OLD National Bancorp IN Decreases Holdings in AbbVie Inc. (NYSE:ABBV)

OLD National Bancorp IN cut its stake in AbbVie Inc. (NYSE:ABBV) by 0.4% during the 3rd quarter, HoldingsChannel reports. The firm owned 142,857 shares of the company’s stock after selling 604 shares during the quarter. AbbVie accounts for about 0.7% of OLD National Bancorp IN’s portfolio, making the stock its 26th largest position. OLD National Bancorp IN’s holdings in AbbVie were worth $28,211,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of ABBV. Vanguard Group Inc. lifted its holdings in AbbVie by 6.2% in the 1st quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock worth $31,025,605,000 after buying an additional 9,978,415 shares in the last quarter. Capital World Investors lifted its stake in shares of AbbVie by 249.1% in the first quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock worth $796,357,000 after acquiring an additional 3,120,310 shares in the last quarter. Capital International Investors lifted its stake in shares of AbbVie by 6.9% in the first quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after acquiring an additional 3,110,601 shares in the last quarter. TD Asset Management Inc grew its stake in AbbVie by 156.0% during the 1st quarter. TD Asset Management Inc now owns 3,474,020 shares of the company’s stock valued at $632,619,000 after purchasing an additional 2,116,997 shares in the last quarter. Finally, Swedbank AB purchased a new stake in AbbVie during the 1st quarter worth approximately $367,372,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on ABBV. Bank of America increased their target price on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Friday. TD Cowen increased their price objective on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Sanford C. Bernstein assumed coverage on shares of AbbVie in a report on Thursday. They set a “market perform” rating and a $203.00 price objective for the company. Morgan Stanley upped their target price on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Finally, Barclays lifted their price target on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and a consensus target price of $198.47.

Insider Activity

In related 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 value of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.25% of the company’s stock.

AbbVie Trading Up 0.2 %

Shares of NYSE:ABBV opened at $188.86 on Friday. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The company’s 50-day moving average price is $194.44 and its 200 day moving average price is $177.74. The company has a market cap of $333.50 billion, a PE ratio of 56.04, a P/E/G ratio of 2.66 and a beta of 0.63. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter in the previous year, the company posted $2.91 earnings per share. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. Sell-side analysts anticipate that AbbVie Inc. will post 10.85 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a $1.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.28%. 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.