Pinnacle Financial Partners Inc Reduces Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Pinnacle Financial Partners Inc cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 1.7% during the 1st quarter, Holdings Channel.com reports. The firm owned 171,020 shares of the company’s stock after selling 2,958 shares during the quarter. AbbVie makes up approximately 0.7% of Pinnacle Financial Partners Inc’s portfolio, making the stock its 27th biggest holding. Pinnacle Financial Partners Inc’s holdings in AbbVie were worth $35,527,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in AbbVie by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company’s stock worth $30,754,908,000 after purchasing an additional 1,424,237 shares during the period. Geode Capital Management LLC grew its position in AbbVie by 2.7% in the 4th quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company’s stock valued at $6,586,948,000 after buying an additional 983,888 shares in the last quarter. Capital Research Global Investors raised its holdings in AbbVie by 2.3% during the fourth quarter. Capital Research Global Investors now owns 33,983,707 shares of the company’s stock worth $6,038,898,000 after purchasing an additional 778,126 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of AbbVie by 15.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company’s stock valued at $4,875,401,000 after buying an additional 3,599,336 shares during the period. Finally, Norges Bank acquired a new stake in AbbVie in the 4th quarter valued at about $4,459,385,000. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Up 0.9%

Shares of NYSE ABBV traded up $1.71 during mid-day trading on Wednesday, hitting $191.70. The company had a trading volume of 221,563 shares, compared to its average volume of 6,230,086. The firm has a 50-day simple moving average of $186.85 and a two-hundred day simple moving average of $188.22. AbbVie Inc. has a one year low of $163.52 and a one year high of $218.66. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. The company has a market capitalization of $338.62 billion, a PE ratio of 81.36, a price-to-earnings-growth ratio of 1.23 and a beta of 0.48.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.06. The business had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the previous year, the company earned $2.31 earnings per share. On average, equities analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be paid a $1.64 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 annualized dividend and a yield of 3.42%. AbbVie’s dividend payout ratio is 279.15%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ABBV. Erste Group Bank upgraded AbbVie to a “strong-buy” rating in a report on Monday, March 17th. Evercore ISI increased their price objective on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, April 28th. Bank of America increased their price objective on AbbVie to $204.00 and gave the company a “hold” rating in a report on Monday, June 9th. Morgan Stanley raised their price target on AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a research report on Monday, April 28th. Finally, Cantor Fitzgerald assumed coverage on AbbVie in a research report on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 target price on the stock. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat, AbbVie has an average rating of “Moderate Buy” and a consensus target price of $211.29.

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.