OLD National Bancorp IN Cuts Stake in AbbVie Inc. (NYSE:ABBV)

OLD National Bancorp IN decreased its position in AbbVie Inc. (NYSE:ABBV) by 0.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 142,857 shares of the company’s stock after selling 604 shares during the period. AbbVie comprises 0.7% of OLD National Bancorp IN’s portfolio, making the stock its 26th largest holding. OLD National Bancorp IN’s holdings in AbbVie were worth $28,211,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Fairway Wealth LLC purchased a new stake in shares of AbbVie during the 2nd quarter worth $26,000. Ridgewood Investments LLC purchased a new position in AbbVie in the second quarter valued at about $27,000. Marquette Asset Management LLC acquired a new stake in shares of AbbVie during the 3rd quarter valued at approximately $39,000. Redmont Wealth Advisors LLC purchased a new stake in shares of AbbVie during the 1st quarter worth approximately $37,000. Finally, Quest Partners LLC boosted its stake in shares of AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after acquiring an additional 207 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on ABBV shares. Piper Sandler lifted their price objective on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Morgan Stanley lifted their price target on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. William Blair raised shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. 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. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a report on Monday, August 5th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus target price of $198.47.

AbbVie Trading Up 0.2 %

Shares of AbbVie stock opened at $188.86 on Friday. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The business’s fifty day moving average is $194.44 and its two-hundred day moving average is $177.74. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The firm has a market cap of $333.50 billion, a PE ratio of 56.04, a P/E/G ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.57 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter in the previous year, the business earned $2.91 EPS. The firm’s revenue was up 4.3% on a year-over-year basis. Analysts anticipate that AbbVie Inc. will post 10.85 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.28%. AbbVie’s dividend payout ratio is presently 183.98%.

Insider Transactions at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.25% of the company’s stock.

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.