Truist Financial Corp Has $478.62 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Truist Financial Corp grew its position in shares of AbbVie Inc. (NYSE:ABBVFree Report) by 2.0% in the third quarter, HoldingsChannel reports. The fund owned 3,210,942 shares of the company’s stock after acquiring an additional 62,836 shares during the period. AbbVie makes up 0.8% of Truist Financial Corp’s portfolio, making the stock its 21st largest position. Truist Financial Corp’s holdings in AbbVie were worth $478,623,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Moneta Group Investment Advisors LLC raised its holdings in AbbVie by 89,097.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock worth $4,719,514,000 after acquiring an additional 29,170,366 shares in the last quarter. Norges Bank acquired a new position in shares of AbbVie during the 4th quarter worth approximately $3,033,348,000. Massachusetts Financial Services Co. MA raised its stake in shares of AbbVie by 29,922.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 6,032,374 shares of the company’s stock worth $899,186,000 after purchasing an additional 6,012,281 shares in the last quarter. Morgan Stanley boosted its holdings in shares of AbbVie by 17.9% in the 4th quarter. Morgan Stanley now owns 31,571,750 shares of the company’s stock valued at $5,102,311,000 after buying an additional 4,785,277 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in AbbVie by 426.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 4,652,122 shares of the company’s stock worth $754,155,000 after buying an additional 3,768,579 shares during the last quarter. 67.86% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on ABBV shares. William Blair upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating in a research note on Monday, January 29th. Truist Financial lifted their price target on AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a report on Tuesday, February 6th. Barclays raised their price objective on AbbVie from $175.00 to $185.00 and gave the company an “overweight” rating in a research report on Monday, February 5th. Raymond James boosted their target price on AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a report on Monday, February 5th. Finally, BMO Capital Markets raised their price target on AbbVie from $187.00 to $195.00 and gave the company an “outperform” rating in a report on Monday, February 5th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $175.36.

Check Out Our Latest Report on ABBV

Insider Transactions at AbbVie

In other AbbVie news, EVP Perry C. Siatis sold 13,753 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $177.51, for a total value of $2,441,295.03. Following the transaction, the executive vice president now directly owns 28,173 shares of the company’s stock, valued at approximately $5,000,989.23. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other AbbVie news, EVP Perry C. Siatis sold 13,753 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $177.51, for a total value of $2,441,295.03. Following the sale, the executive vice president now owns 28,173 shares of the company’s stock, valued at approximately $5,000,989.23. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Azita Saleki-Gerhardt sold 52,870 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total value of $9,184,047.70. Following the transaction, the executive vice president now directly owns 243,944 shares of the company’s stock, valued at approximately $42,375,512.24. The disclosure for this sale can be found here. In the last three months, insiders have sold 69,535 shares of company stock valued at $12,075,887. 0.26% of the stock is owned by corporate insiders.

AbbVie Stock Performance

Shares of ABBV stock traded up $2.26 on Friday, hitting $178.31. The company’s stock had a trading volume of 2,021,531 shares, compared to its average volume of 5,235,536. AbbVie Inc. has a fifty-two week low of $130.96 and a fifty-two week high of $179.89. The company has a debt-to-equity ratio of 5.02, a quick ratio of 0.76 and a current ratio of 0.87. The stock’s 50 day moving average is $167.02 and its 200-day moving average is $153.87. The company has a market capitalization of $314.98 billion, a PE ratio of 64.33, a PEG ratio of 2.26 and a beta of 0.57.

AbbVie (NYSE:ABBVGet Free Report) last announced its earnings results on Friday, February 2nd. The company reported $2.79 EPS for the quarter, topping the consensus estimate of $2.76 by $0.03. The company had revenue of $14.30 billion for the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The business’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period last year, the firm earned $3.60 earnings per share. Equities research analysts expect that AbbVie Inc. will post 11.14 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be given a dividend of $1.55 per share. The ex-dividend date is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.48%. AbbVie’s payout ratio is 227.11%.

About AbbVie

(Free Report)

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Beh├žet'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.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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