Greenleaf Trust Raises Stock Position in AbbVie Inc. (NYSE:ABBV)

Greenleaf Trust grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 4.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 104,541 shares of the company’s stock after acquiring an additional 4,011 shares during the period. Greenleaf Trust’s holdings in AbbVie were worth $20,645,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Commerzbank Aktiengesellschaft FI raised its holdings in shares of AbbVie by 151.8% in the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 37,193 shares of the company’s stock valued at $7,345,000 after purchasing an additional 22,425 shares in the last quarter. Meadow Creek Wealth Advisors LLC increased its holdings in AbbVie by 7.9% during the third quarter. Meadow Creek Wealth Advisors LLC now owns 4,914 shares of the company’s stock valued at $970,000 after buying an additional 361 shares during the period. Elevated Capital Advisors LLC raised its stake in AbbVie by 20.5% in the third quarter. Elevated Capital Advisors LLC now owns 11,712 shares of the company’s stock worth $2,313,000 after buying an additional 1,995 shares in the last quarter. Bank Pictet & Cie Europe AG lifted its holdings in AbbVie by 5.1% during the third quarter. Bank Pictet & Cie Europe AG now owns 206,571 shares of the company’s stock worth $40,794,000 after buying an additional 9,990 shares during the period. Finally, Lecap Asset Management Ltd. bought a new stake in AbbVie during the 3rd quarter valued at $1,186,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. UBS Group boosted their price target on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. TD Cowen boosted their target price on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a report on Monday, October 7th. Bank of America raised their price target on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Morgan Stanley boosted their price objective on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Finally, William Blair raised shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $198.47.

AbbVie Stock Performance

Shares of NYSE:ABBV traded down $0.69 during trading on Wednesday, hitting $188.07. The stock had a trading volume of 306,720 shares, compared to its average volume of 5,267,700. The stock has a 50-day simple moving average of $194.32 and a two-hundred day simple moving average of $178.01. The stock has a market capitalization of $332.11 billion, a price-to-earnings ratio of 56.02, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $199.95. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. AbbVie’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period last year, the business earned $2.91 earnings per share. On average, equities research analysts expect that AbbVie Inc. will post 10.85 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a $1.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.30%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Insider Transactions at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.25% of the company’s stock.

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.