Stock Yards Bank & Trust Co. Sells 1,905 Shares of AbbVie Inc. (NYSE:ABBV)

Stock Yards Bank & Trust Co. trimmed its holdings in AbbVie Inc. (NYSE:ABBV) by 2.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 76,480 shares of the company’s stock after selling 1,905 shares during the period. Stock Yards Bank & Trust Co.’s holdings in AbbVie were worth $13,118,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of ABBV. Alpha Financial Partners LLC increased its holdings in shares of AbbVie by 8.3% during the 2nd quarter. Alpha Financial Partners LLC now owns 1,808 shares of the company’s stock valued at $310,000 after acquiring an additional 139 shares during the last quarter. Excalibur Management Corp boosted its position in AbbVie by 1.1% during the second quarter. Excalibur Management Corp now owns 14,057 shares of the company’s stock worth $2,411,000 after purchasing an additional 155 shares during the period. Lmcg Investments LLC grew its holdings in AbbVie by 1.9% during the second quarter. Lmcg Investments LLC now owns 172,051 shares of the company’s stock valued at $29,510,000 after purchasing an additional 3,155 shares during the last quarter. Luts & Greenleigh Group Inc. bought a new position in shares of AbbVie in the second quarter valued at approximately $2,337,000. Finally, Wulff Hansen & CO. lifted its stake in shares of AbbVie by 15,176.8% in the second quarter. Wulff Hansen & CO. now owns 475,110 shares of the company’s stock worth $81,491,000 after buying an additional 472,000 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Activity

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the transaction, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the transaction, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on ABBV. Truist Financial reiterated a “buy” rating and issued a $210.00 target price (up previously from $195.00) on shares of AbbVie in a report on Friday, July 26th. BMO Capital Markets lifted their price objective on AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Piper Sandler boosted their price objective on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a report on Monday, August 5th. Finally, Morgan Stanley upped their price target on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $191.64.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $195.78 on Tuesday. The firm has a market capitalization of $345.72 billion, a price-to-earnings ratio of 58.09, a PEG ratio of 2.66 and a beta of 0.64. AbbVie Inc. has a one year low of $135.85 and a one year high of $199.95. The business has a fifty day simple moving average of $187.41 and a 200 day simple moving average of $175.36. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter in the prior year, the company posted $2.91 EPS. The business’s revenue was up 4.3% on a year-over-year basis. Sell-side analysts expect that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date is Tuesday, October 15th. AbbVie’s payout ratio is 183.98%.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.