First National Bank & Trust Co. of Newtown Reduces Holdings in AbbVie Inc. $ABBV

First National Bank & Trust Co. of Newtown lessened its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,992 shares of the company’s stock after selling 130 shares during the period. First National Bank & Trust Co. of Newtown’s holdings in AbbVie were worth $2,226,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Marshall & Sullivan Inc. WA bought a new stake in shares of AbbVie during the 2nd quarter valued at $25,000. TD Capital Management LLC increased its stake in AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after acquiring an additional 58 shares during the last quarter. Abound Financial LLC bought a new position in AbbVie in the 1st quarter worth about $30,000. Cypress Capital Management LLC WY bought a new position in AbbVie in the 1st quarter worth about $35,000. Finally, Inlight Wealth Management LLC bought a new position in AbbVie in the 1st quarter worth about $42,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on ABBV shares. Berenberg Bank upgraded AbbVie from a “hold” rating to a “buy” rating and upped their target price for the stock from $170.00 to $270.00 in a research note on Wednesday, September 17th. Daiwa America upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. BMO Capital Markets increased their price objective on AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a research report on Friday, September 12th. Citigroup increased their price objective on AbbVie to $205.00 and gave the company a “hold” rating in a research report on Wednesday, June 11th. Finally, Piper Sandler started coverage on AbbVie in a research report on Tuesday, August 12th. They set an “overweight” rating and a $231.00 price objective on the stock. Four analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and an average target price of $223.45.

AbbVie Trading Up 5.7%

NYSE ABBV opened at $244.77 on Thursday. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $244.81. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The stock has a 50 day simple moving average of $208.97 and a two-hundred day simple moving average of $195.71. The stock has a market cap of $432.40 billion, a P/E ratio of 116.56, a price-to-earnings-growth ratio of 1.35 and a beta of 0.51.

AbbVie (NYSE:ABBV) last released 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 return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion during the quarter, compared to analysts’ expectations of $14.93 billion. During the same quarter last year, the business posted $2.65 EPS. The company’s quarterly revenue was up 6.6% compared to the same quarter last year. On average, analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 312.38%.

Insider Buying and Selling

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

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.