Capital City Trust Co. FL Increases Stock Position in AbbVie Inc. $ABBV

Capital City Trust Co. FL increased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 37,616 shares of the company’s stock after purchasing an additional 175 shares during the quarter. AbbVie accounts for approximately 1.8% of Capital City Trust Co. FL’s holdings, making the stock its 15th biggest position. Capital City Trust Co. FL’s holdings in AbbVie were worth $6,982,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Marshall & Sullivan Inc. WA acquired a new stake in AbbVie in the second quarter valued at $25,000. TD Capital Management LLC increased its position in AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Abound Financial LLC purchased a new stake in AbbVie during the 1st quarter worth about $30,000. Cypress Capital Management LLC WY purchased a new stake in AbbVie during the 1st quarter worth about $35,000. Finally, Inlight Wealth Management LLC purchased a new stake in AbbVie during the 1st quarter worth about $42,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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 completion of the transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction on 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 of the company’s stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

AbbVie Price Performance

Shares of ABBV opened at $234.07 on Friday. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $244.81. The company has a market cap of $413.49 billion, a P/E ratio of 111.46, a PEG ratio of 1.37 and a beta of 0.51. The stock has a fifty day moving average price of $210.77 and a 200 day moving average price of $195.90. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61.

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 return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. During the same period in the previous year, the company posted $2.65 EPS. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

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

Analyst Ratings Changes

ABBV has been the subject of several recent analyst reports. JPMorgan Chase & Co. lifted their price target on AbbVie from $200.00 to $235.00 and gave the company an “overweight” rating in a report on Tuesday, September 16th. Hsbc Global Res lowered AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Bank of America boosted their price target on AbbVie from $220.00 to $251.00 and gave the stock a “neutral” rating in a research report on Friday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of AbbVie in a research report on Saturday, September 27th. Finally, BMO Capital Markets upped their target price on AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a research report on Friday, September 12th. Four analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $228.22.

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.