Central Pacific Bank Trust Division Grows Stake in AbbVie Inc. $ABBV

Central Pacific Bank Trust Division grew its holdings in AbbVie Inc. (NYSE:ABBV) by 69.2% during the second quarter, HoldingsChannel reports. The fund owned 13,842 shares of the company’s stock after purchasing an additional 5,662 shares during the period. Central Pacific Bank Trust Division’s holdings in AbbVie were worth $2,569,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Narus Financial Partners LLC increased its holdings in shares of AbbVie by 25.3% in the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock valued at $417,000 after acquiring an additional 401 shares during the last quarter. Highland Capital Management LLC increased its position in shares of AbbVie by 6.3% during the first quarter. Highland Capital Management LLC now owns 46,853 shares of the company’s stock worth $9,817,000 after purchasing an additional 2,792 shares in the last quarter. Weaver Capital Management LLC increased its position in shares of AbbVie by 3.9% during the first quarter. Weaver Capital Management LLC now owns 8,240 shares of the company’s stock worth $1,727,000 after purchasing an additional 310 shares in the last quarter. North Star Asset Management Inc. increased its position in shares of AbbVie by 0.5% during the first quarter. North Star Asset Management Inc. now owns 161,320 shares of the company’s stock worth $33,800,000 after purchasing an additional 756 shares in the last quarter. Finally, Alpine Bank Wealth Management acquired a new stake in shares of AbbVie during the first quarter worth about $3,879,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the sale, the executive vice president owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the sale, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

Analysts Set New Price Targets

ABBV has been the topic of a number of research analyst reports. Wall Street Zen cut AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 22nd. Piper Sandler initiated coverage on AbbVie in a research report on Tuesday, August 12th. They set an “overweight” rating and a $231.00 target price on the stock. Daiwa Capital Markets upgraded AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 target price on the stock in a research report on Thursday, August 7th. Citigroup lifted their target price on AbbVie to $205.00 and gave the stock a “hold” rating in a research report on Wednesday, June 11th. Finally, Raymond James Financial reiterated an “outperform” rating on shares of AbbVie in a research report on Monday, August 25th. Four analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and a consensus price target of $217.10.

AbbVie Stock Performance

NYSE ABBV opened at $218.40 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $221.76. The business’s 50-day moving average price is $200.25 and its 200 day moving average price is $194.58. The firm has a market cap of $385.82 billion, a P/E ratio of 104.00, a P/E/G ratio of 1.42 and a beta of 0.53.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The company had revenue of $15.42 billion for the quarter, compared to analysts’ expectations of $14.93 billion. During the same period in the prior year, the business earned $2.65 EPS. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. On average, equities research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s payout ratio is currently 312.38%.

AbbVie Company Profile

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.