Peoples Financial Services CORP. Has $3.57 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Peoples Financial Services CORP. lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 1.5% during the second quarter, HoldingsChannel.com reports. The firm owned 26,487 shares of the company’s stock after selling 417 shares during the period. AbbVie accounts for 1.6% of Peoples Financial Services CORP.’s portfolio, making the stock its 14th biggest position. Peoples Financial Services CORP.’s holdings in AbbVie were worth $3,569,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the business. Castle Rock Wealth Management LLC lifted its stake in AbbVie by 5.7% in the second quarter. Castle Rock Wealth Management LLC now owns 3,578 shares of the company’s stock valued at $492,000 after acquiring an additional 194 shares during the last quarter. Mechanics Bank Trust Department raised its holdings in shares of AbbVie by 9.0% in the 2nd quarter. Mechanics Bank Trust Department now owns 11,111 shares of the company’s stock valued at $1,497,000 after purchasing an additional 920 shares during the period. Good Life Advisors LLC grew its holdings in AbbVie by 13.5% during the second quarter. Good Life Advisors LLC now owns 22,837 shares of the company’s stock worth $3,077,000 after purchasing an additional 2,721 shares during the period. Sanders Morris Harris LLC increased its position in AbbVie by 541.9% during the second quarter. Sanders Morris Harris LLC now owns 23,096 shares of the company’s stock worth $3,117,000 after buying an additional 19,498 shares during the last quarter. Finally, Trinity Legacy Partners LLC raised its stake in AbbVie by 1.0% in the second quarter. Trinity Legacy Partners LLC now owns 29,317 shares of the company’s stock valued at $3,950,000 after buying an additional 283 shares during the period. Institutional investors and hedge funds own 67.86% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ABBV. HSBC started coverage on AbbVie in a report on Friday, July 14th. They set a “buy” rating and a $167.00 price target for the company. Piper Sandler raised their target price on shares of AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research note on Friday, July 28th. Credit Suisse Group decreased their price target on shares of AbbVie from $170.00 to $160.00 in a research note on Wednesday, July 12th. William Blair began coverage on AbbVie in a report on Tuesday, July 25th. They set a “market perform” rating for the company. Finally, TheStreet upgraded AbbVie from a “c+” rating to a “b” rating in a research note on Monday, August 28th. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and a consensus target price of $165.79.

AbbVie Stock Down 1.0 %

Shares of ABBV opened at $152.12 on Monday. The company has a debt-to-equity ratio of 4.33, a quick ratio of 0.77 and a current ratio of 0.89. AbbVie Inc. has a 52 week low of $130.96 and a 52 week high of $168.11. The stock has a market capitalization of $268.50 billion, a price-to-earnings ratio of 31.30, a PEG ratio of 2.74 and a beta of 0.58. The stock has a fifty day moving average of $146.42 and a 200-day moving average of $147.44.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, July 27th. The company reported $2.91 EPS for the quarter, beating analysts’ consensus estimates of $2.79 by $0.12. AbbVie had a return on equity of 151.29% and a net margin of 15.50%. The firm had revenue of $13.87 billion for the quarter, compared to analyst estimates of $13.52 billion. As a group, sell-side analysts anticipate that AbbVie Inc. will post 11.03 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be issued a $1.48 dividend. This represents a $5.92 annualized dividend and a yield of 3.89%. The ex-dividend date is Thursday, October 12th. AbbVie’s payout ratio is presently 121.81%.

Insiders Place Their Bets

In other news, CEO Richard A. Gonzalez sold 18,500 shares of the stock in a transaction on Monday, July 31st. The shares were sold at an average price of $149.15, for a total transaction of $2,759,275.00. Following the completion of the sale, the chief executive officer now directly owns 625,294 shares in the company, valued at $93,262,600.10. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.26% of the company’s stock.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.