OLD National Bancorp IN Reduces Position in AbbVie Inc. (NYSE:ABBV)

OLD National Bancorp IN cut its position in AbbVie Inc. (NYSE:ABBV) by 7.5% during the fourth quarter, HoldingsChannel reports. The firm owned 170,141 shares of the company’s stock after selling 13,834 shares during the quarter. AbbVie accounts for 0.7% of OLD National Bancorp IN’s holdings, making the stock its 27th biggest position. OLD National Bancorp IN’s holdings in AbbVie were worth $26,367,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Commerzbank Aktiengesellschaft FI increased its position in shares of AbbVie by 221.8% in the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 8,775 shares of the company’s stock valued at $1,360,000 after purchasing an additional 6,048 shares during the last quarter. PSI Advisors LLC grew its position in shares of AbbVie by 1.6% in the 4th quarter. PSI Advisors LLC now owns 4,481 shares of the company’s stock valued at $694,000 after buying an additional 71 shares during the last quarter. Cetera Trust Company N.A purchased a new position in shares of AbbVie in the 4th quarter valued at $104,000. Jackson Grant Investment Advisers Inc. grew its position in shares of AbbVie by 0.6% in the 4th quarter. Jackson Grant Investment Advisers Inc. now owns 30,997 shares of the company’s stock valued at $4,804,000 after buying an additional 185 shares during the last quarter. Finally, Smith & Howard Wealth Management LLC purchased a new position in shares of AbbVie in the 4th quarter valued at $204,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Performance

Shares of ABBV stock traded up $1.75 during mid-day trading on Friday, hitting $166.41. The stock had a trading volume of 5,532,492 shares, compared to its average volume of 4,932,933. AbbVie Inc. has a fifty-two week low of $130.96 and a fifty-two week high of $182.89. The firm has a market cap of $294.65 billion, a PE ratio of 60.96, a PEG ratio of 2.14 and a beta of 0.58. The company has a debt-to-equity ratio of 5.02, a current ratio of 0.87 and a quick ratio of 0.76. The company’s 50-day simple moving average is $175.44 and its 200-day simple moving average is $160.19.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, February 2nd. The company reported $2.79 EPS for the quarter, topping the consensus estimate of $2.76 by $0.03. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The company had revenue of $14.30 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter last year, the business earned $3.60 EPS. The business’s revenue was down 5.4% on a year-over-year basis. Sell-side analysts anticipate that AbbVie Inc. will post 11.16 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be paid a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.73%. The ex-dividend date of this dividend is Friday, April 12th. AbbVie’s dividend payout ratio (DPR) is 227.11%.

Insider Activity at AbbVie

In related news, SVP Kevin K. Buckbee sold 5,144 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $176.65, for a total value of $908,687.60. Following the completion of the sale, the senior vice president now owns 6,983 shares in the company, valued at $1,233,546.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other AbbVie news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the completion of the transaction, the executive vice president now directly owns 243,944 shares in the company, valued at approximately $42,375,512.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kevin K. Buckbee sold 5,144 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $176.65, for a total transaction of $908,687.60. Following the transaction, the senior vice president now owns 6,983 shares of the company’s stock, valued at $1,233,546.95. The disclosure for this sale can be found here. Insiders sold 383,324 shares of company stock worth $67,780,003 over the last 90 days. Company insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of recent analyst reports. William Blair raised shares of AbbVie from a “market perform” rating to an “outperform” rating in a research report on Monday, January 29th. BMO Capital Markets increased their target price on shares of AbbVie from $187.00 to $195.00 and gave the company an “outperform” rating in a research report on Monday, February 5th. Truist Financial increased their price target on shares of AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Tuesday, February 6th. Guggenheim increased their price target on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Finally, Raymond James increased their price target on shares of AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $177.43.

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.