Canandaigua National Bank & Trust Co. Trims Holdings in AbbVie Inc. (NYSE:ABBV)

Canandaigua National Bank & Trust Co. reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 3.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 31,135 shares of the company’s stock after selling 989 shares during the quarter. AbbVie accounts for about 0.8% of Canandaigua National Bank & Trust Co.’s investment portfolio, making the stock its 24th largest holding. Canandaigua National Bank & Trust Co.’s holdings in AbbVie were worth $5,670,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in AbbVie by 0.9% during the third quarter. Vanguard Group Inc. now owns 160,747,355 shares of the company’s stock worth $23,961,001,000 after purchasing an additional 1,450,089 shares during the last quarter. Capital International Investors increased its position in AbbVie by 6.0% in the fourth quarter. Capital International Investors now owns 44,988,183 shares of the company’s stock worth $6,971,796,000 after buying an additional 2,542,463 shares during the period. Morgan Stanley increased its position in AbbVie by 2.9% in the third quarter. Morgan Stanley now owns 32,175,527 shares of the company’s stock worth $4,796,085,000 after buying an additional 914,485 shares during the period. Charles Schwab Investment Management Inc. increased its position in AbbVie by 7.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock worth $3,774,569,000 after buying an additional 1,702,415 shares during the period. Finally, Northern Trust Corp increased its position in AbbVie by 2.3% in the third quarter. Northern Trust Corp now owns 21,936,279 shares of the company’s stock worth $3,269,822,000 after buying an additional 491,391 shares during the period. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Up 1.0 %

Shares of ABBV stock opened at $171.35 on Wednesday. AbbVie Inc. has a 12 month low of $130.96 and a 12 month high of $182.89. The firm has a market cap of $302.58 billion, a PE ratio of 50.85, a price-to-earnings-growth ratio of 2.16 and a beta of 0.60. The stock has a 50 day moving average of $163.58 and a 200-day moving average of $166.38. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, May 3rd. The company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $0.05. The business had revenue of $12.31 billion during the quarter, compared to analyst estimates of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. AbbVie’s revenue was up .7% on a year-over-year basis. During the same period in the prior year, the company posted $2.46 earnings per share. On average, equities analysts predict that AbbVie Inc. will post 11.26 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Barclays dropped 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. Guggenheim raised their price target on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Piper Sandler raised their price target on AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a report on Tuesday. HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a report on Wednesday, June 5th. Finally, BMO Capital Markets lowered their price target on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $179.64.

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.