Fulton Bank N.A. Has $9.43 Million Holdings in AbbVie Inc. (NYSE:ABBV)

Fulton Bank N.A. grew its holdings in AbbVie Inc. (NYSE:ABBV) by 11.2% in the fourth quarter, HoldingsChannel reports. The fund owned 53,062 shares of the company’s stock after buying an additional 5,351 shares during the period. Fulton Bank N.A.’s holdings in AbbVie were worth $9,429,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Fairway Wealth LLC bought a new stake in shares of AbbVie during the 2nd quarter worth $26,000. Groupama Asset Managment lifted its stake in AbbVie by 40.3% in the 3rd quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock valued at $27,000 after purchasing an additional 38,974 shares during the last quarter. RPg Family Wealth Advisory LLC bought a new stake in shares of AbbVie during the third quarter worth $28,000. Quest Partners LLC increased its holdings in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after buying an additional 207 shares in the last quarter. Finally, Marquette Asset Management LLC bought a new position in shares of AbbVie in the 3rd quarter valued at $39,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Activity at AbbVie

In other news, SVP Kevin K. Buckbee sold 1,800 shares of AbbVie stock in a transaction on Monday, December 16th. The stock was sold at an average price of $172.24, for a total value of $310,032.00. Following the completion of the transaction, the senior vice president now directly owns 6,983 shares in the company, valued at approximately $1,202,751.92. The trade was a 20.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.25% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Wells Fargo & Company lifted their price target on AbbVie to $195.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Leerink Partners raised shares of AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 price objective on the stock in a research note on Friday, November 22nd. Truist Financial cut their target price on AbbVie from $215.00 to $211.00 and set a “buy” rating on the stock in a report on Wednesday. Argus upgraded AbbVie from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, Piper Sandler upped their price objective on shares of AbbVie from $212.00 to $220.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Five research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $205.50.

AbbVie Stock Performance

NYSE ABBV traded down $1.92 during trading hours on Wednesday, reaching $177.61. 1,327,509 shares of the company were exchanged, compared to its average volume of 4,381,386. The stock has a market capitalization of $313.86 billion, a P/E ratio of 61.67, a P/E/G ratio of 1.92 and a beta of 0.58. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. AbbVie Inc. has a 1 year low of $153.58 and a 1 year high of $207.32. The business’s 50 day simple moving average is $180.00 and its 200-day simple moving average is $184.42.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. During the same quarter in the previous year, the firm posted $2.95 EPS. AbbVie’s revenue was up 3.8% on a year-over-year basis. On average, equities research analysts expect that AbbVie Inc. will post 10.96 earnings per share for the current year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. This is an increase from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.69%. AbbVie’s dividend payout ratio is presently 227.78%.

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.