Citizens National Bank Trust Department Acquires 1,122 Shares of AbbVie Inc. $ABBV

Citizens National Bank Trust Department increased its holdings in AbbVie Inc. (NYSE:ABBV) by 2.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 40,546 shares of the company’s stock after buying an additional 1,122 shares during the quarter. AbbVie accounts for about 1.5% of Citizens National Bank Trust Department’s investment portfolio, making the stock its 21st largest position. Citizens National Bank Trust Department’s holdings in AbbVie were worth $7,526,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bear Mountain Capital Inc. raised its position in AbbVie by 480.6% in the second quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock worth $40,000 after acquiring an additional 173 shares during the period. NBT Bank N A NY grew its position in shares of AbbVie by 1.4% during the 2nd quarter. NBT Bank N A NY now owns 53,966 shares of the company’s stock valued at $10,017,000 after acquiring an additional 734 shares during the period. REAP Financial Group LLC increased its stake in shares of AbbVie by 76.7% in the 2nd quarter. REAP Financial Group LLC now owns 1,145 shares of the company’s stock worth $213,000 after purchasing an additional 497 shares in the last quarter. Sax Wealth Advisors LLC raised its holdings in AbbVie by 6.8% in the 2nd quarter. Sax Wealth Advisors LLC now owns 7,554 shares of the company’s stock worth $1,402,000 after purchasing an additional 484 shares during the period. Finally, Venturi Wealth Management LLC raised its holdings in AbbVie by 0.4% in the 2nd quarter. Venturi Wealth Management LLC now owns 89,765 shares of the company’s stock worth $16,662,000 after purchasing an additional 389 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Up 1.4%

Shares of ABBV stock opened at $233.42 on Wednesday. The company’s fifty day simple moving average is $212.45 and its two-hundred day simple moving average is $196.19. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81. The stock has a market cap of $412.35 billion, a P/E ratio of 111.15, a PEG ratio of 1.35 and a beta of 0.51. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV) last issued its 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). The firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the firm posted $2.65 earnings per share. Analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

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

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction on 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 transaction, the executive vice president directly owned 58,247 shares of the company’s stock, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the sale, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ABBV. Morgan Stanley boosted their price target on AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a report on Friday, August 1st. Guggenheim increased their target price on shares of AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a report on Friday, August 1st. BMO Capital Markets lifted their price target on shares of AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a report on Friday, September 12th. Citigroup upped their price target on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a research report on Wednesday, June 11th. Finally, Cantor Fitzgerald raised their price objective on shares of AbbVie from $215.00 to $245.00 and gave the company an “overweight” rating in a research report on Monday, September 15th. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and an average target price of $229.14.

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.