AbbVie Inc. (NYSE:ABBV) Shares Purchased by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 8.2% during the second quarter, HoldingsChannel reports. The institutional investor owned 397,811 shares of the company’s stock after buying an additional 30,259 shares during the quarter. AbbVie accounts for about 1.0% of Cullen Frost Bankers Inc.’s holdings, making the stock its 27th biggest position. Cullen Frost Bankers Inc.’s holdings in AbbVie were worth $68,233,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Capital Advisors Ltd. LLC raised its stake in shares of AbbVie by 1.3% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 4,453 shares of the company’s stock valued at $764,000 after acquiring an additional 55 shares during the period. Hilltop Partners LLC raised its position in AbbVie by 1.4% in the second quarter. Hilltop Partners LLC now owns 3,859 shares of the company’s stock valued at $662,000 after purchasing an additional 55 shares during the period. Lokken Investment Group LLC lifted its stake in shares of AbbVie by 3.6% during the fourth quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock worth $258,000 after purchasing an additional 58 shares in the last quarter. RAM Investment Partners LLC boosted its position in shares of AbbVie by 1.1% in the second quarter. RAM Investment Partners LLC now owns 5,219 shares of the company’s stock worth $895,000 after buying an additional 59 shares during the period. Finally, L. Roy Papp & Associates LLP grew its stake in shares of AbbVie by 0.8% in the second quarter. L. Roy Papp & Associates LLP now owns 7,892 shares of the company’s stock valued at $1,354,000 after buying an additional 60 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Activity

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the transaction, the chairman now directly owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

Shares of NYSE ABBV traded up $0.54 during trading on Friday, reaching $193.40. The stock had a trading volume of 4,312,632 shares, compared to its average volume of 5,427,167. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The stock has a market cap of $341.52 billion, a PE ratio of 57.42, a P/E/G ratio of 2.68 and a beta of 0.64. AbbVie Inc. has a one year low of $135.85 and a one year high of $199.95. The firm’s 50 day moving average price is $183.88 and its two-hundred day moving average price is $174.61.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same quarter in the previous year, the firm earned $2.91 earnings per share. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. On average, research analysts forecast that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a $1.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.21%. AbbVie’s payout ratio is currently 183.98%.

Analyst Ratings Changes

ABBV has been the topic of several recent research reports. BMO Capital Markets boosted their price target on AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Truist Financial reaffirmed a “buy” rating and set a $210.00 price target (up from $195.00) on shares of AbbVie in a report on Friday, July 26th. Wells Fargo & Company lifted their price target on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. Finally, Piper Sandler lifted their target price on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $191.64.

About AbbVie

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.