Pinnacle Bank cut its stake in shares of AbbVie Inc (NYSE:ABBV) by 2.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 12,584 shares of the company’s stock after selling 265 shares during the quarter. Pinnacle Bank’s holdings in AbbVie were worth $1,014,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the company. Oregon Public Employees Retirement Fund boosted its stake in shares of AbbVie by 4,385.1% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 15,195,586 shares of the company’s stock worth $165,000 after purchasing an additional 14,856,786 shares during the last quarter. Norges Bank acquired a new stake in shares of AbbVie during the 4th quarter worth about $1,300,469,000. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of AbbVie during the 4th quarter worth about $97,947,000. Bessemer Group Inc. boosted its stake in shares of AbbVie by 3,115.3% during the 4th quarter. Bessemer Group Inc. now owns 947,643 shares of the company’s stock worth $87,362,000 after purchasing an additional 918,170 shares during the last quarter. Finally, Vanguard Group Inc boosted its stake in shares of AbbVie by 0.8% during the 3rd quarter. Vanguard Group Inc now owns 118,762,307 shares of the company’s stock worth $11,232,540,000 after purchasing an additional 912,625 shares during the last quarter. 68.28% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have recently weighed in on the stock. BMO Capital Markets upgraded shares of AbbVie from an “underperform” rating to a “market perform” rating and increased their price objective for the stock from $71.00 to $79.00 in a report on Sunday, April 28th. Wolfe Research upgraded shares of AbbVie from an “underperform” rating to a “peer perform” rating in a report on Thursday. Argus lowered shares of AbbVie from a “buy” rating to a “hold” rating in a report on Monday, March 25th. Leerink Swann upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating and raised their price target for the company from $63.00 to $66.61 in a report on Wednesday. Finally, Goldman Sachs Group assumed coverage on shares of AbbVie in a research note on Tuesday, May 28th. They set a “neutral” rating and a $84.00 price objective on the stock. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company’s stock. AbbVie has an average rating of “Hold” and an average target price of $95.73.
AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Thursday, April 25th. The company reported $2.14 earnings per share for the quarter, beating analysts’ consensus estimates of $2.06 by $0.08. AbbVie had a net margin of 16.42% and a negative return on equity of 221.09%. The business had revenue of $7.83 billion for the quarter, compared to analysts’ expectations of $7.81 billion. During the same period in the previous year, the business earned $1.87 earnings per share. The company’s revenue was down 1.3% on a year-over-year basis. On average, analysts forecast that AbbVie Inc will post 8.78 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be given a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 5.89%. The ex-dividend date is Friday, July 12th. AbbVie’s dividend payout ratio (DPR) is presently 54.11%.
In related news, Director Roxanne S. Austin bought 11,500 shares of AbbVie stock in a transaction that occurred on Wednesday, June 26th. The stock was purchased at an average cost of $67.50 per share, for a total transaction of $776,250.00. Following the acquisition, the director now owns 52,114 shares in the company, valued at $3,517,695. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP William J. Chase bought 30,400 shares of AbbVie stock in a transaction that occurred on Wednesday, June 26th. The stock was bought at an average price of $67.30 per share, with a total value of $2,045,920.00. Following the completion of the acquisition, the executive vice president now owns 169,552 shares in the company, valued at approximately $11,410,849.60. The disclosure for this purchase can be found here. Company insiders own 0.08% of the company’s stock.
AbbVie Company Profile
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.
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