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

Atlantic Union Bankshares Corp cut its stake in shares of AbbVie Inc. (NYSE:ABBVFree Report) by 7.0% during the 2nd quarter, 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:ABBVGet Free Report) 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.

View Our Latest Stock Analysis on ABBV

AbbVie Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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