Peoples Financial Services CORP. reduces its equity position in AbbVie Inc. (NYSE: ABBV)


Peoples Financial Services CORP. reduced its stake in shares of AbbVie Inc. (NYSE: ABBV – Get Rating) by 7.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The company held 28,170 shares of the company after selling 2,322 shares during the quarter. AbbVie represents approximately 2.0% of Peoples Financial Services CORP.’s holdings, making the stock its 12th largest holding. The holdings of Peoples Financial Services CORP. in AbbVie were worth $4,567,000 at the end of the most recent reporting period.

Other large investors have also recently changed their holdings in the company. Domani Wealth LLC increased its stake in AbbVie by 4.7% during the first quarter. Domani Wealth LLC now owns 3,683 shares of the company valued at $597,000 after purchasing an additional 166 shares during the period. Ritholtz Wealth Management increased its stake in AbbVie by 279.3% during the first quarter. Ritholtz Wealth Management now owns 44,845 shares of the company valued at $7,270,000 after purchasing an additional 33,021 shares during the period. Inspirion Wealth Advisors LLC increased its stake in AbbVie by 6.4% during the first quarter. Inspirion Wealth Advisors LLC now owns 249,648 shares of the company valued at $40,470,000 after purchasing an additional 14,917 shares during the period. Minot Wealth Management LLC increased its stake in AbbVie by 1.2% during the first quarter. Minot Wealth Management LLC now owns 66,161 shares of the company valued at $10,725,000 after purchasing an additional 800 shares during the period. Finally, Strong Tower Advisory Services increased its stake in AbbVie by 4.5% during the first quarter. Strong Tower Advisory Services now owns 5,116 shares of the company valued at $829,000 after purchasing an additional 221 shares during the period. 67.03% of the shares are currently held by institutional investors and hedge funds.

Several stock analysts have recently released reports on the stock. Daiwa Capital Markets downgraded AbbVie shares from an “outperform” rating to a “neutral” rating and set a price target of $150.00 for the stock. in a report on Friday, May 6. StockNews.com upgraded AbbVie shares from a “buy” rating to a “strong buy” rating in a Friday, April 8 research note. BMO Capital Markets raised its price target on AbbVie shares from $161.00 to $174.00 and gave the company an “outperform” rating in a Monday, April 25 research note. Wells Fargo & Company raised its price target on AbbVie shares from $165.00 to $200.00 in a Monday, May 2 research note. Finally, Goldman Sachs Group raised its price target on AbbVie shares from $122.00 to $140.00 and gave the company a “neutral” rating in a Tuesday, April 12 research note. One financial analyst gave the stock a sell rating, five gave the stock a hold rating, ten gave the company a buy rating and one gave the company a high buy rating. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $159.75.

In other news, Executive Vice Chairman Henry O. Gosebruch sold 83,960 shares of the company in a trade dated Monday, May 16. The shares were sold at an average price of $155.00, for a total transaction of $13,013,800.00. Following the completion of the sale, the executive vice president now owns 16,623 shares of the company, valued at $2,576,565. The transaction was disclosed in a filing with the Securities & Exchange Commission, accessible via the SEC’s website. Additionally, Vice Chairman Michael Severino sold 100,000 shares of the company in a transaction dated Friday, May 6. The stock was sold at an average price of $150.81, for a total transaction of $15,081,000.00. Following the sale, the insider now directly owns 152,103 shares of the company, valued at approximately $22,938,653.43. The disclosure of this sale can be found here. Insiders sold 463,761 shares of the company valued at $70,609,771 in the past ninety days. 0.08% of the shares are held by insiders.

NYSE ABBV opened at $152.34 on Monday. The company has a market capitalization of $269.20 billion, a PE ratio of 21.86, a P/E/G ratio of 4.29 and a beta of 0.83. The company has a fifty-day moving average of $149.71 and a 200-day moving average of $146.92. AbbVie Inc. has a 1-year minimum of $105.56 and a 1-year maximum of $175.91. The company has a debt ratio of 3.89, a current ratio of 0.82 and a quick ratio of 0.71.

AbbVie (NYSE: ABBV – Get Rating) last reported results on Friday, April 29. The company reported earnings per share (EPS) of $3.16 for the quarter, beating consensus analyst estimates of $3.15 by $0.01. AbbVie had a net margin of 22.00% and a return on equity of 159.31%. The company posted revenue of $13.36 billion in the quarter, versus a consensus estimate of $13.61 billion. During the same period a year earlier, the company posted earnings per share of $2.95. The company’s quarterly revenue increased 2.7% year over year. Research analysts expect AbbVie Inc. to post earnings per share of 14.02 for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, August 15. Shareholders of record on Friday, July 15 will receive a dividend of $1.41. The ex-dividend date is Thursday, July 14. This represents a dividend of $5.64 on an annualized basis and a yield of 3.70%. AbbVie’s payout ratio is 80.92%.

Profile AbbVie (Get an assessment)

AbbVie Inc discovers, develops, manufactures and sells pharmaceutical products worldwide. The Company offers HUMIRA, an injection therapy for autoimmune and intestinal Behçet’s disease; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL) and VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1 to 6 infection.

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Institutional ownership by quarter for AbbVie (NYSE: ABBV)



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