Pinnacle Financial Partners Inc Sells 2,958 Shares of AbbVie Inc. (NYSE:ABBV)

Pinnacle Financial Partners Inc lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 1.7% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 171,020 shares of the company’s stock after selling 2,958 shares during the period. AbbVie comprises approximately 0.7% of Pinnacle Financial Partners Inc’s holdings, making the stock its 27th biggest position. Pinnacle Financial Partners Inc’s holdings in AbbVie were worth $35,527,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. EnRich Financial Partners LLC lifted its stake in shares of AbbVie by 196.4% during the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock valued at $29,000 after buying an additional 110 shares in the last quarter. Promus Capital LLC purchased a new position in shares of AbbVie in the fourth quarter valued at about $30,000. Prudent Man Investment Management Inc. bought a new position in shares of AbbVie in the fourth quarter worth about $32,000. Siemens Fonds Invest GmbH grew its position in shares of AbbVie by 197.6% during the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock worth $32,000 after purchasing an additional 119,141 shares in the last quarter. Finally, Pinney & Scofield Inc. bought a new stake in AbbVie during the 4th quarter valued at approximately $36,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ABBV shares. Bank of America increased their price objective on shares of AbbVie to $204.00 and gave the company a “hold” rating in a report on Monday, June 9th. Morgan Stanley raised their price target on AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, April 28th. Wells Fargo & Company upped their price objective on AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a report on Wednesday, March 5th. Guggenheim raised their target price on shares of AbbVie from $214.00 to $216.00 and gave the company a “buy” rating in a report on Tuesday, April 29th. Finally, Erste Group Bank raised shares of AbbVie to a “strong-buy” rating in a research note on Monday, March 17th. Eight equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $211.29.

AbbVie Price Performance

NYSE ABBV traded up $1.71 during trading hours on Wednesday, reaching $191.70. The company’s stock had a trading volume of 221,563 shares, compared to its average volume of 6,230,086. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.76. The company’s 50-day moving average is $186.85 and its two-hundred day moving average is $188.22. AbbVie Inc. has a fifty-two week low of $163.52 and a fifty-two week high of $218.66. The stock has a market cap of $338.62 billion, a PE ratio of 81.36, a PEG ratio of 1.23 and a beta of 0.48.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.06. The firm had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. AbbVie’s revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the business earned $2.31 earnings per share. Analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie’s dividend payout ratio (DPR) is presently 279.15%.

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.