Indiana Trust & Investment Management CO trimmed its stake in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 0.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,484 shares of the company’s stock after selling 84 shares during the quarter. AbbVie comprises 0.8% of Indiana Trust & Investment Management CO’s portfolio, making the stock its 28th largest position. Indiana Trust & Investment Management CO’s holdings in AbbVie were worth $1,547,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also made changes to their positions in the stock. Kalos Management Inc. acquired a new stake in shares of AbbVie in the first quarter valued at approximately $26,000. Boulder Wealth Advisors LLC bought a new stake in shares of AbbVie during the fourth quarter valued at about $31,000. Stone House Investment Management LLC acquired a new stake in AbbVie in the first quarter worth about $37,000. True Wealth Design LLC bought a new position in AbbVie in the 4th quarter valued at about $39,000. Finally, General Partner Inc. acquired a new stake in shares of AbbVie in the 1st quarter worth approximately $40,000. Institutional investors own 67.86% of the company’s stock.
Analyst Ratings Changes
ABBV has been the subject of a number of research analyst reports. William Blair assumed coverage on AbbVie in a research report on Tuesday, July 25th. They issued a “market perform” rating for the company. Piper Sandler upped their price objective on AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a report on Friday, July 28th. Piper Jaffray Companies lifted their target price on AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a report on Friday, July 28th. HSBC started coverage on shares of AbbVie in a report on Friday, July 14th. They issued a “buy” rating and a $167.00 price target for the company. Finally, Credit Suisse Group dropped their target price on shares of AbbVie from $170.00 to $160.00 in a report on Wednesday, July 12th. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $165.79.
Insider Buying and Selling
In other news, CEO Richard A. Gonzalez sold 18,500 shares of AbbVie stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $149.15, for a total transaction of $2,759,275.00. Following the completion of the sale, the chief executive officer now directly owns 625,294 shares in the company, valued at approximately $93,262,600.10. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.26% of the stock is owned by corporate insiders.
AbbVie Stock Performance
Shares of ABBV stock opened at $152.09 on Friday. The stock’s fifty day simple moving average is $146.09 and its 200-day simple moving average is $147.56. The company has a market capitalization of $268.45 billion, a price-to-earnings ratio of 31.29, a P/E/G ratio of 2.74 and a beta of 0.58. The company has a current ratio of 0.89, a quick ratio of 0.77 and a debt-to-equity ratio of 4.33. AbbVie Inc. has a 1-year low of $130.96 and a 1-year high of $168.11.
AbbVie (NYSE:ABBV – Get Free Report) last posted its quarterly earnings results on Thursday, July 27th. The company reported $2.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.79 by $0.12. AbbVie had a net margin of 15.50% and a return on equity of 151.29%. The business had revenue of $13.87 billion during the quarter, compared to analyst estimates of $13.52 billion. On average, sell-side analysts predict that AbbVie Inc. will post 11.03 earnings per share for the current fiscal year.
AbbVie Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be paid a $1.48 dividend. This represents a $5.92 dividend on an annualized basis and a dividend yield of 3.89%. The ex-dividend date of this dividend is Thursday, October 12th. AbbVie’s dividend payout ratio (DPR) is presently 121.81%.
AbbVie Company Profile
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.
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