Citizens Business Bank Cuts Position in AbbVie Inc. (NYSE:ABBV)

Citizens Business Bank trimmed its position in AbbVie Inc. (NYSE:ABBV) by 2.1% during the fourth quarter, Holdings Channel.com reports. The firm owned 31,112 shares of the company’s stock after selling 667 shares during the period. Citizens Business Bank’s holdings in AbbVie were worth $5,529,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of ABBV. Fiduciary Advisors Inc. purchased a new stake in AbbVie during the 4th quarter worth about $29,000. EnRich Financial Partners LLC boosted its holdings in AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock valued at $29,000 after purchasing an additional 110 shares in the last quarter. Promus Capital LLC acquired a new stake in AbbVie during the fourth quarter worth approximately $30,000. Bradley & Co. Private Wealth Management LLC acquired a new position in shares of AbbVie in the 4th quarter valued at $31,000. Finally, Prudent Man Investment Management Inc. purchased a new stake in AbbVie in the fourth quarter valued at $32,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Timothy J. Richmond sold 29,917 shares of the business’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $202.90, for a total value of $6,070,159.30. Following the transaction, the executive vice president now directly owns 44,284 shares in the company, valued at $8,985,223.60. The trade was a 40.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Perry C. Siatis sold 5,778 shares of the firm’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $197.90, for a total value of $1,143,466.20. Following the completion of the sale, the executive vice president now owns 22,381 shares of the company’s stock, valued at approximately $4,429,199.90. This trade represents a 20.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,471 shares of company stock worth $23,426,451 over the last 90 days. Insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on ABBV. Raymond James restated an “outperform” rating and set a $220.00 price target (up previously from $218.00) on shares of AbbVie in a research note on Monday, February 3rd. Wells Fargo & Company increased their price target on shares of AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 5th. StockNews.com upgraded shares of AbbVie from a “buy” rating to a “strong-buy” rating in a research note on Monday, April 28th. Erste Group Bank upgraded shares of AbbVie to a “strong-buy” rating in a research note on Monday, March 17th. Finally, Citigroup increased their price objective on AbbVie from $205.00 to $215.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Six research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $211.41.

AbbVie Trading Up 0.4 %

AbbVie stock opened at $187.87 on Thursday. The firm’s 50 day moving average price is $195.22 and its two-hundred day moving average price is $187.27. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66. The firm has a market cap of $332.34 billion, a price-to-earnings ratio of 78.28, a price-to-earnings-growth ratio of 1.62 and a beta of 0.56. AbbVie Inc. has a 1 year low of $153.58 and a 1 year high of $218.66.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.06. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The business had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. During the same period in the prior year, the firm earned $2.31 earnings per share. The firm’s revenue was up 8.4% compared to the same quarter last year. On average, research analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Tuesday, April 15th will be paid a dividend of $1.64 per share. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.49%. AbbVie’s dividend payout ratio (DPR) is presently 279.15%.

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.