Cadence Bank Purchases 1,063 Shares of AbbVie Inc. $ABBV

Cadence Bank increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.0% during the 1st quarter, Holdings Channel reports. The fund owned 102,353 shares of the company’s stock after buying an additional 1,063 shares during the quarter. AbbVie accounts for about 1.5% of Cadence Bank’s investment portfolio, making the stock its 13th biggest holding. Cadence Bank’s holdings in AbbVie were worth $21,445,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in AbbVie by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company’s stock worth $36,439,271,000 after acquiring an additional 845,787 shares during the last quarter. Northern Trust Corp boosted its stake in AbbVie by 0.9% during the 1st quarter. Northern Trust Corp now owns 22,013,920 shares of the company’s stock worth $4,612,357,000 after acquiring an additional 189,294 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in AbbVie by 31.6% in the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock valued at $3,068,820,000 after buying an additional 3,519,187 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in AbbVie by 18.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,058,706 shares of the company’s stock valued at $2,142,832,000 after buying an additional 1,882,780 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in AbbVie by 25,841.6% in the first quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company’s stock valued at $2,144,382,000 after buying an additional 10,195,284 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

Shares of ABBV stock opened at $210.2840 on Friday. The company has a market cap of $371.48 billion, a price-to-earnings ratio of 100.14, a price-to-earnings-growth ratio of 1.35 and a beta of 0.50. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $218.66. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The firm has a 50 day moving average of $192.84 and a 200-day moving average of $192.95.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). The company had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period last year, the business earned $2.65 EPS. On average, equities analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th were given a dividend of $1.64 per share. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.1%. AbbVie’s dividend payout ratio (DPR) is 312.38%.

Insider Activity at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the transaction, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the transaction, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Citigroup lifted their price target on shares of AbbVie to $205.00 and gave the company a “hold” rating in a research note on Wednesday, June 11th. Wall Street Zen lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 22nd. Daiwa America upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Daiwa Capital Markets upgraded shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price target on the stock in a research note on Thursday, August 7th. Finally, BNP Paribas upgraded shares of AbbVie to a “hold” rating in a research note on Thursday, May 8th. Five equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and a consensus price target of $214.95.

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.