Bangor Savings Bank raised its position in AbbVie Inc. (NYSE:ABBV – Free Report) by 2.1% in the 2nd quarter, Holdings Channel.com reports. The firm owned 14,753 shares of the company’s stock after buying an additional 306 shares during the period. Bangor Savings Bank’s holdings in AbbVie were worth $1,988,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the company. Kalos Management Inc. bought a new stake in shares of AbbVie in the first quarter worth $26,000. Boulder Wealth Advisors LLC bought a new position in AbbVie during the 4th quarter worth $31,000. Stone House Investment Management LLC acquired a new position in AbbVie during the 1st quarter worth about $37,000. True Wealth Design LLC bought a new stake in shares of AbbVie in the 4th quarter valued at about $39,000. Finally, General Partner Inc. acquired a new stake in shares of AbbVie in the first quarter valued at about $40,000. 67.86% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling
In other AbbVie news, CEO Richard A. Gonzalez sold 18,500 shares of the stock in a transaction on Monday, July 31st. The shares were sold at an average price of $149.15, for a total transaction of $2,759,275.00. Following the completion of the sale, the chief executive officer now owns 625,294 shares of the company’s stock, valued at approximately $93,262,600.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.26% of the stock is currently owned by corporate insiders.
AbbVie Trading Down 1.0 %
AbbVie (NYSE:ABBV – Get Free Report) last released its quarterly earnings data on Thursday, July 27th. The company reported $2.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.79 by $0.12. The company had revenue of $13.87 billion for the quarter, compared to analyst estimates of $13.52 billion. AbbVie had a return on equity of 151.29% and a net margin of 15.50%. Sell-side analysts anticipate that AbbVie Inc. will post 11.03 earnings per share for the current year.
AbbVie Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be paid a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a yield of 3.89%. The ex-dividend date of this dividend is Thursday, October 12th. AbbVie’s dividend payout ratio (DPR) is currently 121.81%.
Analyst Ratings Changes
A number of research firms recently commented on ABBV. TheStreet raised AbbVie from a “c+” rating to a “b” rating in a research note on Monday, August 28th. HSBC began coverage on shares of AbbVie in a research report on Friday, July 14th. They issued a “buy” rating and a $167.00 price target on the stock. Piper Jaffray Companies increased their price objective on shares of AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research report on Friday, July 28th. Piper Sandler boosted their target price on shares of AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a report on Friday, July 28th. Finally, William Blair began coverage on shares of AbbVie in a research report on Tuesday, July 25th. They set a “market perform” rating on the stock. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $165.79.
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.
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