Greenleaf Trust Raises Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Greenleaf Trust raised its position in shares of AbbVie Inc. (NYSE:ABBV) by 4.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 104,541 shares of the company’s stock after buying an additional 4,011 shares during the quarter. Greenleaf Trust’s holdings in AbbVie were worth $20,645,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. FCG Investment Co bought a new position in AbbVie during the 1st quarter valued at approximately $1,413,000. BluePath Capital Management LLC increased its holdings in shares of AbbVie by 0.9% during the first quarter. BluePath Capital Management LLC now owns 7,311 shares of the company’s stock valued at $1,331,000 after acquiring an additional 67 shares in the last quarter. Palisade Asset Management LLC raised its position in shares of AbbVie by 65.6% in the 1st quarter. Palisade Asset Management LLC now owns 97,341 shares of the company’s stock worth $17,726,000 after purchasing an additional 38,562 shares during the last quarter. First Hawaiian Bank boosted its stake in AbbVie by 9.0% in the 2nd quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock worth $5,506,000 after purchasing an additional 2,657 shares in the last quarter. Finally, PGGM Investments grew its position in AbbVie by 308.1% during the 2nd quarter. PGGM Investments now owns 32,790 shares of the company’s stock valued at $5,624,000 after purchasing an additional 24,756 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling at AbbVie

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 transaction of $12,403,580.00. Following the transaction, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on ABBV shares. Wells Fargo & Company raised their target price on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Piper Sandler lifted their price objective on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a report on Monday, August 5th. TD Cowen boosted their price target on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Finally, Barclays increased their price objective on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and a consensus target price of $198.47.

AbbVie Price Performance

ABBV traded down $0.69 during trading on Wednesday, reaching $188.07. 306,720 shares of the company traded hands, compared to its average volume of 5,267,700. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $199.95. The firm has a fifty day simple moving average of $194.32 and a 200 day simple moving average of $178.01. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The company has a market cap of $332.11 billion, a P/E ratio of 56.02, a PEG ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The company’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.91 EPS. On average, equities analysts forecast that AbbVie Inc. will post 10.85 EPS for the current year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a $1.55 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.30%. AbbVie’s dividend payout ratio is currently 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.