AbbVie Inc. (NYSE:ABBV) Shares Sold by Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corp lowered its stake in AbbVie Inc. (NYSE:ABBV) by 7.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 35,009 shares of the company’s stock after selling 2,625 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in AbbVie were worth $4,717,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Kalos Management Inc. acquired a new stake in shares of AbbVie during the first quarter worth about $26,000. Boulder Wealth Advisors LLC acquired a new stake in shares of AbbVie during the fourth quarter worth about $31,000. Stone House Investment Management LLC acquired a new stake in shares of AbbVie during the first quarter worth about $37,000. True Wealth Design LLC acquired a new stake in shares of AbbVie during the fourth quarter worth about $39,000. Finally, General Partner Inc. acquired a new stake in shares of AbbVie during the first quarter worth about $40,000. Institutional investors and hedge funds own 67.86% of the company’s stock.

AbbVie Stock Performance

Shares of AbbVie stock opened at $153.93 on Tuesday. The firm has a market capitalization of $271.69 billion, a P/E ratio of 31.67, a P/E/G ratio of 2.79 and a beta of 0.58. AbbVie Inc. has a 52 week low of $130.96 and a 52 week high of $168.11. The company has a quick ratio of 0.77, a current ratio of 0.89 and a debt-to-equity ratio of 4.33. The firm’s 50 day moving average is $146.42 and its two-hundred day moving average is $147.44.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, July 27th. The company reported $2.91 EPS for the quarter, beating the consensus estimate of $2.79 by $0.12. The company had revenue of $13.87 billion for the quarter, compared to analyst estimates of $13.52 billion. AbbVie had a net margin of 15.50% and a return on equity of 151.29%. Research analysts forecast that AbbVie Inc. will post 11.03 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be issued a $1.48 dividend. This represents a $5.92 annualized dividend and a dividend yield of 3.85%. The ex-dividend date of this dividend is Thursday, October 12th. AbbVie’s payout ratio is currently 121.81%.

Insider Activity

In other news, CEO Richard A. Gonzalez sold 18,500 shares of the stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $149.15, for a total value of $2,759,275.00. Following the completion of the sale, the chief executive officer now directly owns 625,294 shares of the company’s stock, valued at $93,262,600.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.26% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on ABBV. HSBC began coverage on shares of AbbVie in a research report on Friday, July 14th. They set a “buy” rating and a $167.00 price target on the stock. Piper Sandler increased their price target on shares of AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research report on Friday, July 28th. TheStreet upgraded shares of AbbVie from a “c+” rating to a “b” rating in a research note on Monday, August 28th. William Blair began coverage on shares of AbbVie in a research note on Tuesday, July 25th. They set a “market perform” rating on the stock. Finally, StockNews.com began coverage on shares of AbbVie in a research note on Thursday, August 17th. They set a “strong-buy” rating on the stock. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $165.79.

AbbVie Profile

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.