First National Bank of Mount Dora Trust Investment Services Sells 6,784 Shares of AbbVie Inc. (NYSE:ABBV)

First National Bank of Mount Dora Trust Investment Services cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 13.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 45,258 shares of the company’s stock after selling 6,784 shares during the period. AbbVie accounts for approximately 1.7% of First National Bank of Mount Dora Trust Investment Services’ portfolio, making the stock its 17th largest holding. First National Bank of Mount Dora Trust Investment Services’ holdings in AbbVie were worth $6,098,000 at the end of the most recent reporting period.

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

AbbVie Stock Performance

Shares of NYSE:ABBV opened at $152.09 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.77 and a debt-to-equity ratio of 4.33. The company has a 50-day moving average price of $146.09 and a 200-day moving average price of $147.56. The company has a market cap of $268.45 billion, a price-to-earnings ratio of 31.29, a price-to-earnings-growth ratio of 2.74 and a beta of 0.58. AbbVie Inc. has a 12 month low of $130.96 and a 12 month high of $168.11.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 27th. The company reported $2.91 EPS for the quarter, beating analysts’ consensus estimates of $2.79 by $0.12. The business had revenue of $13.87 billion during 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%. As a group, equities analysts anticipate that AbbVie Inc. will post 11.03 EPS for the current year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be issued a $1.48 dividend. This represents a $5.92 annualized dividend and a yield of 3.89%. The ex-dividend date is Thursday, October 12th. AbbVie’s dividend payout ratio (DPR) is currently 121.81%.

Analyst Ratings Changes

Several research analysts recently issued reports on ABBV shares. StockNews.com assumed coverage on shares of AbbVie in a research report on Thursday, August 17th. They issued a “strong-buy” rating for the company. William Blair initiated coverage on AbbVie in a research report on Tuesday, July 25th. They set a “market perform” rating on the stock. HSBC assumed coverage on AbbVie in a research report on Friday, July 14th. They issued a “buy” rating and a $167.00 target price for the company. Credit Suisse Group reduced their price target on shares of AbbVie from $170.00 to $160.00 in a research report on Wednesday, July 12th. Finally, Piper Sandler upped their price objective on shares of AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a research note on Friday, July 28th. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $165.79.

Insiders Place Their Bets

In other AbbVie news, CEO Richard A. Gonzalez sold 18,500 shares of the firm’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $149.15, for a total value of $2,759,275.00. Following the completion of the sale, the chief executive officer now directly owns 625,294 shares in the company, valued at $93,262,600.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.26% of the company’s stock.

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.