Canandaigua National Bank & Trust Co. Sells 847 Shares of AbbVie Inc. (NYSE:ABBV)

Canandaigua National Bank & Trust Co. cut its stake in AbbVie Inc. (NYSE:ABBV) by 2.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 32,111 shares of the company’s stock after selling 847 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in AbbVie were worth $6,341,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Frisch Financial Group Inc. raised its holdings in AbbVie by 0.8% during the second quarter. Frisch Financial Group Inc. now owns 6,920 shares of the company’s stock worth $1,187,000 after acquiring an additional 53 shares in the last quarter. Capital Advisors Ltd. LLC raised its stake in shares of AbbVie by 1.3% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 4,453 shares of the company’s stock worth $764,000 after purchasing an additional 55 shares in the last quarter. Hilltop Partners LLC raised its stake in shares of AbbVie by 1.4% during the 2nd quarter. Hilltop Partners LLC now owns 3,859 shares of the company’s stock worth $662,000 after purchasing an additional 55 shares in the last quarter. Longfellow Investment Management Co. LLC grew its stake in shares of AbbVie by 1.0% in the second quarter. Longfellow Investment Management Co. LLC now owns 5,622 shares of the company’s stock valued at $964,000 after buying an additional 58 shares in the last quarter. Finally, RAM Investment Partners LLC increased its holdings in AbbVie by 1.1% during the second quarter. RAM Investment Partners LLC now owns 5,219 shares of the company’s stock worth $895,000 after buying an additional 59 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Price Performance

NYSE:ABBV opened at $195.38 on Friday. 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 $345.02 billion, a price-to-earnings ratio of 57.98, a P/E/G ratio of 2.65 and a beta of 0.64. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $199.95. The firm’s 50-day simple moving average is $193.17 and its 200 day simple moving average is $176.74.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.57 by $0.08. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period last year, the firm earned $2.91 earnings per share. As a group, sell-side analysts predict that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.17%. AbbVie’s payout ratio is 183.98%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. BMO Capital Markets increased their price target on shares of AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Morgan Stanley raised their target price on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Piper Sandler boosted their price target on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Wells Fargo & Company raised their price objective on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Finally, Piper Sandler Companies reissued an “overweight” rating and set a $190.00 target price on shares of AbbVie in a report on Wednesday, July 3rd. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, AbbVie has a consensus rating of “Buy” and an average price target of $191.64.

Insider Transactions at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction dated 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 sale, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total value of $49,497,875.00. Following the transaction, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s 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 sale, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

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.