Burke & Herbert Bank & Trust Co. Sells 812 Shares of AbbVie Inc. (NYSE:ABBV)

Burke & Herbert Bank & Trust Co. lowered its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 3.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,687 shares of the company’s stock after selling 812 shares during the period. AbbVie makes up 1.0% of Burke & Herbert Bank & Trust Co.’s investment portfolio, making the stock its 21st largest holding. Burke & Herbert Bank & Trust Co.’s holdings in AbbVie were worth $4,085,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of ABBV. MA Private Wealth raised its holdings in AbbVie by 9.8% in the third quarter. MA Private Wealth now owns 2,246 shares of the company’s stock worth $444,000 after buying an additional 201 shares during the last quarter. Canal Capital Management LLC raised its holdings in shares of AbbVie by 1.0% during the third quarter. Canal Capital Management LLC now owns 30,919 shares of the company’s stock valued at $6,106,000 after purchasing an additional 317 shares during the last quarter. Blackston Financial Advisory Group LLC raised its holdings in shares of AbbVie by 10.2% during the third quarter. Blackston Financial Advisory Group LLC now owns 4,711 shares of the company’s stock valued at $931,000 after purchasing an additional 436 shares during the last quarter. Heritage Financial Services LLC raised its holdings in shares of AbbVie by 11.5% during the third quarter. Heritage Financial Services LLC now owns 3,393 shares of the company’s stock valued at $670,000 after purchasing an additional 350 shares during the last quarter. Finally, Ballentine Partners LLC raised its holdings in shares of AbbVie by 17.5% during the third quarter. Ballentine Partners LLC now owns 37,590 shares of the company’s stock valued at $7,423,000 after purchasing an additional 5,603 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ABBV. Morgan Stanley boosted their price objective on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Bank of America boosted their price objective on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a report on Friday, October 18th. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Piper Sandler boosted their target price on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Finally, Piper Sandler Companies restated an “overweight” rating and set a $190.00 target price on shares of AbbVie in a research report on Wednesday, July 3rd. Four research analysts have rated the stock with a hold rating, fourteen have given 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 price target of $199.39.

AbbVie Stock Down 1.0 %

Shares of AbbVie stock opened at $187.81 on Friday. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95. The firm’s 50-day moving average is $194.14 and its two-hundred day moving average is $178.16. The stock has a market cap of $331.64 billion, a price-to-earnings ratio of 55.73, a PEG ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same period last year, the business earned $2.91 EPS. The company’s revenue was up 4.3% compared to the same quarter last year. As a group, research analysts expect that AbbVie Inc. will post 10.85 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio is currently 183.98%.

Insider Activity

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.25% of the company’s stock.

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.