Webster Bank N. A. cut its holdings in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 2.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 71,487 shares of the company’s stock after selling 1,480 shares during the quarter. AbbVie accounts for about 1.5% of Webster Bank N. A.’s portfolio, making the stock its 12th largest holding. Webster Bank N. A.’s holdings in AbbVie were worth $11,393,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of ABBV. Retirement Income Solutions Inc purchased a new position in AbbVie during the 1st quarter worth approximately $204,000. Ergoteles LLC grew its stake in shares of AbbVie by 17.8% during the 1st quarter. Ergoteles LLC now owns 5,605 shares of the company’s stock worth $909,000 after purchasing an additional 847 shares during the period. First Western Trust Bank acquired a new stake in shares of AbbVie during the 1st quarter worth approximately $1,150,000. Wsfs Capital Management LLC acquired a new stake in shares of AbbVie during the 1st quarter worth approximately $562,000. Finally, Bridgewater Associates LP grew its stake in shares of AbbVie by 80.4% during the 1st quarter. Bridgewater Associates LP now owns 75,516 shares of the company’s stock worth $12,242,000 after purchasing an additional 33,661 shares during the period. 68.27% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of equities research analysts have recently commented on the stock. StockNews.com assumed coverage on shares of AbbVie in a research note on Thursday, May 18th. They set a “strong-buy” rating on the stock. Morgan Stanley raised their price objective on shares of AbbVie from $178.00 to $181.00 and gave the stock an “overweight” rating in a research note on Monday, April 10th. Argus cut shares of AbbVie from a “buy” rating to a “hold” rating in a research note on Wednesday, April 5th. Barclays lifted their price target on shares of AbbVie from $155.00 to $160.00 in a research note on Wednesday, April 12th. Finally, Guggenheim dropped their price target on shares of AbbVie from $172.00 to $171.00 in a research note on Friday, April 28th. Eight investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $163.40.
AbbVie Stock Down 1.1 %
AbbVie (NYSE:ABBV – Get Rating) last posted its quarterly earnings results on Thursday, April 27th. The company reported $2.46 EPS for the quarter, topping the consensus estimate of $2.44 by $0.02. AbbVie had a return on equity of 153.92% and a net margin of 13.37%. The business had revenue of $12.23 billion for the quarter, compared to analyst estimates of $12.23 billion. During the same quarter in the previous year, the firm earned $3.16 EPS. The company’s quarterly revenue was down 9.7% compared to the same quarter last year. As a group, equities analysts anticipate that AbbVie Inc. will post 10.97 earnings per share for the current year.
AbbVie Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be issued a dividend of $1.48 per share. The ex-dividend date of this dividend is Thursday, July 13th. This represents a $5.92 annualized dividend and a dividend yield of 4.36%. AbbVie’s dividend payout ratio is presently 139.95%.
Insider Transactions at AbbVie
In related news, SVP Elaine K. Sorg sold 6,130 shares of the business’s stock in a transaction dated Tuesday, April 25th. The shares were sold at an average price of $165.00, for a total value of $1,011,450.00. Following the sale, the senior vice president now directly owns 35,330 shares in the company, valued at approximately $5,829,450. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, SVP Elaine K. Sorg sold 15,002 shares of the business’s stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $160.03, for a total value of $2,400,770.06. Following the sale, the senior vice president now directly owns 42,829 shares in the company, valued at approximately $6,853,924.87. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Elaine K. Sorg sold 6,130 shares of AbbVie stock in a transaction dated Tuesday, April 25th. The shares were sold at an average price of $165.00, for a total value of $1,011,450.00. Following the completion of the transaction, the senior vice president now directly owns 35,330 shares of the company’s stock, valued at $5,829,450. The disclosure for this sale can be found here. Insiders have sold a total of 32,151 shares of company stock worth $5,187,783 in the last quarter. Company insiders own 0.26% of the company’s stock.
About AbbVie
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.
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