Busey Bank Sells 2,446 Shares of AbbVie Inc. $ABBV

Busey Bank lessened its position in shares of AbbVie Inc. (NYSE:ABBV) by 3.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 76,483 shares of the company’s stock after selling 2,446 shares during the quarter. Busey Bank’s holdings in AbbVie were worth $16,634,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ABBV. Vanguard Group Inc. lifted its position in AbbVie by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company’s stock valued at $41,306,353,000 after purchasing an additional 3,032,438 shares during the period. State Street Corp grew its position in shares of AbbVie by 1.4% during the 4th quarter. State Street Corp now owns 80,940,931 shares of the company’s stock worth $18,494,193,000 after buying an additional 1,119,274 shares during the period. Geode Capital Management LLC grew its position in shares of AbbVie by 10.4% during the 4th quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock worth $10,179,099,000 after buying an additional 4,190,487 shares during the period. Bank of America Corp DE raised its stake in shares of AbbVie by 1.4% during the fourth quarter. Bank of America Corp DE now owns 25,824,399 shares of the company’s stock worth $5,900,617,000 after buying an additional 356,394 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of AbbVie during the fourth quarter worth approximately $5,865,055,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ABBV has been the topic of a number of recent research reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of AbbVie in a research note on Tuesday, June 23rd. BMO Capital Markets reiterated an “outperform” rating on shares of AbbVie in a research report on Monday, March 9th. Weiss Ratings restated a “hold (c)” rating on shares of AbbVie in a research report on Monday, June 8th. Wells Fargo & Company set a $260.00 price objective on AbbVie in a research note on Monday, June 22nd. Finally, Guggenheim reiterated a “buy” rating and issued a $249.00 price objective on shares of AbbVie in a report on Friday, May 1st. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $253.81.

AbbVie Stock Performance

Shares of NYSE:ABBV opened at $260.88 on Monday. AbbVie Inc. has a 52 week low of $184.63 and a 52 week high of $261.64. The company has a market capitalization of $460.92 billion, a PE ratio of 128.51, a PEG ratio of 0.86 and a beta of 0.30. The company has a 50 day moving average price of $220.19 and a two-hundred day moving average price of $220.25.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.59 by $0.06. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The business’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same period last year, the business posted $2.46 earnings per share. On average, sell-side analysts forecast that AbbVie Inc. will post 14.28 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be issued a dividend of $1.73 per share. The ex-dividend date is Wednesday, July 15th. This represents a $6.92 annualized dividend and a yield of 2.7%. AbbVie’s payout ratio is currently 340.89%.

AbbVie Company Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.