AbbVie Inc. (NYSE:ABBV) Shares Sold by Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corp cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 7.0% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 35,009 shares of the company’s stock after selling 2,625 shares during the period. Atlantic Union Bankshares Corp’s holdings in AbbVie were worth $4,717,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ABBV. Kalos Management Inc. acquired a new position in AbbVie during the 1st quarter worth approximately $26,000. Boulder Wealth Advisors LLC acquired a new position in shares of AbbVie in the 4th quarter valued at approximately $31,000. Stone House Investment Management LLC acquired a new position in shares of AbbVie in the 1st quarter valued at approximately $37,000. True Wealth Design LLC acquired a new position in shares of AbbVie in the 4th quarter valued at approximately $39,000. Finally, General Partner Inc. acquired a new position in shares of AbbVie in the 1st quarter valued at approximately $40,000. 67.86% of the stock is owned by institutional investors and hedge funds.

AbbVie Trading Up 1.2 %

Shares of NYSE ABBV opened at $153.93 on Tuesday. AbbVie Inc. has a 12 month low of $130.96 and a 12 month high of $168.11. The company has a market cap of $271.69 billion, a price-to-earnings ratio of 31.67, a P/E/G ratio of 2.79 and a beta of 0.58. The company has a quick ratio of 0.77, a current ratio of 0.89 and a debt-to-equity ratio of 4.33. The business has a fifty day simple moving average of $146.42 and a 200-day simple moving average of $147.44.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 27th. The company reported $2.91 EPS for the quarter, beating the consensus estimate of $2.79 by $0.12. The business had revenue of $13.87 billion during the quarter, compared to the consensus estimate of $13.52 billion. AbbVie had a return on equity of 151.29% and a net margin of 15.50%. Sell-side analysts predict that AbbVie Inc. will post 11.03 EPS for the current year.

AbbVie Announces Dividend

The firm also recently declared 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. This represents a $5.92 annualized dividend and a yield of 3.85%. The ex-dividend date of this dividend is Thursday, October 12th. AbbVie’s payout ratio is 121.81%.

Insider Activity at AbbVie

In related news, CEO Richard A. Gonzalez sold 18,500 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now directly 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 Securities & Exchange Commission, which can be accessed through this link. 0.26% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Credit Suisse Group lowered their price target on AbbVie from $170.00 to $160.00 in a report on Wednesday, July 12th. TheStreet upgraded AbbVie from a “c+” rating to a “b” rating in a research note on Monday, August 28th. Piper Sandler upped their price objective on AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research note on Friday, July 28th. William Blair initiated coverage on AbbVie in a research report on Tuesday, July 25th. They set a “market perform” rating for the company. Finally, HSBC initiated coverage on AbbVie in a research report on Friday, July 14th. They set a “buy” rating and a $167.00 price target for the company. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus price target of $165.79.

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.