Truist Financial Corp Boosts Holdings in AbbVie Inc. $ABBV

Truist Financial Corp raised its holdings in AbbVie Inc. (NYSE:ABBV) by 6.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,181,263 shares of the company’s stock after purchasing an additional 140,414 shares during the quarter. Truist Financial Corp’s holdings in AbbVie were worth $404,886,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in ABBV. Marshall & Sullivan Inc. WA purchased a new stake in AbbVie in the second quarter valued at $25,000. TD Capital Management LLC boosted its holdings in AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares during the last quarter. Abound Financial LLC purchased a new stake in AbbVie in the first quarter valued at $30,000. Cypress Capital Management LLC WY purchased a new stake in AbbVie in the first quarter valued at $35,000. Finally, Inlight Wealth Management LLC purchased a new stake in AbbVie in the first quarter valued at $42,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ABBV has been the topic of several recent analyst reports. Raymond James Financial reissued an “outperform” rating on shares of AbbVie in a research note on Monday, August 25th. Evercore ISI increased their target price on shares of AbbVie from $207.00 to $222.00 and gave the stock an “outperform” rating in a research note on Monday, September 22nd. Guggenheim increased their target price on shares of AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. Daiwa America raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Finally, JPMorgan Chase & Co. increased their target price on shares of AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $223.45.

AbbVie Stock Up 3.7%

ABBV opened at $231.47 on Wednesday. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $232.35. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The company has a 50-day moving average price of $207.89 and a 200 day moving average price of $195.37. The company has a market cap of $408.91 billion, a PE ratio of 110.22, a price-to-earnings-growth ratio of 1.31 and a beta of 0.53.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The company had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same quarter last year, the company earned $2.65 EPS. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. Sell-side analysts expect that AbbVie Inc. will post 12.31 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 14th. Investors of record on Wednesday, October 15th will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio is 312.38%.

Insider Activity

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the sale, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the sale, the executive vice president owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by corporate insiders.

About AbbVie

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.