First International Bank & Trust Boosts Stake in AbbVie Inc. (NYSE:ABBV)

First International Bank & Trust raised its position in AbbVie Inc. (NYSE:ABBV) by 11.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,809 shares of the company’s stock after purchasing an additional 180 shares during the quarter. First International Bank & Trust’s holdings in AbbVie were worth $357,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of ABBV. Vanguard Group Inc. increased its holdings in shares of AbbVie by 6.2% in the 1st quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock valued at $31,025,605,000 after acquiring an additional 9,978,415 shares during the period. Capital International Investors boosted its stake in shares of AbbVie by 6.9% during the 1st quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after acquiring an additional 3,110,601 shares in the last quarter. Capital Research Global Investors grew its holdings in AbbVie by 3.3% in the first quarter. Capital Research Global Investors now owns 31,295,150 shares of the company’s stock valued at $5,698,847,000 after purchasing an additional 992,496 shares during the last quarter. Legal & General Group Plc raised its position in shares of AbbVie by 0.9% during the 2nd quarter. Legal & General Group Plc now owns 15,277,480 shares of the company’s stock worth $2,620,382,000 after purchasing an additional 134,239 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its position in shares of AbbVie by 12.8% in the first quarter. Janus Henderson Group PLC now owns 10,898,246 shares of the company’s stock valued at $1,984,490,000 after acquiring an additional 1,240,434 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Performance

Shares of AbbVie stock traded down $1.16 during trading on Friday, reaching $194.29. The company’s stock had a trading volume of 4,749,856 shares, compared to its average volume of 5,336,546. The business’s 50-day moving average price is $193.35 and its 200-day moving average price is $176.83. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $199.95. The firm has a market cap of $343.09 billion, a PE ratio of 57.65, a P/E/G ratio of 2.65 and a beta of 0.63. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter in the previous year, the firm earned $2.91 EPS. AbbVie’s revenue was up 4.3% on a year-over-year basis. Equities analysts forecast that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.19%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Morgan Stanley lifted their price objective on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. William Blair raised AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Piper Sandler Companies reissued an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a report on Wednesday, July 3rd. Truist Financial restated a “buy” rating and issued a $210.00 price target (up from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Finally, BMO Capital Markets boosted their price objective on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $191.64.

Insider Activity at AbbVie

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the transaction, the chairman now directly owns 513,099 shares in the company, valued at approximately $89,792,325. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie 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 sale, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the transaction, the chairman now owns 513,099 shares of the company’s stock, valued at $89,792,325. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by 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.