Independence Bank of Kentucky Decreases Position in AbbVie Inc. (NYSE:ABBV)

Independence Bank of Kentucky lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 5.0% during the second quarter, Holdings Channel.com reports. The firm owned 10,907 shares of the company’s stock after selling 580 shares during the quarter. Independence Bank of Kentucky’s holdings in AbbVie were worth $1,470,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Johnson & White Wealth Management LLC bought a new stake in AbbVie in the 1st quarter worth $721,000. Sand Hill Global Advisors LLC grew its holdings in AbbVie by 0.4% in the 1st quarter. Sand Hill Global Advisors LLC now owns 18,755 shares of the company’s stock worth $2,989,000 after acquiring an additional 68 shares during the last quarter. Chesapeake Wealth Management grew its holdings in AbbVie by 21.4% in the 4th quarter. Chesapeake Wealth Management now owns 13,083 shares of the company’s stock worth $2,114,000 after acquiring an additional 2,305 shares during the last quarter. Quintet Private Bank Europe S.A. bought a new stake in AbbVie in the 1st quarter worth $6,686,000. Finally, Capital Market Strategies LLC grew its holdings in AbbVie by 5.0% in the 1st quarter. Capital Market Strategies LLC now owns 12,027 shares of the company’s stock worth $1,917,000 after acquiring an additional 575 shares during the last quarter. Hedge funds and other institutional investors own 67.86% of the company’s stock.

Analyst Upgrades and Downgrades

ABBV has been the topic of a number of research reports. TheStreet raised shares of AbbVie from a “c+” rating to a “b” rating in a research note on Monday, August 28th. Piper Jaffray Companies lifted their target price on shares of AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a research note on Friday, July 28th. William Blair initiated coverage on shares of AbbVie in a research note on Tuesday, July 25th. They set a “market perform” rating on the stock. HSBC initiated coverage on shares of AbbVie in a research note on Friday, July 14th. They set a “buy” rating and a $167.00 target price on the stock. Finally, Credit Suisse Group cut their target price on shares of AbbVie from $170.00 to $160.00 in a research note on Wednesday, July 12th. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $165.79.

AbbVie Stock Down 1.0 %

Shares of AbbVie stock opened at $152.09 on Friday. The company has a debt-to-equity ratio of 4.33, a quick ratio of 0.77 and a current ratio of 0.89. The company has a 50-day simple moving average of $146.09 and a two-hundred day simple moving average of $147.56. AbbVie Inc. has a 52-week low of $130.96 and a 52-week high of $168.11. The stock has a market capitalization of $268.45 billion, a PE ratio of 31.29, a price-to-earnings-growth ratio of 2.74 and a beta of 0.58.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 27th. The company reported $2.91 earnings per share for the quarter, topping analysts’ consensus estimates of $2.79 by $0.12. The business had revenue of $13.87 billion during the quarter, compared to analyst estimates of $13.52 billion. AbbVie had a net margin of 15.50% and a return on equity of 151.29%. On average, analysts anticipate that AbbVie Inc. will post 11.03 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be given a dividend of $1.48 per share. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 3.89%. AbbVie’s dividend payout ratio is 121.81%.

Insider Buying and Selling

In related news, CEO Richard A. Gonzalez sold 18,500 shares of the company’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $149.15, for a total transaction of $2,759,275.00. Following the sale, the chief executive officer now owns 625,294 shares of the company’s stock, valued at $93,262,600.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.26% of the stock is owned by company insiders.

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.