Bangor Savings Bank Cuts Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Bangor Savings Bank reduced its stake in AbbVie Inc. (NYSE:ABBV) by 0.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,035 shares of the company’s stock after selling 109 shares during the quarter. Bangor Savings Bank’s holdings in AbbVie were worth $2,772,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Versant Capital Management Inc increased its position in shares of AbbVie by 43.2% during the 3rd quarter. Versant Capital Management Inc now owns 2,042 shares of the company’s stock valued at $403,000 after purchasing an additional 616 shares during the last quarter. Greenfield Savings Bank boosted its stake in AbbVie by 0.8% in the third quarter. Greenfield Savings Bank now owns 17,856 shares of the company’s stock worth $3,526,000 after buying an additional 141 shares in the last quarter. New England Research & Management Inc. grew its position in AbbVie by 14.1% during the third quarter. New England Research & Management Inc. now owns 13,092 shares of the company’s stock valued at $2,585,000 after acquiring an additional 1,616 shares during the last quarter. Foresight Capital Management Advisors Inc. grew its position in AbbVie by 15.7% during the third quarter. Foresight Capital Management Advisors Inc. now owns 9,099 shares of the company’s stock valued at $1,797,000 after acquiring an additional 1,237 shares during the last quarter. Finally, Sterling Group Wealth Management LLC purchased a new position in shares of AbbVie during the third quarter worth approximately $207,000. 70.23% of the stock is currently owned by institutional investors.

Insider Transactions at AbbVie

In related 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 completion of the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total value of $49,497,875.00. Following the sale, the chairman now directly owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction dated Monday, August 5th. The stock was 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 of the company’s stock, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on ABBV shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research note on Monday, August 5th. BMO Capital Markets upped their price target on shares of AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Barclays lifted their price objective on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday. Morgan Stanley boosted their target price on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Finally, TD Cowen raised their price target on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research report on Monday. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and an average price target of $194.67.

AbbVie Stock Performance

Shares of ABBV stock opened at $193.57 on Tuesday. The firm has a market capitalization of $341.82 billion, a price-to-earnings ratio of 57.44, a PEG ratio of 2.65 and a beta of 0.63. The stock has a fifty day moving average of $193.35 and a 200 day moving average of $176.84. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $199.95. 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 announced its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The firm had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. During the same quarter in the previous year, the firm posted $2.91 EPS. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, research analysts expect that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

AbbVie 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.