Greenfield Savings Bank Sells 203 Shares of AbbVie Inc. (NYSE:ABBV)

by · The Cerbat Gem

Greenfield Savings Bank cut its holdings in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 1.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,966 shares of the company’s stock after selling 203 shares during the period. AbbVie accounts for approximately 1.6% of Greenfield Savings Bank’s investment portfolio, making the stock its 12th biggest holding. Greenfield Savings Bank’s holdings in AbbVie were worth $2,529,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Daymark Wealth Partners LLC grew its position in AbbVie by 15.1% during the 3rd quarter. Daymark Wealth Partners LLC now owns 47,035 shares of the company’s stock worth $7,011,000 after purchasing an additional 6,153 shares during the last quarter. CCG Wealth Management LLC purchased a new stake in shares of AbbVie during the third quarter valued at $238,000. Tsfg LLC grew its holdings in shares of AbbVie by 2.7% during the third quarter. Tsfg LLC now owns 127,965 shares of the company’s stock valued at $19,075,000 after buying an additional 3,324 shares during the last quarter. West Wealth Group LLC purchased a new position in AbbVie in the 3rd quarter worth $222,000. Finally, Foundations Investment Advisors LLC lifted its position in AbbVie by 5.2% during the 3rd quarter. Foundations Investment Advisors LLC now owns 35,461 shares of the company’s stock worth $5,286,000 after acquiring an additional 1,743 shares during the period. 67.86% of the stock is owned by institutional investors and hedge funds.

AbbVie Price Performance

AbbVie stock opened at $154.07 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.84 and a debt-to-equity ratio of 4.59. The company has a 50-day moving average price of $143.98 and a 200 day moving average price of $144.03. AbbVie Inc. has a 12-month low of $130.96 and a 12-month high of $168.11. The stock has a market cap of $272.02 billion, a P/E ratio of 42.21, a PEG ratio of 2.75 and a beta of 0.48.

AbbVie (NYSE:ABBV – Get Free Report) last announced its quarterly earnings results on Friday, October 27th. The company reported $2.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.86 by $0.09. AbbVie had a net margin of 11.81% and a return on equity of 152.70%. The business had revenue of $13.93 billion during the quarter, compared to the consensus estimate of $13.72 billion. During the same quarter last year, the firm earned $3.66 EPS. The business’s revenue was down 6.0% compared to the same quarter last year. Sell-side analysts anticipate that AbbVie Inc. will post 11.24 earnings per share for the current year.

AbbVie Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Tuesday, January 16th will be paid a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 4.02%. The ex-dividend date of this dividend is Friday, January 12th. This is a positive change from AbbVie’s previous quarterly dividend of $1.48. AbbVie’s dividend payout ratio is 162.19%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. StockNews.com assumed coverage on AbbVie in a report on Thursday, October 5th. They issued a “strong-buy” rating on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of AbbVie in a research report on Thursday, November 9th. They set a “hold” rating and a $150.00 price target for the company. Raymond James upped their price objective on shares of AbbVie from $177.00 to $181.00 and gave the company an “outperform” rating in a report on Friday, December 1st. The Goldman Sachs Group raised shares of AbbVie from a “neutral” rating to a “buy” rating and set a $173.00 target price for the company in a report on Monday, December 11th. Finally, Barclays raised shares of AbbVie from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $160.00 to $170.00 in a report on Monday, October 30th. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $168.24.

View Our Latest Research Report on AbbVie

AbbVie Profile

(Free Report)

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.

See Also

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