CNB Bank cut its stake in AbbVie Inc. (NYSE:ABBV – Free Report) by 3.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,017 shares of the company’s stock after selling 544 shares during the quarter. AbbVie accounts for about 1.5% of CNB Bank’s investment portfolio, making the stock its 11th largest holding. CNB Bank’s holdings in AbbVie were worth $3,163,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also added to or reduced their stakes in ABBV. Fairway Wealth LLC bought a new position in shares of AbbVie during the second quarter worth $26,000. Ridgewood Investments LLC purchased a new position in shares of AbbVie during the second quarter valued at about $27,000. Quest Partners LLC increased its holdings in shares of AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after purchasing an additional 207 shares during the last quarter. Redmont Wealth Advisors LLC purchased a new stake in shares of AbbVie in the first quarter worth about $37,000. Finally, Marquette Asset Management LLC bought a new position in AbbVie during the third quarter valued at approximately $39,000. Institutional investors own 70.23% of the company’s stock.
AbbVie Stock Performance
ABBV stock opened at $188.86 on Friday. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $199.95. The firm has a market cap of $333.50 billion, a price-to-earnings ratio of 56.04, a PEG ratio of 2.66 and a beta of 0.63. The business’s fifty day simple moving average is $194.44 and its two-hundred day simple moving average is $177.74. 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 Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.28%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio is 183.98%.
Analyst Upgrades and Downgrades
ABBV has been the topic of several recent research reports. William Blair raised AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Piper Sandler Companies reiterated an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a research report on Wednesday, July 3rd. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a report on Monday, August 5th. Bank of America increased their price target on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a report on Friday. Finally, Sanford C. Bernstein assumed coverage on AbbVie in a research note on Thursday. They set a “market perform” rating and a $203.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $198.47.
Read Our Latest Research Report on AbbVie
Insider Activity
In related 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 value of $12,403,580.00. Following the completion of the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.25% of the company’s stock.
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.
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