Atlantic Union Bankshares Corp Has $18.78 Million Position in AbbVie Inc. (NYSE:ABBV)

Atlantic Union Bankshares Corp lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 0.2% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 95,112 shares of the company’s stock after selling 186 shares during the period. AbbVie makes up 1.1% of Atlantic Union Bankshares Corp’s portfolio, making the stock its 17th biggest position. Atlantic Union Bankshares Corp’s holdings in AbbVie were worth $18,783,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Quent Capital LLC lifted its position in AbbVie by 3.3% during the 1st quarter. Quent Capital LLC now owns 8,740 shares of the company’s stock valued at $1,592,000 after purchasing an additional 283 shares during the period. Westwood Holdings Group Inc. boosted its stake in AbbVie by 9.3% in the first quarter. Westwood Holdings Group Inc. now owns 11,250 shares of the company’s stock valued at $2,049,000 after acquiring an additional 959 shares during the last quarter. Clear Rock Advisors LLC grew its stake in shares of AbbVie by 0.7% during the first quarter. Clear Rock Advisors LLC now owns 19,921 shares of the company’s stock worth $3,628,000 after purchasing an additional 141 shares during the period. EverSource Wealth Advisors LLC lifted its stake in AbbVie by 40.0% in the first quarter. EverSource Wealth Advisors LLC now owns 6,805 shares of the company’s stock valued at $1,239,000 after buying an additional 1,943 shares during the period. Finally, OMC Financial Services LTD bought a new position in AbbVie during the first quarter worth about $9,126,000. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

ABBV opened at $183.08 on Friday. The business has a fifty day simple moving average of $188.44 and a 200 day simple moving average of $181.60. The company has a market capitalization of $323.53 billion, a PE ratio of 63.57, a price-to-earnings-growth ratio of 2.02 and a beta of 0.63. AbbVie Inc. has a 1 year low of $137.65 and a 1 year high of $207.32. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. AbbVie’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period last year, the firm earned $2.95 earnings per share. Research analysts expect that AbbVie Inc. will post 10.95 EPS for the current year.

AbbVie Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be given a $1.64 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.58%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is presently 215.28%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ABBV. TD Cowen increased their price target on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. JPMorgan Chase & Co. cut their price objective on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 13th. Piper Sandler lifted their price target on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Finally, Argus upgraded AbbVie from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $203.50.

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.