AbbVie Inc. (NYSE:ABBV) Shares Bought by Eastern Bank

Eastern Bank lifted its holdings in AbbVie Inc. (NYSE:ABBV) by 58.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 212,275 shares of the company’s stock after purchasing an additional 78,551 shares during the period. Eastern Bank’s holdings in AbbVie were worth $41,920,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AdvisorNet Financial Inc grew its stake in shares of AbbVie by 28.4% during the 1st quarter. AdvisorNet Financial Inc now owns 4,524 shares of the company’s stock worth $824,000 after acquiring an additional 1,000 shares in the last quarter. West Coast Financial LLC lifted its stake in shares of AbbVie by 9.7% in the first quarter. West Coast Financial LLC now owns 1,578 shares of the company’s stock worth $287,000 after acquiring an additional 140 shares during the period. Community Bank of Raymore lifted its stake in AbbVie by 2.7% in the first quarter. Community Bank of Raymore now owns 22,648 shares of the company’s stock valued at $4,124,000 after buying an additional 600 shares during the period. New England Professional Planning Group Inc. bought a new stake in shares of AbbVie during the first quarter valued at approximately $228,000. Finally, Hoxton Planning & Management LLC raised its position in AbbVie by 11.8% in the 1st quarter. Hoxton Planning & Management LLC now owns 1,537 shares of the company’s stock valued at $280,000 after buying an additional 162 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Performance

NYSE ABBV traded up $1.45 on Tuesday, hitting $187.99. 955,808 shares of the stock were exchanged, compared to its average volume of 5,276,065. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The business’s fifty day moving average is $194.37 and its 200 day moving average is $177.88. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $199.95. The company has a market capitalization of $331.97 billion, a PE ratio of 55.33, a P/E/G 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 (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same quarter last year, the business earned $2.91 EPS. The company’s revenue was up 4.3% compared to the same quarter last year. Research analysts anticipate that AbbVie Inc. will post 10.85 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given a dividend of $1.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.30%. AbbVie’s dividend payout ratio is currently 183.98%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. BMO Capital Markets raised their target price on AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Wells Fargo & Company increased their price target on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Sanford C. Bernstein started coverage on AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price target on the stock. Piper Sandler lifted their price target on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Finally, UBS Group raised their price objective on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $198.47.

Insider Activity at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction dated 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 completion of the sale, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. This 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 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.