First Citizens Financial Corp increases stake in AbbVie Inc. (NYSE:ABBV)

VaselineOctober 5, 2024

0 4 minutes read

First Citizens Financial Corp raised its stake in AbbVie Inc. (NYSE:ABBV – Free Report) by 0.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,777 shares of the company’s stock after acquiring an additional 53 shares during the period. First Citizens Financial Corp’s holdings in AbbVie were worth $1,141,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of ABBV. Vanguard Group Inc. boosted its position in shares of AbbVie by 6.2% in the first quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock worth $31,025,605,000 after acquiring an additional 9,978,415 shares in the last quarter. Capital World Investors raised its stake in shares of AbbVie by 249.1% in the first quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock valued at $796,357,000 after purchasing an additional 3,120,310 shares in the last quarter. Capital International Investors raised its stake in AbbVie by 6.9% in the first quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after buying an additional 3,110,601 shares during the period. TD Asset Management Inc boosted its position in AbbVie by 156.0% in the first quarter. TD Asset Management Inc now owns 3,474,020 shares of the company’s stock worth $632,619,000 after buying an additional 2,116,997 shares during the period. Finally, Swedbank AB acquired a new stake in shares of AbbVie in the first quarter worth about $367,372,000. 70.23% of the shares are currently held by hedge funds and other institutional investors.

Insiders place their bets

In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the transaction, the chairman now owns 513,099 shares of the company’s stock, valued at $89,792,325. The sale was disclosed in a filing with the SEC, which is accessible via this hyperlink. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the sale, the chairman now owns 513,099 shares in the company, valued at $89,792,325. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The disclosure for this sale can be found here. 0.25% of shares are held by corporate insiders.

Changes in Analyst Ratings

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A number of research analysts recently commented on ABBV shares. Wells Fargo & Company upped their target price on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. BMO Capital Markets upped their target price on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Barclays raised their target price on shares of AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Truist Financial reaffirmed a “buy” rating and issued a $210.00 target price (up from $195.00) on shares of AbbVie in a report on Friday, July 26th. Finally, Morgan Stanley lifted their price objective on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. AbbVie presently has an average rating of “Buy” and a consensus price target of $191.64, according to MarketBeat.com.

Get our latest analysis on ABBV

AbbVie trades down 0.7%

Shares of AbbVie stock opened at $195.38 on Friday. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71, and a current ratio of 0.81. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95. The company’s 50-day moving average is $193.17 and its 200-day moving average is $176.74. The company has a market cap of $345.02 billion, a P/E ratio of 57.98, a PEG ratio of 2.65 and a beta of 0.64.

AbbVie (NYSE:ABBV – Get Your Free Report ) last posted its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The firm had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. AbbVie’s revenue rose 4.3% year over year. In the same quarter last year, the company posted earnings of $2.91 per share. On average, equities analysts expect that AbbVie Inc. to post 10.86 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a dividend of $6.20 on an annualized basis and a yield of 3.17%. AbbVie’s payout ratio is currently 183.98%.

About AbbVie

(Free report)

AbbVie Inc discovers, develops, manufactures and sells pharmaceutical products worldwide. The company offers Humira, an injection for Behçet’s autoimmune and intestinal diseases and pyoderma gangrenosum; Skyrizi for the treatment of 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 cancer; Epkinly for treating lymphoma; Elahere for treating cancer; and Venclexta/Venclyxto to treat blood cancers.