Private Trust Co. NA Grows Position in AbbVie Inc. (NYSE:ABBV)

Private Trust Co. NA grew its holdings in AbbVie Inc. (NYSE:ABBV) by 1.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 36,986 shares of the company’s stock after buying an additional 602 shares during the period. AbbVie accounts for about 0.8% of Private Trust Co. NA’s holdings, making the stock its 15th biggest holding. Private Trust Co. NA’s holdings in AbbVie were worth $7,749,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. LaFleur & Godfrey LLC boosted its position in shares of AbbVie by 4.1% during the 4th quarter. LaFleur & Godfrey LLC now owns 79,396 shares of the company’s stock valued at $14,109,000 after acquiring an additional 3,108 shares during the last quarter. Brighton Jones LLC increased its position in AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after purchasing an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC raised its stake in AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after purchasing an additional 3,064 shares during the period. Fisher Asset Management LLC raised its stake in AbbVie by 11.1% during the fourth quarter. Fisher Asset Management LLC now owns 43,233 shares of the company’s stock worth $7,683,000 after purchasing an additional 4,319 shares during the period. Finally, Synergy Investment Management LLC acquired a new position in AbbVie in the 4th quarter valued at about $48,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ABBV. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $194.00 price target on shares of AbbVie in a research report on Tuesday, April 8th. Citigroup raised their target price on AbbVie to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, June 11th. Wall Street Zen downgraded AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 22nd. Morgan Stanley upped their price target on AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, April 28th. Finally, Bank of America raised their price objective on AbbVie to $204.00 and gave the stock a “hold” rating in a research report on Monday, June 9th. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $211.29.

AbbVie Stock Up 0.4%

AbbVie stock opened at $190.78 on Thursday. The firm has a market capitalization of $336.99 billion, a P/E ratio of 81.18, a P/E/G ratio of 1.26 and a beta of 0.48. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a twelve month low of $163.52 and a twelve month high of $218.66. The stock’s fifty day simple moving average is $187.12 and its 200-day simple moving average is $188.23.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, topping the consensus estimate of $2.40 by $0.06. The firm had revenue of $13.34 billion during the quarter, compared to analysts’ expectations of $12.91 billion. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. AbbVie’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.31 EPS. As a group, equities analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be paid a $1.64 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.44%. AbbVie’s dividend payout ratio is currently 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.