Culbertson A N & Co Inc lessened its stake in AbbVie Inc. (NYSE:ABBV – Get Rating) by 0.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 81,608 shares of the company's stock after selling 550 shares during the quarter. AbbVie comprises 2.7% of Culbertson A N & Co Inc's investment portfolio, making the stock its 5th biggest position. Culbertson A N & Co Inc's holdings in AbbVie were worth $12,499,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Arcadia Investment Management Corp MI boosted its holdings in shares of AbbVie by 2.4% in the 2nd quarter. Arcadia Investment Management Corp MI now owns 8,921 shares of the company's stock valued at $1,366,000 after purchasing an additional 213 shares in the last quarter. Ziegler Capital Management LLC boosted its stake in AbbVie by 12.5% in the second quarter. Ziegler Capital Management LLC now owns 87,546 shares of the company's stock valued at $13,408,000 after buying an additional 9,751 shares in the last quarter. Atwood & Palmer Inc. grew its position in AbbVie by 10.6% in the second quarter. Atwood & Palmer Inc. now owns 179,887 shares of the company's stock valued at $27,552,000 after acquiring an additional 17,251 shares during the last quarter. Charter Oak Capital Management LLC acquired a new position in AbbVie during the second quarter worth about $1,123,000. Finally, Investors Research Corp raised its stake in AbbVie by 17.4% during the second quarter. Investors Research Corp now owns 1,935 shares of the company's stock worth $296,000 after acquiring an additional 287 shares in the last quarter. Institutional investors own 68.25% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on ABBV shares. UBS Group lowered their target price on AbbVie from $154.00 to $146.00 and set a "neutral" rating for the company in a research note on Monday, August 1st. Barclays lowered their target price on AbbVie to $160.00 in a research note on Tuesday, August 9th. Atlantic Securities lowered their target price on AbbVie from $178.00 to $162.00 and set a "neutral" rating for the company in a research note on Monday, August 1st. Piper Sandler lowered their target price on AbbVie from $160.00 to $155.00 in a research note on Friday, July 29th. Finally, Argus reduced their price target on AbbVie from $165.00 to $155.00 and set a "buy" rating on the stock in a report on Wednesday, August 24th. One analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $159.35.

AbbVie Stock Performance

AbbVie (NYSE:ABBV – Get Rating) last released its earnings results on Friday, July 29th. The company reported $3.51 EPS for the quarter, topping the consensus estimate of $3.42 by $0.09. AbbVie had a return on equity of 158.41% and a net margin of 22.03%. The business had revenue of $14.58 billion during the quarter, compared to analysts' expectations of $14.64 billion. During the same quarter last year, the firm posted $3.11 earnings per share. The firm's revenue was up 4.5% on a year-over-year basis. As a group, analysts anticipate that AbbVie Inc. will post 14.06 EPS for the current year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be issued a $1.41 dividend. This represents a $5.64 dividend on an annualized basis and a yield of 4.20%. The ex-dividend date of this dividend is Thursday, October 13th. AbbVie's payout ratio is 79.89%.

About AbbVie

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AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. 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), and VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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