First United Bank & Trust Trims Stock Holdings in AbbVie Inc. (NYSE:ABBV)

16 Oct 2024, 10:12 by Mitch Edgeman · The Markets Daily

First United Bank & Trust trimmed its position in AbbVie Inc. (NYSE:ABBV – Free Report) by 1.8% during the 3rd quarter, Holdings Channel.com reports. The firm owned 3,134 shares of the company’s stock after selling 57 shares during the period. First United Bank & Trust’s holdings in AbbVie were worth $619,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ABBV. Fairway Wealth LLC purchased a new stake in shares of AbbVie in the second quarter worth $26,000. Ridgewood Investments LLC purchased a new stake in shares of AbbVie in the second quarter worth $27,000. IFS Advisors LLC purchased a new stake in shares of AbbVie in the first quarter worth $36,000. Quest Partners LLC grew its stake 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 acquiring an additional 207 shares during the last quarter. Finally, Redmont Wealth Advisors LLC purchased a new stake in shares of AbbVie during the first quarter valued at $37,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Price Performance

ABBV opened at $191.86 on Wednesday. The business has a fifty day moving average of $194.44 and a 200 day moving average of $177.54. 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. The stock has a market cap of $338.80 billion, a P/E ratio of 56.93, a PEG ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV – Get Free Report) last issued its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.08. The business had revenue of $14.46 billion during 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 business’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.91 EPS. As a group, sell-side analysts anticipate that AbbVie Inc. will post 10.85 EPS for the current year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio is currently 183.98%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Truist Financial increased their price objective on AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. TD Cowen increased their price objective on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Piper Sandler increased their target price on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Wells Fargo & Company increased their target price on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, William Blair raised AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Two equities research 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 stock. According to data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and a consensus target price of $198.00.

Check Out Our Latest Analysis on ABBV

Insider Activity 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 stock was 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 of the company’s stock, valued at $83,299,645.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.25% of the stock is currently owned by corporate insiders.

About AbbVie

(Free Report)

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.