Huntington National Bank Reduces Position in AbbVie Inc (NYSE:ABBV)

Huntington National Bank lessened its holdings in shares of AbbVie Inc (NYSE:ABBV) by 0.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 438,525 shares of the company’s stock after selling 277 shares during the quarter. Huntington National Bank’s holdings in AbbVie were worth $43,055,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Capstone Financial Group Inc. purchased a new position in shares of AbbVie during the 2nd quarter valued at $25,000. Efficient Wealth Management LLC purchased a new position in shares of AbbVie during the 1st quarter valued at $27,000. Lion Street Advisors LLC purchased a new position in shares of AbbVie during the 1st quarter valued at $29,000. Marquette Asset Management LLC lifted its stake in shares of AbbVie by 200.0% during the 1st quarter. Marquette Asset Management LLC now owns 450 shares of the company’s stock valued at $34,000 after buying an additional 300 shares in the last quarter. Finally, Horrell Capital Management Inc. purchased a new position in shares of AbbVie during the 1st quarter valued at $34,000. Institutional investors and hedge funds own 72.40% of the company’s stock.

Shares of NYSE:ABBV traded down $1.13 during midday trading on Friday, reaching $94.91. The company’s stock had a trading volume of 14,614,332 shares, compared to its average volume of 5,717,843. The stock has a fifty day moving average of $97.25 and a 200 day moving average of $88.40. AbbVie Inc has a twelve month low of $62.55 and a twelve month high of $101.28. The firm has a market capitalization of $141.83 billion, a PE ratio of 16.80, a P/E/G ratio of 1.65 and a beta of 0.86.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, July 31st. The company reported $2.34 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.20 by $0.14. AbbVie had a net margin of 24.77% and a negative return on equity of 169.80%. The firm had revenue of $10.43 billion for the quarter, compared to the consensus estimate of $10.14 billion. During the same period in the prior year, the firm posted $2.26 earnings per share. The firm’s quarterly revenue was up 26.3% compared to the same quarter last year. Equities analysts predict that AbbVie Inc will post 10.45 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be issued a dividend of $1.18 per share. This represents a $4.72 annualized dividend and a yield of 4.97%. The ex-dividend date is Tuesday, July 14th. AbbVie’s payout ratio is 52.80%.

A number of analysts have recently weighed in on ABBV shares. Morgan Stanley restated an “overweight” rating and issued a $95.00 target price on shares of AbbVie in a report on Monday, May 11th. Atlantic Securities upgraded shares of AbbVie from a “neutral” rating to an “overweight” rating and set a $115.00 price target on the stock in a report on Tuesday, June 23rd. Piper Sandler boosted their price objective on shares of AbbVie from $97.00 to $110.00 in a research report on Wednesday, June 10th. Argus raised shares of AbbVie from a “hold” rating to a “buy” rating and boosted their price objective for the company from $91.40 to $115.00 in a research report on Tuesday, June 2nd. Finally, JPMorgan Chase & Co. raised shares of AbbVie from a “neutral” rating to an “overweight” rating and set a $105.00 price target for the company in a research report on Tuesday, May 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $106.80.

In other AbbVie news, Vice Chairman Carlos Alban sold 53,325 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $100.00, for a total transaction of $5,332,500.00. Following the transaction, the insider now directly owns 137,899 shares of the company’s stock, valued at $13,789,900. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Timothy J. Richmond sold 19,445 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $85.00, for a total transaction of $1,652,825.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 95,794 shares of company stock worth $9,057,485. Insiders own 0.09% of the company’s stock.

About AbbVie

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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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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