Commerce Bank Sells 14,553 Shares of AbbVie Inc. (NYSE:ABBV)

by · The Markets Daily

Commerce Bank cut its holdings in AbbVie Inc. (NYSE:ABBV – Free Report) by 2.8% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 511,260 shares of the company’s stock after selling 14,553 shares during the quarter. Commerce Bank’s holdings in AbbVie were worth $107,119,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Steel Grove Capital Advisors LLC raised its position in shares of AbbVie by 1.7% during the fourth quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company’s stock worth $553,000 after purchasing an additional 52 shares during the period. Peninsula Wealth LLC increased its position in shares of AbbVie by 4.1% during the fourth quarter. Peninsula Wealth LLC now owns 1,360 shares of the company’s stock worth $242,000 after acquiring an additional 54 shares in the last quarter. Private Management Group Inc. increased its position in shares of AbbVie by 1.9% during the first quarter. Private Management Group Inc. now owns 2,938 shares of the company’s stock worth $616,000 after acquiring an additional 54 shares in the last quarter. Connecticut Wealth Management LLC raised its holdings in shares of AbbVie by 1.6% in the 4th quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company’s stock worth $660,000 after acquiring an additional 57 shares during the last quarter. Finally, Castle Wealth Management LLC lifted its position in AbbVie by 3.4% in the 1st quarter. Castle Wealth Management LLC now owns 1,725 shares of the company’s stock valued at $361,000 after acquiring an additional 57 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ABBV. Cantor Fitzgerald assumed coverage on AbbVie in a report on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 price objective for the company. Morgan Stanley upped their price target on AbbVie from $241.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, April 28th. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. Evercore ISI upped their target price on shares of AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, April 28th. Finally, BNP Paribas raised shares of AbbVie to a “hold” rating in a research report on Thursday, May 8th. Eight investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, AbbVie has an average rating of “Moderate Buy” and a consensus price target of $211.29.

View Our Latest Stock Report on ABBV

AbbVie Trading Down 0.2%

NYSE:ABBV opened at $189.02 on Friday. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $218.66. The stock’s fifty day moving average price is $188.10 and its two-hundred day moving average price is $190.04. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64. The company has a market cap of $333.89 billion, a P/E ratio of 80.44, a P/E/G ratio of 1.25 and a beta of 0.48.

AbbVie (NYSE:ABBV – Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The company had revenue of $15.42 billion for the quarter, compared to analysts’ expectations of $14.93 billion. During the same period last year, the company posted $2.65 EPS. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. As a group, analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Tuesday, July 15th. AbbVie’s dividend payout ratio (DPR) is 279.15%.

AbbVie Company Profile

(Free Report)

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.

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