First Western Trust Bank Sells 579 Shares of AbbVie Inc. (NYSE:ABBV)

First Western Trust Bank cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 8.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,465 shares of the company’s stock after selling 579 shares during the quarter. First Western Trust Bank’s holdings in AbbVie were worth $871,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in ABBV. Moneta Group Investment Advisors LLC grew its stake in shares of AbbVie by 89,097.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock valued at $4,719,514,000 after acquiring an additional 29,170,366 shares during the period. Bank Julius Baer & Co. Ltd Zurich boosted its stake in AbbVie by 85,216.7% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 28,082,858 shares of the company’s stock worth $3,783,603,000 after purchasing an additional 28,049,942 shares during the period. Norges Bank bought a new position in AbbVie in the 4th quarter worth approximately $3,033,348,000. Charles Schwab Investment Management Inc. boosted its stake in AbbVie by 138.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 21,536,656 shares of the company’s stock worth $3,432,297,000 after purchasing an additional 12,515,744 shares during the period. Finally, Morgan Stanley boosted its stake in AbbVie by 17.9% in the 4th quarter. Morgan Stanley now owns 31,571,750 shares of the company’s stock worth $5,102,311,000 after purchasing an additional 4,785,277 shares during the period. 67.86% of the stock is currently owned by institutional investors.

AbbVie Trading Down 0.1 %

Shares of ABBV stock traded down $0.18 on Monday, hitting $138.12. The stock had a trading volume of 1,662,942 shares, compared to its average volume of 5,510,714. The company’s 50 day moving average price is $146.58 and its 200-day moving average price is $143.95. AbbVie Inc. has a 1 year low of $130.96 and a 1 year high of $168.11. The company has a debt-to-equity ratio of 4.59, a current ratio of 0.96 and a quick ratio of 0.84. The firm has a market capitalization of $243.86 billion, a P/E ratio of 37.89, a P/E/G ratio of 2.45 and a beta of 0.51.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, October 27th. The company reported $2.95 earnings per share for the quarter, topping the consensus estimate of $2.86 by $0.09. AbbVie had a return on equity of 152.70% and a net margin of 11.81%. The company had revenue of $13.93 billion for the quarter, compared to the consensus estimate of $13.72 billion. During the same quarter in the prior year, the business earned $3.66 EPS. AbbVie’s revenue was down 6.0% on a year-over-year basis. Analysts anticipate that AbbVie Inc. will post 11.24 earnings per share for the current year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Tuesday, January 16th will be paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 4.49%. The ex-dividend date is Friday, January 12th. This is an increase from AbbVie’s previous quarterly dividend of $1.48. AbbVie’s dividend payout ratio (DPR) is currently 169.86%.

Wall Street Analyst Weigh In

ABBV has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft started coverage on AbbVie in a research note on Thursday, November 9th. They issued a “hold” rating and a $150.00 price target for the company. Raymond James began coverage on AbbVie in a report on Thursday, September 28th. They set an “outperform” rating and a $177.00 price target on the stock. TheStreet raised AbbVie from a “c+” rating to a “b” rating in a research report on Monday, August 28th. Barclays raised AbbVie from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $160.00 to $170.00 in a research report on Monday, October 30th. Finally, Piper Sandler raised their price objective on AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a research report on Friday, July 28th. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $167.69.

AbbVie 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.