AbbVie Inc. (NYSE:ABBV) Shares Acquired by Somerset Trust Co

Somerset Trust Co increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 21.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,281 shares of the company’s stock after purchasing an additional 584 shares during the period. Somerset Trust Co’s holdings in AbbVie were worth $583,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Quest Partners LLC boosted its stake in shares of AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after acquiring an additional 207 shares in the last quarter. Brighton Jones LLC raised its holdings in AbbVie by 2.5% during the second quarter. Brighton Jones LLC now owns 19,721 shares of the company’s stock worth $3,383,000 after purchasing an additional 477 shares during the last quarter. Trust Investment Advisors purchased a new stake in AbbVie during the second quarter worth $242,000. Benjamin F. Edwards & Company Inc. grew its holdings in AbbVie by 2.2% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 278,306 shares of the company’s stock valued at $47,735,000 after purchasing an additional 5,870 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its position in shares of AbbVie by 22.6% in the second quarter. Canada Pension Plan Investment Board now owns 2,868,905 shares of the company’s stock valued at $492,075,000 after buying an additional 529,707 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on ABBV. Wells Fargo & Company boosted their target price on shares of AbbVie to $195.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. BMO Capital Markets cut their price objective on shares of AbbVie from $228.00 to $208.00 and set an “outperform” rating for the company in a research report on Tuesday, November 12th. Barclays raised their target price on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Bank of America reiterated a “neutral” rating and issued a $191.00 price target on shares of AbbVie in a report on Tuesday, December 10th. Finally, Morgan Stanley lowered their price objective on AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Five equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $205.50.

Insider Transactions at AbbVie

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $172.24, for a total transaction of $310,032.00. Following the sale, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at approximately $1,202,751.92. This represents a 20.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

Shares of ABBV stock opened at $171.49 on Friday. The company’s fifty day moving average price is $175.78 and its two-hundred day moving average price is $184.47. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. The firm has a market capitalization of $303.05 billion, a P/E ratio of 59.55, a P/E/G ratio of 1.73 and a beta of 0.58. AbbVie Inc. has a 12 month low of $153.58 and a 12 month high of $207.32.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. During the same quarter in the prior year, the business posted $2.95 earnings per share. AbbVie’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, research analysts anticipate that AbbVie Inc. will post 10.06 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.83%. The ex-dividend date is Wednesday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio is 215.28%.

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.