Pinnacle Bancorp Inc. Raises Stake in AbbVie Inc. (NYSE:ABBV)

Posted by on Jun 26th, 2023

Pinnacle Bancorp Inc. lifted its position in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 1.7% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 13,920 shares of the company’s stock after purchasing an additional 234 shares during the quarter. AbbVie comprises approximately 0.8% of Pinnacle Bancorp Inc.’s holdings, making the stock its 25th largest holding. Pinnacle Bancorp Inc.’s holdings in AbbVie were worth $2,218,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of ABBV. Goepper Burkhardt LLC increased its position in AbbVie by 1.9% in the fourth quarter. Goepper Burkhardt LLC now owns 3,506 shares of the company’s stock worth $567,000 after buying an additional 67 shares during the period. Naviter Wealth LLC increased its position in AbbVie by 0.9% in the first quarter. Naviter Wealth LLC now owns 7,378 shares of the company’s stock worth $1,176,000 after buying an additional 68 shares during the period. Sax Wealth Advisors LLC increased its position in AbbVie by 0.9% in the fourth quarter. Sax Wealth Advisors LLC now owns 7,633 shares of the company’s stock worth $1,233,000 after buying an additional 70 shares during the period. 1900 Wealth Management LLC increased its position in AbbVie by 2.8% in the fourth quarter. 1900 Wealth Management LLC now owns 2,631 shares of the company’s stock worth $425,000 after buying an additional 71 shares during the period. Finally, Syntal Capital Partners LLC increased its position in AbbVie by 0.9% in the third quarter. Syntal Capital Partners LLC now owns 7,811 shares of the company’s stock worth $1,048,000 after buying an additional 72 shares during the period. Hedge funds and other institutional investors own 68.27% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ABBV shares. Guggenheim dropped their target price on AbbVie from $172.00 to $171.00 in a research report on Friday, April 28th. Wells Fargo & Company dropped their target price on AbbVie from $200.00 to $195.00 in a research report on Friday, April 28th. StockNews.com began coverage on AbbVie in a research note on Thursday, May 18th. They issued a “strong-buy” rating for the company. Morgan Stanley increased their price target on AbbVie from $178.00 to $181.00 and gave the stock an “overweight” rating in a research note on Monday, April 10th. Finally, Barclays increased their price target on AbbVie from $155.00 to $160.00 in a research note on Wednesday, April 12th. Eight analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $163.40.

AbbVie Trading Down 1.1 %

Shares of ABBV stock opened at $135.92 on Monday. AbbVie Inc. has a fifty-two week low of $131.10 and a fifty-two week high of $168.11. The stock has a 50-day simple moving average of $144.96 and a 200 day simple moving average of $151.96. The company has a quick ratio of 0.82, a current ratio of 0.96 and a debt-to-equity ratio of 4.46. The stock has a market capitalization of $239.80 billion, a P/E ratio of 32.13, a P/E/G ratio of 2.48 and a beta of 0.58.

AbbVie (NYSE:ABBV – Get Rating) last posted its quarterly earnings results on Thursday, April 27th. The company reported $2.46 earnings per share for the quarter, topping analysts’ consensus estimates of $2.44 by $0.02. AbbVie had a return on equity of 153.92% and a net margin of 13.37%. The company had revenue of $12.23 billion during the quarter, compared to the consensus estimate of $12.23 billion. During the same period last year, the business earned $3.16 EPS. The business’s quarterly revenue was down 9.7% on a year-over-year basis. On average, sell-side analysts expect that AbbVie Inc. will post 10.97 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed 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. This represents a $5.92 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date is Thursday, July 13th. AbbVie’s dividend payout ratio is 139.95%.

Insider Activity

In other news, EVP Perry C. Siatis sold 3,520 shares of the stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $160.00, for a total transaction of $563,200.00. Following the transaction, the executive vice president now owns 10,377 shares of the company’s stock, valued at approximately $1,660,320. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other AbbVie news, SVP Elaine K. Sorg sold 6,130 shares of the firm’s stock in a transaction that occurred on Tuesday, April 25th. The stock was 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 owns 35,330 shares of the company’s stock, valued at approximately $5,829,450. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Perry C. Siatis sold 3,520 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $160.00, for a total value of $563,200.00. Following the completion of the sale, the executive vice president now directly owns 10,377 shares in the company, valued at approximately $1,660,320. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,151 shares of company stock valued at $5,187,783. Insiders own 0.26% of the company’s stock.

AbbVie Company Profile

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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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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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