Community Bank N.A. Trims Stock Position in AbbVie Inc. $ABBV

Community Bank N.A. lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 2.9% during the 2nd quarter, Holdings Channel reports. The firm owned 49,915 shares of the company’s stock after selling 1,485 shares during the quarter. AbbVie comprises 1.2% of Community Bank N.A.’s investment portfolio, making the stock its 17th biggest holding. Community Bank N.A.’s holdings in AbbVie were worth $9,265,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Marshall & Sullivan Inc. WA purchased a new stake in shares of AbbVie in the second quarter valued at about $25,000. TD Capital Management LLC lifted its holdings in shares of AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Abound Financial LLC purchased a new stake in shares of AbbVie in the first quarter valued at about $30,000. Cypress Capital Management LLC WY purchased a new position in shares of AbbVie during the first quarter valued at approximately $35,000. Finally, Bear Mountain Capital Inc. lifted its stake in shares of AbbVie by 480.6% during the second quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock valued at $40,000 after buying an additional 173 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s 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 transaction, the executive vice president owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the transaction, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

AbbVie Stock Performance

Shares of ABBV stock opened at $230.36 on Tuesday. AbbVie Inc. has a one year low of $163.81 and a one year 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 company has a 50 day moving average price of $215.50 and a 200 day moving average price of $196.89. The firm has a market capitalization of $406.94 billion, a price-to-earnings ratio of 109.70, a price-to-earnings-growth ratio of 1.42 and a beta of 0.51.

AbbVie (NYSE:ABBV) last issued 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 return on equity of 699.66% and a net margin of 6.45%.The company had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same period last year, the company posted $2.65 EPS. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. Sell-side analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

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

Wall Street Analysts Forecast Growth

ABBV has been the topic of several recent analyst reports. BMO Capital Markets upped their price objective on shares of AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a research note on Friday, September 12th. Daiwa Capital Markets raised shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price objective on the stock in a research note on Thursday, August 7th. Evercore ISI upped their price objective on shares of AbbVie from $207.00 to $222.00 and gave the company an “outperform” rating in a research note on Monday, September 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a research note on Wednesday, October 8th. Finally, Cantor Fitzgerald set a $250.00 price objective on shares of AbbVie and gave the company an “overweight” rating in a research note on Thursday. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and an average target price of $231.90.

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.