Comerica Bank Cuts Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Comerica Bank trimmed its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 877,706 shares of the company’s stock after selling 1,652 shares during the period. AbbVie accounts for 0.6% of Comerica Bank’s portfolio, making the stock its 21st largest holding. Comerica Bank’s holdings in AbbVie were worth $150,544,000 as of its most recent filing with the SEC.

Several other institutional investors have also bought and sold shares of ABBV. Vermillion & White Wealth Management Group LLC bought a new position in AbbVie during the fourth quarter valued at $26,000. Fairway Wealth LLC bought a new position in AbbVie during the second quarter valued at $26,000. Ridgewood Investments LLC bought a new position in AbbVie during the second quarter valued at $27,000. Able Wealth Management LLC bought a new stake in shares of AbbVie in the 4th quarter worth about $33,000. Finally, IFS Advisors LLC bought a new stake in shares of AbbVie in the 1st quarter worth about $36,000. Institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 1.5 %

NYSE:ABBV opened at $194.78 on Friday. AbbVie Inc. has a one year low of $135.85 and a one year high of $199.95. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The firm has a market cap of $343.96 billion, a P/E ratio of 57.80, a P/E/G ratio of 2.65 and a beta of 0.64. The firm has a 50-day simple moving average of $191.09 and a 200-day simple moving average of $176.18.

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 net margin of 9.71% and a return on equity of 203.66%. The business had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same quarter in the previous year, the business posted $2.91 EPS. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. Equities analysts anticipate that AbbVie Inc. will post 10.86 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm 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. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.18%. AbbVie’s dividend payout ratio is currently 183.98%.

Insider Buying and Selling

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the transaction, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on ABBV shares. Truist Financial restated a “buy” rating and issued a $210.00 target price (up previously from $195.00) on shares of AbbVie in a report on Friday, July 26th. Morgan Stanley raised their target price on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Barclays raised their target price on shares of AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. BMO Capital Markets raised their target price on shares of AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Finally, William Blair upgraded shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, AbbVie has an average rating of “Buy” and a consensus target price of $191.64.

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.