Legacy Private Trust Co. Sells 614 Shares of AbbVie Inc. (NYSE:ABBV)

Legacy Private Trust Co. cut its stake in AbbVie Inc. (NYSE:ABBV) by 2.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,331 shares of the company’s stock after selling 614 shares during the quarter. Legacy Private Trust Co.’s holdings in AbbVie were worth $3,702,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of ABBV. Lokken Investment Group LLC raised its position in shares of AbbVie by 3.6% during the fourth quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock worth $258,000 after acquiring an additional 58 shares during the last quarter. Aspen Wealth Strategies LLC increased its holdings in AbbVie by 0.5% in 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 in the last quarter. Marks Group Wealth Management Inc increased its holdings in AbbVie by 2.9% in the fourth quarter. Marks Group Wealth Management Inc now owns 2,254 shares of the company’s stock worth $349,000 after purchasing an additional 63 shares in the last quarter. Avion Wealth increased its holdings in AbbVie by 11.9% in the fourth quarter. Avion Wealth now owns 612 shares of the company’s stock worth $95,000 after purchasing an additional 65 shares in the last quarter. Finally, White Pine Capital LLC increased its holdings in AbbVie by 1.2% in the fourth quarter. White Pine Capital LLC now owns 5,498 shares of the company’s stock worth $852,000 after purchasing an additional 65 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ABBV. Guggenheim lifted their target price on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Piper Sandler lifted their target price on AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a report on Tuesday. BMO Capital Markets lowered their target price on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, April 29th. 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, April 29th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a report on Thursday. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus price target of $179.64.

AbbVie Trading Down 0.9 %

NYSE ABBV opened at $170.57 on Friday. The company has a market cap of $301.20 billion, a price-to-earnings ratio of 50.61, a P/E/G ratio of 2.19 and a beta of 0.60. AbbVie Inc. has a 52 week low of $130.96 and a 52 week high of $182.89. The business has a 50 day moving average price of $163.89 and a 200-day moving average price of $166.64. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.05. The company had revenue of $12.31 billion for the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. AbbVie’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.46 earnings per share. As a group, equities analysts expect that AbbVie Inc. will post 11.27 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.63%. AbbVie’s payout ratio is 183.98%.

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.