First County Bank CT Has $3.27 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

First County Bank CT reduced its stake in shares of AbbVie Inc. (NYSE:ABBV) by 4.0% in the 2nd quarter, Holdings Channel.com reports. The firm owned 19,075 shares of the company’s stock after selling 792 shares during the quarter. AbbVie makes up 1.7% of First County Bank CT’s holdings, making the stock its 13th largest holding. First County Bank CT’s holdings in AbbVie were worth $3,272,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Frisch Financial Group Inc. boosted its holdings in shares of AbbVie by 0.8% in the 2nd quarter. Frisch Financial Group Inc. now owns 6,920 shares of the company’s stock valued at $1,187,000 after purchasing an additional 53 shares in the last quarter. Capital Advisors Ltd. LLC boosted its position in AbbVie by 1.3% in the second quarter. Capital Advisors Ltd. LLC now owns 4,453 shares of the company’s stock valued at $764,000 after buying an additional 55 shares in the last quarter. Hilltop Partners LLC grew its stake in shares of AbbVie by 1.4% during the second quarter. Hilltop Partners LLC now owns 3,859 shares of the company’s stock worth $662,000 after buying an additional 55 shares during the last quarter. Lokken Investment Group LLC increased its holdings in shares of AbbVie by 3.6% during the fourth quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock worth $258,000 after buying an additional 58 shares in the last quarter. Finally, Longfellow Investment Management Co. LLC increased its holdings in shares of AbbVie by 1.0% during the second quarter. Longfellow Investment Management Co. LLC now owns 5,622 shares of the company’s stock worth $964,000 after buying an additional 58 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Piper Sandler boosted their price objective on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Morgan Stanley raised their price objective on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a report on Monday, August 12th. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a research report on Wednesday, June 5th. Barclays raised their price target on shares of AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, Truist Financial reiterated a “buy” rating and set a $210.00 price target (up previously from $195.00) on shares of AbbVie in a report on Friday, July 26th. Two 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 MarketBeat.com, AbbVie has an average rating of “Buy” and an average price target of $191.64.

AbbVie Stock Performance

Shares of AbbVie stock opened at $191.93 on Friday. The business has a 50-day moving average price of $191.09 and a two-hundred day moving average price of $176.18. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $199.95. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The company has a market cap of $338.92 billion, a P/E ratio of 56.95, a PEG ratio of 2.65 and a beta of 0.64.

AbbVie (NYSE:ABBV) last released 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 business had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The firm’s revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the firm posted $2.91 earnings per share. As a group, analysts anticipate that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Announces Dividend

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 $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 3.23%. AbbVie’s dividend payout ratio is currently 183.98%.

Insider Activity at AbbVie

In other 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 transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the 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 directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction 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 sale, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate 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.