Grove Bank & Trust Raises Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Grove Bank & Trust grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 13,141 shares of the company’s stock after buying an additional 282 shares during the quarter. Grove Bank & Trust’s holdings in AbbVie were worth $2,335,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Sei Investments Co. boosted its holdings in AbbVie by 11.2% during the 2nd quarter. Sei Investments Co. now owns 484,279 shares of the company’s stock valued at $83,064,000 after acquiring an additional 48,722 shares during the period. Westwood Holdings Group Inc. boosted its stake in shares of AbbVie by 1.2% during the second quarter. Westwood Holdings Group Inc. now owns 11,380 shares of the company’s stock valued at $1,952,000 after purchasing an additional 130 shares during the period. Kowal Investment Group LLC grew its holdings in shares of AbbVie by 4.7% in the second quarter. Kowal Investment Group LLC now owns 15,006 shares of the company’s stock worth $2,574,000 after purchasing an additional 671 shares during the last quarter. Profund Advisors LLC increased its stake in shares of AbbVie by 32.8% in the second quarter. Profund Advisors LLC now owns 47,004 shares of the company’s stock worth $8,062,000 after buying an additional 11,603 shares during the period. Finally, ProShare Advisors LLC increased its position in shares of AbbVie by 2.0% in the second quarter. ProShare Advisors LLC now owns 1,309,684 shares of the company’s stock valued at $224,637,000 after acquiring an additional 26,088 shares during the period. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

Shares of NYSE:ABBV opened at $171.49 on Monday. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. AbbVie Inc. has a 12 month low of $153.58 and a 12 month high of $207.32. The company has a market capitalization of $303.05 billion, a price-to-earnings ratio of 59.55, a PEG ratio of 1.73 and a beta of 0.58. The firm’s 50-day moving average is $175.78 and its 200 day moving average is $184.75.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. During the same period last year, the company earned $2.95 EPS. AbbVie’s quarterly revenue was up 3.8% compared to the same quarter last year. Research analysts predict that AbbVie Inc. will post 10.06 EPS for the current year.

AbbVie Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be paid a $1.64 dividend. This is an increase from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date is Wednesday, January 15th. AbbVie’s dividend payout ratio is currently 215.28%.

Insider Activity

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $172.24, for a total transaction of $310,032.00. Following the transaction, the senior vice president now directly owns 6,983 shares in the company, valued at $1,202,751.92. This represents a 20.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

ABBV has been the topic of several recent analyst reports. Bank of America restated a “neutral” rating and set a $191.00 price target on shares of AbbVie in a report on Tuesday, December 10th. Leerink Partnrs upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Daiwa America cut shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 5th. Argus upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Finally, Piper Sandler lifted their price target on AbbVie from $212.00 to $220.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. Five analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $205.50.

About AbbVie

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.