American Trust Decreases Stock Position in AbbVie Inc. (NYSE:ABBV)

American Trust trimmed its position in shares of AbbVie Inc. (NYSE:ABBV) by 9.7% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 6,468 shares of the company’s stock after selling 698 shares during the quarter. American Trust’s holdings in AbbVie were worth $1,109,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Vermillion & White Wealth Management Group LLC bought a new stake in shares of AbbVie during the 4th quarter worth approximately $26,000. Fairway Wealth LLC bought a new stake in shares of AbbVie during the second quarter worth $26,000. Ridgewood Investments LLC purchased a new stake in shares of AbbVie during the second quarter valued at $27,000. Able Wealth Management LLC bought a new position in shares of AbbVie in the fourth quarter worth about $33,000. Finally, IFS Advisors LLC purchased a new position in AbbVie in the 1st quarter worth about $36,000. Institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the transaction, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the sale, the chairman now owns 513,099 shares of the company’s stock, valued at $89,792,325. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the transaction, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

AbbVie Stock Down 0.3 %

ABBV opened at $196.91 on Wednesday. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The company has a fifty day moving average of $192.49 and a two-hundred day moving average of $176.47. The stock has a market capitalization of $347.72 billion, a price-to-earnings ratio of 58.43, a PEG ratio of 2.65 and a beta of 0.64.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. During the same quarter last year, the business earned $2.91 earnings per share. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. On average, research analysts expect that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.15%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio is currently 183.98%.

Analyst Ratings Changes

ABBV has been the topic of a number of research analyst reports. BMO Capital Markets upped their target price on shares of AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Truist Financial restated a “buy” rating and set a $210.00 price objective (up from $195.00) on shares of AbbVie in a report on Friday, July 26th. Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a report on Wednesday, July 3rd. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research note on Monday, August 5th. Finally, Morgan Stanley upped their price objective on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $191.64.

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.