OLD Second National Bank of Aurora Cuts Holdings in AbbVie Inc. $ABBV

OLD Second National Bank of Aurora decreased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 3.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,266 shares of the company’s stock after selling 818 shares during the quarter. OLD Second National Bank of Aurora’s holdings in AbbVie were worth $3,762,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of ABBV. Nuveen LLC purchased a new stake in shares of AbbVie in the first quarter valued at about $1,819,154,000. Assenagon Asset Management S.A. boosted its holdings in shares of AbbVie by 550.9% in the second quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company’s stock valued at $804,116,000 after acquiring 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 valued at $3,068,820,000 after purchasing an additional 3,519,187 shares in the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in shares of AbbVie in the 2nd quarter valued at about $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 valued at $576,800,000 after purchasing an additional 1,641,091 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on ABBV shares. Hsbc Global Res lowered shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Citigroup raised their price target on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, June 11th. Cantor Fitzgerald raised their price target on AbbVie from $215.00 to $245.00 and gave the stock an “overweight” rating in a research note on Monday, September 15th. BMO Capital Markets raised their price target on AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a research note on Friday, September 12th. Finally, Evercore ISI raised their price target on AbbVie from $207.00 to $222.00 and gave the stock an “outperform” rating in a research note on Monday, September 22nd. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and an average target price of $223.52.

Insider Activity

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the company’s stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the sale, the executive vice president owned 58,247 shares of the company’s stock, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated 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 transaction, the executive vice president directly owned 177,292 shares in the company, valued at approximately $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. Corporate insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

Shares of AbbVie stock opened at $236.98 on Friday. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $244.81. The firm’s 50-day simple moving average is $209.90 and its 200-day simple moving average is $195.87. 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 cap of $418.63 billion, a PE ratio of 112.85, a price-to-earnings-growth ratio of 1.43 and a beta of 0.51.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 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 business had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same period last year, the firm posted $2.65 earnings per share. The company’s quarterly revenue was up 6.6% on a year-over-year basis. Equities analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be given a $1.64 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 2.8%. AbbVie’s dividend payout ratio is 312.38%.

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.