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

Horizon Bancorp Inc. IN lowered its holdings in AbbVie Inc. (NYSE:ABBV) by 5.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,913 shares of the company’s stock after selling 171 shares during the quarter. AbbVie accounts for about 0.3% of Horizon Bancorp Inc. IN’s investment portfolio, making the stock its 29th biggest holding. Horizon Bancorp Inc. IN’s holdings in AbbVie were worth $530,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ABBV. Vermillion & White Wealth Management Group LLC bought a new position in shares of AbbVie in the fourth quarter worth approximately $26,000. IFS Advisors LLC bought a new position in AbbVie in the 1st quarter worth $36,000. Redmont Wealth Advisors LLC purchased a new stake in AbbVie in the 1st quarter worth $37,000. Able Wealth Management LLC bought a new stake in AbbVie during the fourth quarter valued at about $33,000. Finally, Ables Iannone Moore & Associates Inc. bought a new position in shares of AbbVie in the fourth quarter worth about $37,000. 70.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a report on Wednesday, June 5th. Guggenheim raised their price objective on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Barclays cut their target price on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Piper Sandler Companies restated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a research report on Wednesday. Finally, BMO Capital Markets cut their price objective on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research report on Monday, April 29th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and a consensus target price of $181.07.

AbbVie Stock Performance

ABBV traded down $2.12 on Thursday, reaching $163.84. 3,527,612 shares of the stock were exchanged, compared to its average volume of 5,996,385. The company’s 50-day moving average price is $164.50 and its 200 day moving average price is $167.80. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. The firm has a market capitalization of $289.32 billion, a PE ratio of 48.62, a PEG ratio of 2.12 and a beta of 0.64. AbbVie Inc. has a fifty-two week low of $132.70 and a fifty-two week high of $182.89.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The firm had revenue of $12.31 billion for the quarter, compared to analyst estimates of $11.93 billion. During the same quarter in the prior year, the business earned $2.46 earnings per share. The business’s quarterly revenue was up .7% compared to the same quarter last year. As a group, sell-side analysts forecast that AbbVie Inc. will post 11.27 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be issued a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

About AbbVie

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.