Cullen Frost Bankers Inc. Has $55.74 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Cullen Frost Bankers Inc. raised its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 10.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 359,704 shares of the company's stock after buying an additional 35,053 shares during the quarter. AbbVie comprises 0.9% of Cullen Frost Bankers Inc.'s investment portfolio, making the stock its 28th largest holding. Cullen Frost Bankers Inc.'s holdings in AbbVie were worth $55,743,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Waypoint Capital Advisors LLC boosted its stake in AbbVie by 75.2% during the third quarter. Waypoint Capital Advisors LLC now owns 4,143 shares of the company's stock worth $618,000 after buying an additional 1,778 shares in the last quarter. Willis Johnson & Associates Inc. increased its stake in AbbVie by 34.3% in the third quarter. Willis Johnson & Associates Inc. now owns 3,227 shares of the company's stock valued at $481,000 after acquiring an additional 825 shares during the period. Beacon Financial Advisory LLC increased its stake in AbbVie by 3.4% in the third quarter. Beacon Financial Advisory LLC now owns 7,503 shares of the company's stock valued at $1,118,000 after acquiring an additional 250 shares during the period. Canal Capital Management LLC raised its position in AbbVie by 3.0% in the third quarter. Canal Capital Management LLC now owns 24,560 shares of the company's stock worth $3,661,000 after purchasing an additional 704 shares in the last quarter. Finally, Chicago Capital LLC lifted its stake in AbbVie by 0.5% during the third quarter. Chicago Capital LLC now owns 43,014 shares of the company's stock worth $6,412,000 after purchasing an additional 200 shares during the period. 70.23% of the stock is owned by institutional investors.

AbbVie Stock Performance

ABBV traded down $0.18 on Tuesday, reaching $162.55. The company had a trading volume of 5,171,496 shares, compared to its average volume of 5,659,469. The company's fifty day moving average is $172.48 and its 200 day moving average is $161.62. The company has a debt-to-equity ratio of 5.02, a quick ratio of 0.76 and a current ratio of 0.87. The stock has a market cap of $287.82 billion, a P/E ratio of 48.23, a P/E/G ratio of 2.07 and a beta of 0.61. AbbVie Inc. has a fifty-two week low of $130.96 and a fifty-two week high of $182.89.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.05. AbbVie had a net margin of 11.02% and a return on equity of 165.18%. The business had revenue of $12.31 billion during the quarter, compared to analysts' expectations of $11.93 billion. During the same quarter in the previous year, the company earned $2.46 EPS. The business's revenue was up .7% on a year-over-year basis. As a group, analysts predict that AbbVie Inc. will post 11.29 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.81%. The ex-dividend date of this dividend is Friday, April 12th. AbbVie's payout ratio is presently 183.98%.

Insider Transactions at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 52,870 shares of AbbVie stock in a transaction 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 transaction, the executive vice president now owns 243,944 shares in the company, valued at approximately $42,375,512.24. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Azita Saleki-Gerhardt sold 52,870 shares of AbbVie stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the sale, 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 Securities & Exchange Commission, which is available at the SEC website. Also, CEO Richard A. Gonzalez sold 138,616 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 519,099 shares of the company's stock, valued at approximately $92,020,679.73. The disclosure for this sale can be found here. In the last 90 days, insiders sold 383,324 shares of company stock valued at $67,780,003. Company insiders own 0.25% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on ABBV shares. BMO Capital Markets decreased their target price on AbbVie from $195.00 to $180.00 and set an "outperform" rating on the stock in a report on Monday, April 29th. Truist Financial upped their target price on shares of AbbVie from $180.00 to $195.00 and gave the company a "buy" rating in a research report on Tuesday, February 6th. Guggenheim raised their price objective on shares of AbbVie from $188.00 to $190.00 and gave the company a "buy" rating in a research note on Friday, March 22nd. Barclays cut their price target on AbbVie from $195.00 to $187.00 and set an "overweight" rating on the stock in a research note on Monday, April 29th. Finally, William Blair upgraded AbbVie from a "market perform" rating to an "outperform" rating in a research report on Monday, January 29th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, AbbVie presently has a consensus rating of "Moderate Buy" and a consensus price target of $174.31.

About AbbVie

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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