Pinnacle Financial Partners Inc. Raises Stake in AbbVie Inc. (NYSE:ABBV)

Pinnacle Financial Partners Inc. lifted its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.3% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 111,133 shares of the company’s stock after purchasing an additional 1,469 shares during the quarter. Pinnacle Financial Partners Inc.’s holdings in AbbVie were worth $9,734,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of AbbVie by 17.3% during the 2nd quarter. Vanguard Group Inc. now owns 147,386,808 shares of the company’s stock worth $14,470,438,000 after purchasing an additional 21,786,239 shares during the period. BlackRock Inc. grew its holdings in shares of AbbVie by 21.7% during the 2nd quarter. BlackRock Inc. now owns 123,356,424 shares of the company’s stock worth $12,111,133,000 after purchasing an additional 21,974,440 shares during the period. Nuveen Asset Management LLC grew its holdings in shares of AbbVie by 46.4% during the 2nd quarter. Nuveen Asset Management LLC now owns 22,124,489 shares of the company’s stock worth $2,172,182,000 after purchasing an additional 7,007,887 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of AbbVie by 15.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 21,387,563 shares of the company’s stock worth $2,099,832,000 after purchasing an additional 2,797,448 shares during the period. Finally, Morgan Stanley grew its holdings in shares of AbbVie by 6.9% during the 1st quarter. Morgan Stanley now owns 10,756,410 shares of the company’s stock worth $819,530,000 after purchasing an additional 696,233 shares during the period. Institutional investors and hedge funds own 68.23% of the company’s stock.

A number of analysts have recently issued reports on the company. Morgan Stanley boosted their target price on AbbVie from $95.00 to $108.00 and gave the stock an “overweight” rating in a report on Thursday, August 20th. The Goldman Sachs Group lowered shares of AbbVie from a “neutral” rating to a “sell” rating in a research note on Tuesday, October 20th. Mizuho restated a “buy” rating and issued a $111.00 target price on shares of AbbVie in a research note on Sunday, September 27th. Truist began coverage on shares of AbbVie in a report on Friday, October 23rd. They set a “buy” rating and a $110.00 price target for the company. Finally, JPMorgan Chase & Co. raised their price target on shares of AbbVie from $115.00 to $120.00 and gave the company an “overweight” rating in a report on Friday, October 16th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the company. AbbVie presently has an average rating of “Buy” and an average price target of $108.71.

ABBV stock traded up $3.86 during mid-day trading on Friday, hitting $84.53. 689,832 shares of the company were exchanged, compared to its average volume of 9,652,167. The company has a market capitalization of $142.37 billion, a PE ratio of 18.01, a price-to-earnings-growth ratio of 1.40 and a beta of 0.74. The company has a current ratio of 0.86, a quick ratio of 0.70 and a debt-to-equity ratio of 5.57. AbbVie Inc. has a twelve month low of $62.55 and a twelve month high of $101.28. The firm has a fifty day simple moving average of $87.03 and a 200 day simple moving average of $91.04.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, July 31st. The company reported $2.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.20 by $0.14. The company had revenue of $10.43 billion during the quarter, compared to analyst estimates of $10.14 billion. AbbVie had a net margin of 19.20% and a negative return on equity of 628.57%. The firm’s revenue for the quarter was up 26.3% compared to the same quarter last year. During the same period last year, the business earned $2.26 EPS. As a group, sell-side analysts anticipate that AbbVie Inc. will post 10.42 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 16th. Shareholders of record on Friday, January 15th will be issued a dividend of $1.30 per share. This is a positive change from AbbVie’s previous quarterly dividend of $1.18. This represents a $5.20 annualized dividend and a yield of 6.15%. AbbVie’s dividend payout ratio (DPR) is currently 52.80%.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the United States, Japan, Germany, Canada, France, Spain, Italy, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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