AbbVie Inc. (NYSE:ABBV) Position Boosted by Independence Bank of Kentucky

by · The Cerbat Gem

Independence Bank of Kentucky raised its position in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 11.6% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,430 shares of the company’s stock after buying an additional 1,909 shares during the quarter. AbbVie comprises 0.8% of Independence Bank of Kentucky’s portfolio, making the stock its 27th largest position. Independence Bank of Kentucky’s holdings in AbbVie were worth $3,640,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of ABBV. Worth Asset Management LLC lifted its holdings in AbbVie by 640.8% in the third quarter. Worth Asset Management LLC now owns 11,230 shares of the company’s stock worth $2,218,000 after acquiring an additional 9,714 shares during the last quarter. Beaumont Financial Advisors LLC raised its position in shares of AbbVie by 0.6% during the 3rd quarter. Beaumont Financial Advisors LLC now owns 11,106 shares of the company’s stock worth $2,193,000 after purchasing an additional 68 shares during the period. Albion Financial Group UT lifted its holdings in shares of AbbVie by 3.0% in the 3rd quarter. Albion Financial Group UT now owns 43,999 shares of the company’s stock worth $8,689,000 after purchasing an additional 1,266 shares during the last quarter. Merrion Investment Management Co LLC boosted its position in AbbVie by 7.7% during the 3rd quarter. Merrion Investment Management Co LLC now owns 7,000 shares of the company’s stock valued at $1,382,000 after purchasing an additional 500 shares during the period. Finally, Watts Gwilliam & Co. LLC bought a new position in AbbVie during the 3rd quarter worth $3,110,000. Institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of NYSE ABBV traded down $0.61 during midday trading on Friday, reaching $193.74. The company’s stock had a trading volume of 185,268 shares, compared to its average volume of 5,290,596. AbbVie Inc. has a one year low of $135.85 and a one year high of $199.95. The company has a market cap of $342.21 billion, a price-to-earnings ratio of 64.77, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. The company has a 50 day moving average price of $193.98 and a 200 day moving average price of $177.30. 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 – Get Free Report) last posted its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.08. The company 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 company earned $2.91 earnings per share. On average, equities research analysts expect 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 paid a $1.55 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.20%. AbbVie’s dividend payout ratio is currently 206.67%.

Insiders Place Their Bets

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the transaction, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the sale, the chairman now directly owns 513,099 shares in the company, valued at approximately $89,792,325. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ABBV. Piper Sandler Companies reissued an “overweight” rating and set a $190.00 price target on shares of AbbVie in a report on Wednesday, July 3rd. TD Cowen raised their price target on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research note on Monday. Morgan Stanley lifted their price target on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Wells Fargo & Company increased their price objective on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, Barclays lifted their target price on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research note on Monday. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $198.00.

Read Our Latest Research Report on ABBV

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.

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