First National Bank & Trust Co. of Newtown Lowers Holdings in AbbVie Inc. $ABBV

First National Bank & Trust Co. of Newtown decreased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.1% in the second quarter, Holdings Channel reports. The institutional investor owned 11,992 shares of the company’s stock after selling 130 shares during the quarter. First National Bank & Trust Co. of Newtown’s holdings in AbbVie were worth $2,226,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Nuveen LLC bought a new stake in shares of AbbVie in the 1st quarter worth $1,819,154,000. Assenagon Asset Management S.A. increased its holdings in shares of AbbVie by 550.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company’s stock worth $804,116,000 after purchasing an additional 3,666,521 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of AbbVie by 31.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock worth $3,068,820,000 after purchasing an additional 3,519,187 shares in the last quarter. Kingstone Capital Partners Texas LLC bought a new stake in shares of AbbVie in the 2nd quarter worth $581,817,000. Finally, Bessemer Group Inc. increased its holdings in shares of AbbVie by 147.6% in the 1st quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company’s stock worth $576,800,000 after purchasing an additional 1,641,091 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

NYSE:ABBV opened at $244.77 on Thursday. The stock has a 50-day simple moving average of $208.97 and a two-hundred day simple moving average of $195.71. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $244.81. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The firm has a market capitalization of $432.40 billion, a PE ratio of 116.56, a P/E/G ratio of 1.35 and a beta of 0.51.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same period in the prior year, the firm posted $2.65 EPS. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. Analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Wednesday, October 15th. AbbVie’s payout ratio is presently 312.38%.

Analyst Ratings Changes

ABBV has been the subject of a number of research analyst reports. Cantor Fitzgerald lifted their target price on AbbVie from $215.00 to $245.00 and gave the stock an “overweight” rating in a report on Monday, September 15th. Raymond James Financial reissued an “outperform” rating on shares of AbbVie in a report on Monday, August 25th. Berenberg Bank raised AbbVie from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $170.00 to $270.00 in a report on Wednesday, September 17th. Piper Sandler initiated coverage on AbbVie in a report on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 price objective for the company. Finally, Citigroup lifted their price objective on AbbVie to $205.00 and gave the stock a “hold” rating in a report on Wednesday, June 11th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $223.45.

Insider Activity

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the business’s stock in a transaction dated 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. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’s stock in a transaction dated Tuesday, August 12th. The shares were 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 $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

AbbVie Company 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.