Penobscot Investment Management Company Inc. Has $11.58 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Penobscot Investment Management Company Inc. raised its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 74,718 shares of the company’s stock after buying an additional 775 shares during the quarter. AbbVie accounts for 1.4% of Penobscot Investment Management Company Inc.’s portfolio, making the stock its 19th largest position. Penobscot Investment Management Company Inc.’s holdings in AbbVie were worth $11,579,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in ABBV. Modus Advisors LLC grew its stake in AbbVie by 1.6% in the third quarter. Modus Advisors LLC now owns 22,215 shares of the company’s stock valued at $3,311,000 after purchasing an additional 341 shares in the last quarter. Avion Wealth raised its position in AbbVie by 17.1% during the third quarter. Avion Wealth now owns 547 shares of the company’s stock valued at $80,000 after acquiring an additional 80 shares in the last quarter. Bfsg LLC lifted its stake in AbbVie by 3.9% in the third quarter. Bfsg LLC now owns 26,158 shares of the company’s stock valued at $3,899,000 after acquiring an additional 993 shares during the last quarter. Avestar Capital LLC grew its position in AbbVie by 34.6% in the third quarter. Avestar Capital LLC now owns 7,456 shares of the company’s stock worth $1,111,000 after acquiring an additional 1,916 shares in the last quarter. Finally, Lake Street Financial LLC increased its stake in shares of AbbVie by 2.9% during the 3rd quarter. Lake Street Financial LLC now owns 31,054 shares of the company’s stock worth $4,728,000 after purchasing an additional 885 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Raymond James raised their price objective on AbbVie from $181.00 to $189.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. BMO Capital Markets dropped their price objective on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research note on Monday. William Blair raised AbbVie from a “market perform” rating to an “outperform” rating in a report on Monday, January 29th. Guggenheim upped their price target on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Finally, Truist Financial increased their price objective on AbbVie from $180.00 to $195.00 and gave the company a “buy” rating in a research report on Tuesday, February 6th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $174.31.

AbbVie Price Performance

NYSE ABBV traded up $0.86 during trading hours on Tuesday, reaching $162.38. 1,786,959 shares of the company’s stock were exchanged, compared to its average volume of 5,616,150. The firm has a fifty day moving average of $174.27 and a 200-day moving average of $161.00. AbbVie Inc. has a one year low of $130.96 and a one year high of $182.89. The stock has a market cap of $287.52 billion, a PE ratio of 48.08, a price-to-earnings-growth ratio of 2.03 and a beta of 0.58. The company has a current ratio of 0.87, a quick ratio of 0.76 and a debt-to-equity ratio of 5.02.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, April 26th. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.05. The business had revenue of $12.31 billion for the quarter, compared to the consensus estimate of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 165.18%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.46 EPS. On average, equities research analysts predict that AbbVie Inc. will post 11.19 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a yield of 3.82%. AbbVie’s payout ratio is presently 183.98%.

Insider Activity

In related news, EVP Azita Saleki-Gerhardt sold 52,870 shares of AbbVie stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the completion of the sale, the executive vice president now directly owns 243,944 shares of the company’s stock, valued at $42,375,512.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total value of $9,184,047.70. Following the completion of the transaction, the executive vice president now directly owns 243,944 shares of the company’s stock, valued at approximately $42,375,512.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Jeffrey Ryan Stewart sold 58,949 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $178.79, for a total value of $10,539,491.71. Following the completion of the sale, the executive vice president now owns 60,941 shares in the company, valued at $10,895,641.39. The disclosure for this sale can be found here. In the last quarter, insiders have sold 383,324 shares of company stock valued at $67,780,003. 0.25% of the stock is currently owned by insiders.

AbbVie Company 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.