Community Bank & Trust Waco Texas Cuts Stake in AbbVie Inc. (NYSE:ABBV)

Community Bank & Trust Waco Texas reduced its stake in AbbVie Inc. (NYSE:ABBV) by 4.2% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 35,088 shares of the company’s stock after selling 1,537 shares during the quarter. AbbVie accounts for approximately 1.5% of Community Bank & Trust Waco Texas’ portfolio, making the stock its 23rd largest holding. Community Bank & Trust Waco Texas’ holdings in AbbVie were worth $5,438,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Parkside Financial Bank & Trust lifted its holdings in AbbVie by 31.9% during the fourth quarter. Parkside Financial Bank & Trust now owns 15,298 shares of the company’s stock valued at $2,371,000 after purchasing an additional 3,698 shares during the last quarter. Marks Group Wealth Management Inc increased its position in shares of AbbVie by 2.9% during the fourth quarter. Marks Group Wealth Management Inc now owns 2,254 shares of the company’s stock valued at $349,000 after buying an additional 63 shares during the period. Roble Belko & Company Inc increased its position in shares of AbbVie by 45.8% during the fourth quarter. Roble Belko & Company Inc now owns 592 shares of the company’s stock valued at $92,000 after buying an additional 186 shares during the period. Larson Financial Group LLC increased its position in shares of AbbVie by 12.1% during the fourth quarter. Larson Financial Group LLC now owns 2,835 shares of the company’s stock valued at $439,000 after buying an additional 305 shares during the period. Finally, Illinois Municipal Retirement Fund increased its position in shares of AbbVie by 16.5% during the fourth quarter. Illinois Municipal Retirement Fund now owns 186,405 shares of the company’s stock valued at $28,887,000 after buying an additional 26,419 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other AbbVie news, CEO Richard A. Gonzalez sold 138,616 shares of AbbVie stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total value of $24,572,458.32. Following the sale, the chief executive officer now owns 519,099 shares of the company’s stock, valued at approximately $92,020,679.73. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Nicholas Donoghoe sold 21,082 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $176.30, for a total transaction of $3,716,756.60. Following the transaction, the executive vice president now owns 55,903 shares of the company’s stock, valued at approximately $9,855,698.90. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Richard A. Gonzalez sold 138,616 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $177.27, for a total value of $24,572,458.32. Following the transaction, the chief executive officer now directly owns 519,099 shares in the company, valued at approximately $92,020,679.73. The disclosure for this sale can be found here. Insiders have sold a total of 383,324 shares of company stock valued at $67,780,003 in the last quarter. 0.25% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ABBV. William Blair upgraded AbbVie from a “market perform” rating to an “outperform” rating in a research report on Monday, January 29th. Truist Financial raised their price target on AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Tuesday, February 6th. Raymond James raised their price target on AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Barclays raised their price target on AbbVie from $185.00 to $195.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 27th. Finally, BMO Capital Markets raised their price target on AbbVie from $187.00 to $195.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Three equities research 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’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $177.43.

AbbVie Stock Performance

NYSE:ABBV traded down $1.17 on Wednesday, hitting $168.37. The stock had a trading volume of 855,355 shares, compared to its average volume of 5,554,408. The stock has a market cap of $298.12 billion, a price-to-earnings ratio of 61.57, a price-to-earnings-growth ratio of 2.16 and a beta of 0.58. The company has a quick ratio of 0.76, a current ratio of 0.87 and a debt-to-equity ratio of 5.02. The business’s 50-day simple moving average is $175.26 and its two-hundred day simple moving average is $160.57. AbbVie Inc. has a 52-week low of $130.96 and a 52-week high of $182.89.

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

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be issued a $1.55 dividend. The ex-dividend date is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a yield of 3.68%. AbbVie’s dividend payout ratio is presently 227.11%.

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.