1,776,000 after purchasing an additional 61 shares during the period. Marks Group Wealth Management Inc grew its stake in AbbVie by 2.9% during the fourth quarter. Marks Group Wealth Management Inc now owns 2,254 shares of the company's stock worth $349,000 after buying an additional 63 shares in the last quarter. Finally, Spinnaker Investment Group LLC increased its holdings in AbbVie by 1.6% in the 1st quarter. Spinnaker Investment Group LLC now owns 4,068 shares of the company's stock valued at $741,000 after buying an additional 64 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ABBV. Barclays lowered their target price on AbbVie from $195.00 to $187.00 and set an "overweight" rating for the company in a report on Monday. William Blair upgraded shares of AbbVie from a "market perform" rating to an "outperform" rating in a research report on Monday, January 29th. BMO Capital Markets decreased their price target on shares of AbbVie from $195.00 to $180.00 and set an "outperform" rating for the company in a research report on Monday. 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 report on Monday, February 5th. Finally, Guggenheim raised their target price on AbbVie from $188.00 to $190.00 and gave the stock a "buy" rating in a research report on Friday, March 22nd. 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 stock. According to data from MarketBeat, AbbVie presently has an average rating of "Moderate Buy" and a consensus target price of $174.31.

AbbVie Stock Performance

NYSE ABBV traded down $0.87 on Thursday, hitting $160.85. 5,903,054 shares of the stock traded hands, compared to its average volume of 5,658,262. The firm has a market capitalization of $284.81 billion, a price-to-earnings ratio of 47.73, a PEG ratio of 2.04 and a beta of 0.61. The business's fifty day moving average is $173.42 and its two-hundred day moving average is $161.10. The company has a debt-to-equity ratio of 5.02, a quick ratio of 0.76 and a current ratio of 0.87. AbbVie Inc. has a 12 month low of $130.96 and a 12 month high of $182.89.

AbbVie (NYSE:ABBV - Get Free Report) last issued its earnings results on Friday, April 26th. The company reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $2.26 by $0.05. The firm had revenue of $12.31 billion during the quarter, compared to analyst estimates of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 165.18%. The company's quarterly revenue was up .7% on a year-over-year basis. During the same quarter last year, the business earned $2.46 earnings per share. As a group, equities analysts anticipate that AbbVie Inc. will post 11.3 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders 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 3.85%. The ex-dividend date of this dividend is Friday, April 12th. AbbVie's dividend payout ratio is presently 183.98%.

Insider Transactions at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the firm's stock in a transaction 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 directly owns 243,944 shares of the company's stock, valued at approximately $42,375,512.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO Scott T. Reents sold 14,140 shares of the firm's stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $177.44, for a total value of $2,509,001.60. Following the sale, the chief financial officer now directly owns 27,065 shares of the company's stock, valued at $4,802,413.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Azita Saleki-Gerhardt sold 52,870 shares of the business'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 transaction of $9,184,047.70. Following the completion of the transaction, the executive vice president now directly owns 243,944 shares of the company's stock, valued at approximately $42,375,512.24. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 383,324 shares of company stock valued at $67,780,003. 0.25% of the stock is currently owned by corporate insiders.

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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