Pinnacle Financial Partners Inc Has $31.11 Million Stake in AbbVie Inc. (NYSE:ABBV)

Pinnacle Financial Partners Inc trimmed its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 173,978 shares of the company’s stock after selling 1,676 shares during the quarter. AbbVie accounts for 0.6% of Pinnacle Financial Partners Inc’s investment portfolio, making the stock its 29th largest holding. Pinnacle Financial Partners Inc’s holdings in AbbVie were worth $31,106,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Capital City Trust Co. FL raised its position in AbbVie by 1.0% in the 4th quarter. Capital City Trust Co. FL now owns 36,988 shares of the company’s stock valued at $6,573,000 after buying an additional 377 shares during the last quarter. Redmond Asset Management LLC bought a new position in AbbVie in the 4th quarter valued at $1,623,000. Oxbow Advisors LLC grew its stake in AbbVie by 1.3% in the 4th quarter. Oxbow Advisors LLC now owns 7,120 shares of the company’s stock valued at $1,265,000 after purchasing an additional 88 shares during the period. Element Wealth LLC grew its stake in AbbVie by 1.4% in the 4th quarter. Element Wealth LLC now owns 5,405 shares of the company’s stock valued at $960,000 after purchasing an additional 77 shares during the period. Finally, Prentice Wealth Management LLC grew its stake in AbbVie by 3.1% in the 4th quarter. Prentice Wealth Management LLC now owns 6,267 shares of the company’s stock valued at $1,114,000 after purchasing an additional 190 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $202.03 on Friday. The stock has a market cap of $356.64 billion, a price-to-earnings ratio of 84.18, a P/E/G ratio of 1.58 and a beta of 0.58. The company has a current ratio of 0.66, a quick ratio of 0.54 and a debt-to-equity ratio of 17.94. AbbVie Inc. has a 1-year low of $153.58 and a 1-year high of $207.32. The stock’s 50-day moving average is $180.68 and its 200 day moving average is $186.29.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, January 31st. The company reported $2.16 earnings per share for the quarter, missing analysts’ consensus estimates of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 296.28%. During the same period in the previous year, the firm earned $2.79 EPS. On average, sell-side analysts anticipate that AbbVie Inc. will post 12.32 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Tuesday, April 15th will be given a dividend of $1.64 per share. The ex-dividend date is Tuesday, April 15th. This represents a $6.56 annualized dividend and a yield of 3.25%. AbbVie’s payout ratio is 273.33%.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

ABBV has been the subject of a number of recent analyst reports. Truist Financial upped their price objective on AbbVie from $211.00 to $217.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Citigroup increased their price target on AbbVie from $205.00 to $215.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Piper Sandler Companies reiterated an “overweight” rating and set a $220.00 price target on shares of AbbVie in a research note on Tuesday, December 17th. Bank of America reiterated a “neutral” rating and set a $191.00 price target on shares of AbbVie in a research note on Tuesday, December 10th. Finally, Leerink Partnrs upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $208.35.

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.