CNB Bank Cuts Stock Position in AbbVie Inc. (NYSE:ABBV)

CNB Bank trimmed its position in shares of AbbVie Inc. (NYSE:ABBV) by 3.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 16,017 shares of the company’s stock after selling 544 shares during the period. AbbVie accounts for about 1.5% of CNB Bank’s investment portfolio, making the stock its 11th biggest holding. CNB Bank’s holdings in AbbVie were worth $3,163,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the company. Fairway Wealth LLC acquired a new stake in AbbVie in the second quarter worth about $26,000. Ridgewood Investments LLC purchased a new position in shares of AbbVie in the 2nd quarter valued at approximately $27,000. Marquette Asset Management LLC acquired a new stake in AbbVie in the 3rd quarter worth approximately $39,000. Redmont Wealth Advisors LLC acquired a new stake in AbbVie in the 1st quarter worth approximately $37,000. Finally, Quest Partners LLC raised its holdings in shares of AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after buying an additional 207 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a report on Monday, August 5th. TD Cowen boosted their price target on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Wells Fargo & Company raised their price objective on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Sanford C. Bernstein initiated coverage on AbbVie in a research report on Thursday. They issued a “market perform” rating and a $203.00 target price on the stock. Finally, William Blair raised shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $198.47.

Insider Buying and Selling

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.25% of the stock is owned by insiders.

AbbVie Trading Up 0.2 %

Shares of AbbVie stock opened at $188.86 on Friday. The firm has a 50-day simple moving average of $194.44 and a two-hundred day simple moving average of $177.74. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The company has a market cap of $333.50 billion, a P/E ratio of 56.04, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter in the prior year, the firm posted $2.91 EPS. AbbVie’s quarterly revenue was up 4.3% compared to the same quarter last year. As a group, equities analysts predict that AbbVie Inc. will post 10.85 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a $1.55 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.28%. AbbVie’s dividend payout ratio is currently 183.98%.

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.