Essex Savings Bank Acquires 538 Shares of AbbVie Inc (NYSE:ABBV)

Essex Savings Bank raised its holdings in shares of AbbVie Inc (NYSE:ABBV) by 7.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,463 shares of the company’s stock after acquiring an additional 538 shares during the quarter. Essex Savings Bank’s holdings in AbbVie were worth $733,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Janus Henderson Group PLC grew its position in AbbVie by 82.6% in the first quarter. Janus Henderson Group PLC now owns 11,515,689 shares of the company’s stock worth $877,346,000 after acquiring an additional 5,208,549 shares in the last quarter. Bank of New York Mellon Corp grew its position in AbbVie by 23.0% in the first quarter. Bank of New York Mellon Corp now owns 18,590,115 shares of the company’s stock worth $1,416,380,000 after acquiring an additional 3,480,190 shares in the last quarter. BlackRock Inc. grew its position in AbbVie by 2.8% in the first quarter. BlackRock Inc. now owns 101,381,984 shares of the company’s stock worth $7,724,294,000 after acquiring an additional 2,788,174 shares in the last quarter. Advisor Group Holdings Inc. purchased a new position in AbbVie in the first quarter worth about $57,338,000. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its position in AbbVie by 24.8% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 8,194,271 shares of the company’s stock worth $794,812,000 after acquiring an additional 1,630,022 shares in the last quarter. 72.40% of the stock is currently owned by institutional investors and hedge funds.

Several research analysts recently commented on the company. Piper Sandler lifted their price target on AbbVie from $97.00 to $110.00 in a research report on Wednesday, June 10th. Morgan Stanley reiterated an “overweight” rating and issued a $95.00 price target on shares of AbbVie in a research report on Monday, May 11th. Wolfe Research upgraded AbbVie from a “peer perform” rating to an “outperform” rating in a research report on Tuesday, June 9th. UBS Group boosted their target price on AbbVie from $96.00 to $109.00 in a research report on Wednesday, June 17th. Finally, ValuEngine lowered AbbVie from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 27th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $106.80.

In related news, Vice Chairman Carlos Alban sold 53,325 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $100.00, for a total value of $5,332,500.00. Following the completion of the transaction, the insider now owns 137,899 shares of the company’s stock, valued at $13,789,900. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Timothy J. Richmond sold 19,445 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $85.00, for a total transaction of $1,652,825.00. The disclosure for this sale can be found here. Insiders sold 95,794 shares of company stock valued at $9,057,485 in the last three months. 0.09% of the stock is currently owned by insiders.

Shares of NYSE ABBV traded down $1.13 during trading hours on Friday, reaching $94.91. The stock had a trading volume of 14,614,332 shares, compared to its average volume of 5,717,843. The firm has a market cap of $141.83 billion, a price-to-earnings ratio of 16.80, a P/E/G ratio of 1.65 and a beta of 0.86. The business’s fifty day moving average price is $97.25 and its two-hundred day moving average price is $88.40. AbbVie Inc has a 52-week low of $62.55 and a 52-week high of $101.28.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, July 31st. The company reported $2.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.20 by $0.14. The firm had revenue of $10.43 billion during the quarter, compared to analyst estimates of $10.14 billion. AbbVie had a negative return on equity of 169.80% and a net margin of 24.77%. AbbVie’s quarterly revenue was up 26.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.26 earnings per share. As a group, equities research analysts anticipate that AbbVie Inc will post 10.45 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be issued a $1.18 dividend. The ex-dividend date of this dividend is Tuesday, July 14th. This represents a $4.72 dividend on an annualized basis and a dividend yield of 4.97%. AbbVie’s payout ratio is 52.80%.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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