Adirondack Trust Co. Acquires 301 Shares of AbbVie Inc. (NYSE:ABBV)

Adirondack Trust Co. raised its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.9% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 16,240 shares of the company’s stock after purchasing an additional 301 shares during the period. AbbVie makes up approximately 1.2% of Adirondack Trust Co.’s portfolio, making the stock its 21st biggest holding. Adirondack Trust Co.’s holdings in AbbVie were worth $3,207,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Fairway Wealth LLC bought a new stake in AbbVie in the 2nd quarter worth about $26,000. Ridgewood Investments LLC bought a new stake in AbbVie during the second quarter worth $27,000. Able Wealth Management LLC purchased a new position in AbbVie in the fourth quarter worth $33,000. IFS Advisors LLC bought a new position in AbbVie in the 1st quarter valued at $36,000. Finally, Quest Partners LLC increased its position in shares of AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after purchasing an additional 207 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on ABBV. TD Cowen increased their price target on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday. Truist Financial restated a “buy” rating and set a $210.00 price target (up previously from $195.00) on shares of AbbVie in a research note on Friday, July 26th. UBS Group upped their price objective on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Wednesday. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research note on Monday, August 5th. Finally, William Blair raised AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $197.67.

Insider Activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’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 completion of the sale, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction on 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 sale, the chairman now owns 513,099 shares of the company’s stock, valued at $89,792,325. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

AbbVie Stock Up 0.9 %

ABBV stock opened at $194.67 on Thursday. The company’s 50 day moving average is $193.70 and its 200 day moving average is $177.05. The stock has a market cap of $343.76 billion, a price-to-earnings ratio of 57.77, a price-to-earnings-growth ratio of 2.65 and a beta of 0.63. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $199.95. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51.

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

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a $1.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.18%. AbbVie’s dividend payout ratio (DPR) is 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.