Arbor Trust Wealth Advisors LLC Sells 622 Shares of AbbVie Inc. (NYSE:ABBV)

Arbor Trust Wealth Advisors LLC cut its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 45,498 shares of the company’s stock after selling 622 shares during the quarter. AbbVie comprises about 3.8% of Arbor Trust Wealth Advisors LLC’s holdings, making the stock its 6th largest position. Arbor Trust Wealth Advisors LLC’s holdings in AbbVie were worth $8,085,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. State Street Corp boosted its holdings in shares of AbbVie by 1.6% during the 3rd quarter. State Street Corp now owns 79,067,935 shares of the company’s stock worth $15,614,329,000 after buying an additional 1,267,685 shares in the last quarter. Legal & General Group Plc boosted its stake in AbbVie by 0.9% during the second quarter. Legal & General Group Plc now owns 15,277,480 shares of the company’s stock worth $2,620,382,000 after acquiring an additional 134,239 shares in the last quarter. FMR LLC grew its holdings in AbbVie by 3.9% in the third quarter. FMR LLC now owns 13,630,404 shares of the company’s stock worth $2,691,732,000 after purchasing an additional 511,470 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in AbbVie by 6.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,175,926 shares of the company’s stock valued at $2,009,542,000 after purchasing an additional 582,953 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of AbbVie by 4.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 9,330,779 shares of the company’s stock valued at $1,842,642,000 after purchasing an additional 373,802 shares during the period. Institutional investors own 70.23% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on ABBV. Bank of America reissued a “neutral” rating and issued a $191.00 price objective on shares of AbbVie in a research note on Tuesday, December 10th. Wells Fargo & Company lifted their price target on AbbVie to $195.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Citigroup dropped their target price on AbbVie from $226.00 to $215.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. Piper Sandler Companies restated an “overweight” rating and set a $220.00 price objective on shares of AbbVie in a research note on Tuesday, December 17th. Finally, BMO Capital Markets reduced their target price on shares of AbbVie from $228.00 to $208.00 and set an “outperform” rating for the company in a research note on Tuesday, November 12th. Five research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $205.50.

Insiders Place Their Bets

In other news, SVP Kevin K. Buckbee sold 1,800 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $172.24, for a total value of $310,032.00. Following the completion of the transaction, the senior vice president now owns 6,983 shares of the company’s stock, valued at approximately $1,202,751.92. This represents a 20.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.25% of the stock is currently owned by company insiders.

AbbVie Price Performance

Shares of AbbVie stock opened at $171.49 on Monday. The firm has a market cap of $303.05 billion, a PE ratio of 59.55, a price-to-earnings-growth ratio of 1.73 and a beta of 0.58. The company’s fifty day simple moving average is $175.78 and its two-hundred day simple moving average is $184.75. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. AbbVie Inc. has a 12-month low of $153.58 and a 12-month high of $207.32.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business’s revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the business posted $2.95 EPS. As a group, equities analysts expect that AbbVie Inc. will post 10.06 EPS for the current year.

AbbVie Increases Dividend

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

AbbVie Profile

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.