Canandaigua National Bank & Trust Co. Reduces Stake in AbbVie Inc. (NYSE:ABBV)

Canandaigua National Bank & Trust Co. lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 31,614 shares of the company’s stock after selling 497 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in AbbVie were worth $5,618,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Fairway Wealth LLC bought a new stake in shares of AbbVie during the 2nd quarter valued at $26,000. Groupama Asset Managment grew its position in shares of AbbVie by 40.3% during the 3rd quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock valued at $27,000 after purchasing an additional 38,974 shares in the last quarter. RPg Family Wealth Advisory LLC bought a new position in shares of AbbVie in the third quarter worth $28,000. Quest Partners LLC boosted its stake in AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after buying an additional 207 shares during the period. Finally, Marquette Asset Management LLC purchased a new position in AbbVie during the third quarter worth about $39,000. Institutional investors own 70.23% of the company’s stock.

Insider Activity at AbbVie

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $172.24, for a total transaction of $310,032.00. Following the sale, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at approximately $1,202,751.92. This represents a 20.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.25% of the stock is owned by corporate insiders.

AbbVie Trading Down 0.8 %

NYSE ABBV traded down $1.39 during trading on Monday, hitting $179.83. The company had a trading volume of 4,760,513 shares, compared to its average volume of 3,849,336. AbbVie Inc. has a one year low of $153.58 and a one year high of $207.32. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. The company’s fifty day moving average is $180.39 and its 200-day moving average is $184.31. The company has a market cap of $317.78 billion, a price-to-earnings ratio of 62.44, a price-to-earnings-growth ratio of 1.92 and a beta of 0.58.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. During the same quarter last year, the firm posted $2.95 earnings per share. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, sell-side analysts predict that AbbVie Inc. will post 10.96 earnings per share 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 paid a $1.64 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.65%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio is presently 227.78%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Sanford C. Bernstein started coverage on AbbVie in a report on Thursday, October 17th. They set a “market perform” rating and a $203.00 price objective for the company. Guggenheim upped their target price on shares of AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Wolfe Research initiated coverage on AbbVie in a research report on Friday, November 15th. They set an “outperform” rating and a $205.00 price target on the stock. Wells Fargo & Company upped their price objective on AbbVie to $195.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Finally, Truist Financial raised their price objective on AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Five research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $205.70.

AbbVie Company 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.