Trust Co. of Virginia VA Decreases Position in AbbVie Inc. (NYSE:ABBV)

Trust Co. of Virginia VA lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 2.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,407 shares of the company’s stock after selling 215 shares during the period. Trust Co. of Virginia VA’s holdings in AbbVie were worth $1,895,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Morningstar Investment Services LLC increased its position in shares of AbbVie by 78.7% in the 3rd quarter. Morningstar Investment Services LLC now owns 5,078 shares of the company’s stock valued at $773,000 after acquiring an additional 2,236 shares during the period. Schonfeld Strategic Advisors LLC increased its position in shares of AbbVie by 195.5% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 4,890 shares of the company’s stock valued at $729,000 after acquiring an additional 3,235 shares during the period. Waverly Advisors LLC increased its position in shares of AbbVie by 12.0% in the 3rd quarter. Waverly Advisors LLC now owns 29,538 shares of the company’s stock valued at $4,403,000 after acquiring an additional 3,170 shares during the period. United Services Automobile Association increased its position in shares of AbbVie by 5.0% in the 3rd quarter. United Services Automobile Association now owns 290,439 shares of the company’s stock valued at $43,293,000 after acquiring an additional 13,800 shares during the period. Finally, First Business Financial Services Inc. grew its position in AbbVie by 0.7% during the 3rd quarter. First Business Financial Services Inc. now owns 13,717 shares of the company’s stock worth $2,045,000 after purchasing an additional 89 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analysts Set New Price Targets

ABBV has been the topic of several analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research report on Thursday, June 20th. Barclays dropped their target price on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Piper Sandler raised their price target on shares of AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a research note on Tuesday, June 18th. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a report on Wednesday, June 5th. Finally, Guggenheim upped their price objective on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $179.64.

AbbVie Stock Up 1.5 %

AbbVie stock opened at $171.52 on Friday. AbbVie Inc. has a twelve month low of $132.13 and a twelve month high of $182.89. The stock’s fifty day simple moving average is $164.60 and its 200-day simple moving average is $167.54. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. The firm has a market capitalization of $302.88 billion, a P/E ratio of 50.90, a P/E/G ratio of 2.16 and a beta of 0.60.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The business had revenue of $12.31 billion for the quarter, compared to analyst estimates of $11.93 billion. During the same quarter in the prior year, the company earned $2.46 earnings per share. The company’s revenue was up .7% on a year-over-year basis. 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 firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be issued a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.61%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s dividend payout ratio (DPR) is presently 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.