First Interstate Bank Sells 587 Shares of AbbVie Inc. $ABBV

First Interstate Bank lessened its stake in AbbVie Inc. (NYSE:ABBV) by 7.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,233 shares of the company’s stock after selling 587 shares during the period. First Interstate Bank’s holdings in AbbVie were worth $1,343,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of ABBV. Marshall & Sullivan Inc. WA bought a new position in AbbVie in the 2nd quarter worth approximately $25,000. TD Capital Management LLC raised its position in AbbVie by 82.9% in 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 during the last quarter. Abound Financial LLC acquired a new stake in AbbVie during the 1st quarter worth $30,000. Cypress Capital Management LLC WY acquired a new stake in AbbVie during the 1st quarter worth $35,000. Finally, Bear Mountain Capital Inc. grew its holdings in AbbVie by 480.6% during the 2nd 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. Institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ABBV. Morgan Stanley lifted their target price on shares of AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. HSBC set a $225.00 target price on shares of AbbVie in a report on Thursday, October 2nd. UBS Group set a $251.00 target price on shares of AbbVie in a report on Friday, October 3rd. Wall Street Zen lowered shares of AbbVie from a “buy” rating to a “hold” rating in a report on Saturday, October 11th. Finally, Hsbc Global Res lowered shares of AbbVie from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $234.05.

AbbVie Price Performance

Shares of ABBV stock opened at $229.66 on Monday. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $244.81. The firm has a market capitalization of $405.71 billion, a price-to-earnings ratio of 109.36, a price-to-earnings-growth ratio of 1.43 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. The firm has a fifty day moving average of $217.91 and a 200-day moving average of $197.52.

AbbVie (NYSE:ABBV) last announced 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 firm 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 earned $2.65 EPS. AbbVie’s quarterly revenue was up 6.6% on a year-over-year basis. On average, equities research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The business 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 $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 2.9%. AbbVie’s dividend payout ratio is presently 312.38%.

Insiders Place Their Bets

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’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 completion of the transaction, the executive vice president directly owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company’s stock in a transaction on Tuesday, August 5th. The stock was 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 of the company’s stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.

AbbVie 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.