1ST Source Bank Decreases Stock Position in AbbVie Inc. (NYSE:ABBV)

1ST Source Bank lessened its stake in AbbVie Inc. (NYSE:ABBV) by 1.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 28,817 shares of the company’s stock after selling 559 shares during the quarter. 1ST Source Bank’s holdings in AbbVie were worth $4,943,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Gilbert & Cook Inc. raised its position in shares of AbbVie by 9.8% in the 4th quarter. Gilbert & Cook Inc. now owns 9,691 shares of the company’s stock valued at $1,502,000 after purchasing an additional 861 shares in the last quarter. Aveo Capital Partners LLC raised its position in shares of AbbVie by 5.1% in the 4th quarter. Aveo Capital Partners LLC now owns 4,297 shares of the company’s stock valued at $666,000 after purchasing an additional 210 shares in the last quarter. 9258 Wealth Management LLC raised its position in shares of AbbVie by 1.7% in the 4th quarter. 9258 Wealth Management LLC now owns 16,909 shares of the company’s stock valued at $2,620,000 after purchasing an additional 283 shares in the last quarter. Gryphon Financial Partners LLC raised its position in shares of AbbVie by 1.9% in the 4th quarter. Gryphon Financial Partners LLC now owns 84,249 shares of the company’s stock valued at $12,972,000 after purchasing an additional 1,531 shares in the last quarter. Finally, Atlantic Edge Private Wealth Management LLC acquired a new position in shares of AbbVie in the 4th quarter valued at approximately $232,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the topic of several research reports. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. BMO Capital Markets upped their price target on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Piper Sandler upped their price target on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Truist Financial reissued a “buy” rating and set a $210.00 price target (up from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Finally, HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a research report on Wednesday, June 5th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $191.64.

AbbVie Trading Up 0.1 %

NYSE:ABBV opened at $194.18 on Friday. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95. The stock has a market cap of $342.99 billion, a price-to-earnings ratio of 57.62, a PEG ratio of 2.66 and a beta of 0.64. The business has a fifty day moving average of $186.83 and a 200-day moving average of $175.26. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate 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 prior year, the business posted $2.91 earnings per share. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. Equities analysts predict that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently declared 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 annualized dividend and a dividend yield of 3.19%. AbbVie’s payout ratio is 183.98%.

Insider Transactions at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction 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 directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction dated 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 completion of the sale, the chairman now directly owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the 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 sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

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.