First National Bank of Mount Dora Trust Investment Services Cuts Position in AbbVie Inc. $ABBV

First National Bank of Mount Dora Trust Investment Services lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 1.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,011 shares of the company’s stock after selling 551 shares during the period. AbbVie comprises about 2.0% of First National Bank of Mount Dora Trust Investment Services’ portfolio, making the stock its 18th largest holding. First National Bank of Mount Dora Trust Investment Services’ holdings in AbbVie were worth $8,726,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Marshall & Sullivan Inc. WA purchased a new position in shares of AbbVie in the 2nd quarter valued at about $25,000. TD Capital Management LLC increased its stake in shares of AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Abound Financial LLC purchased a new position in shares of AbbVie in the 1st quarter valued at about $30,000. Cypress Capital Management LLC WY purchased a new position in shares of AbbVie in the 1st quarter valued at about $35,000. Finally, Bear Mountain Capital Inc. increased its stake in AbbVie by 480.6% during the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock worth $40,000 after buying an additional 173 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Up 0.2%

AbbVie stock opened at $226.77 on Friday. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $244.81. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The stock has a market cap of $400.60 billion, a PE ratio of 107.99, a P/E/G ratio of 1.41 and a beta of 0.51. The stock’s fifty day moving average is $217.28 and its two-hundred day moving average is $197.43.

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

AbbVie Announces Dividend

The company 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 dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. AbbVie’s dividend payout ratio (DPR) is presently 312.38%.

Insider Activity

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the transaction, the executive vice president owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president directly owned 58,247 shares in the company, 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.

Analysts Set New Price Targets

ABBV has been the subject of several research reports. Wells Fargo & Company boosted their price objective on AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, September 12th. Citigroup restated a “neutral” rating on shares of AbbVie in a research report on Monday. JPMorgan Chase & Co. upped their price target on AbbVie from $200.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, September 16th. Morgan Stanley increased their price objective on AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Finally, UBS Group set a $251.00 price objective on AbbVie in a research report on Friday, October 3rd. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and an average price target of $233.35.

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.