Cadence Bank Buys 1,063 Shares of AbbVie Inc. $ABBV

Cadence Bank raised its stake in AbbVie Inc. (NYSE:ABBV) by 1.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 102,353 shares of the company’s stock after purchasing an additional 1,063 shares during the period. AbbVie makes up approximately 1.5% of Cadence Bank’s holdings, making the stock its 13th biggest position. Cadence Bank’s holdings in AbbVie were worth $21,445,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of ABBV. Abound Financial LLC bought a new position in shares of AbbVie during the 1st quarter worth about $30,000. Siemens Fonds Invest GmbH lifted its holdings in shares of AbbVie by 197.6% during the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock worth $32,000 after acquiring an additional 119,141 shares during the period. Cypress Capital Management LLC WY bought a new position in shares of AbbVie during the 1st quarter worth about $35,000. Pinney & Scofield Inc. bought a new position in shares of AbbVie during the 4th quarter worth about $36,000. Finally, Inlight Wealth Management LLC bought a new position in shares of AbbVie during the 1st quarter worth about $42,000. 70.23% of the stock is owned by institutional investors.

Insider Activity at AbbVie

In other news, 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 transaction of $8,407,055.40. Following the completion of the sale, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction 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. This represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

AbbVie Trading Up 0.4%

ABBV opened at $210.2840 on Friday. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The stock has a market capitalization of $371.48 billion, a PE ratio of 100.14, a PEG ratio of 1.35 and a beta of 0.50. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $218.66. The firm has a 50-day moving average price of $192.84 and a two-hundred day moving average price of $192.95.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the previous year, the business posted $2.65 EPS. The company’s revenue was up 6.6% compared to the same quarter last year. As a group, equities analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th were given a dividend of $1.64 per share. The ex-dividend date was Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.1%. AbbVie’s payout ratio is currently 312.38%.

Analyst Ratings Changes

A number of equities analysts have recently commented on ABBV shares. Guggenheim raised their price objective on shares of AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a report on Friday, August 1st. Wall Street Zen cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 22nd. Piper Sandler assumed coverage on shares of AbbVie in a research report on Tuesday, August 12th. They set an “overweight” rating and a $231.00 target price for the company. Citigroup increased their target price on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a research report on Wednesday, June 11th. Finally, Morgan Stanley increased their target price on shares of AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Five investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $214.95.

AbbVie 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.