Horizon Bancorp Inc. IN Decreases Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Horizon Bancorp Inc. IN cut its holdings in AbbVie Inc. (NYSE:ABBV) by 9.8% in the third quarter, HoldingsChannel reports. The firm owned 1,850 shares of the company’s stock after selling 200 shares during the quarter. Horizon Bancorp Inc. IN’s holdings in AbbVie were worth $365,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of ABBV. Vanguard Group Inc. increased its holdings in shares of AbbVie by 6.2% in the 1st quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock worth $31,025,605,000 after buying an additional 9,978,415 shares during the last quarter. Capital International Investors grew its stake in shares of AbbVie by 6.9% during the first quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock valued at $8,758,789,000 after buying an additional 3,110,601 shares during the last quarter. Capital Research Global Investors raised its holdings in shares of AbbVie by 3.3% in the first quarter. Capital Research Global Investors now owns 31,295,150 shares of the company’s stock worth $5,698,847,000 after buying an additional 992,496 shares during the period. Legal & General Group Plc lifted its stake in shares of AbbVie by 0.9% during the 2nd quarter. Legal & General Group Plc now owns 15,277,480 shares of the company’s stock worth $2,620,382,000 after acquiring an additional 134,239 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in AbbVie by 12.8% during the 1st quarter. Janus Henderson Group PLC now owns 10,898,246 shares of the company’s stock valued at $1,984,490,000 after acquiring an additional 1,240,434 shares during the period. Institutional investors own 70.23% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Morgan Stanley lifted their target price on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Wells Fargo & Company boosted their price objective on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. TD Cowen raised their target price on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research report on Monday, October 7th. Sanford C. Bernstein began coverage on AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price target for the company. Finally, William Blair raised AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and an average price target of $199.39.

AbbVie Price Performance

Shares of ABBV stock traded down $1.80 during mid-day trading on Friday, hitting $187.85. 4,017,525 shares of the stock were exchanged, compared to its average volume of 5,287,914. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $199.95. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The company has a market cap of $331.72 billion, a PE ratio of 55.73, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. The firm has a fifty day moving average of $194.14 and a 200 day moving average of $178.16.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The business’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.91 EPS. Research analysts anticipate that AbbVie Inc. will post 10.85 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be issued a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.30%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s payout ratio is 183.98%.

Insiders Place Their Bets

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction that occurred 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 transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.25% of the stock is owned by company insiders.

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.