Beese Fulmer Investment Management Inc. Cuts Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Beese Fulmer Investment Management Inc. reduced its position in AbbVie Inc. (NYSE:ABBV) by 2.6% during the first quarter, Holdings Channel.com reports. The institutional investor owned 36,228 shares of the company’s stock after selling 966 shares during the period. Beese Fulmer Investment Management Inc.’s holdings in AbbVie were worth $6,597,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Lokken Investment Group LLC raised its holdings in shares of AbbVie by 3.6% in the 4th quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock valued at $258,000 after purchasing an additional 58 shares in the last quarter. Aspen Wealth Strategies LLC increased its holdings in AbbVie by 0.5% during the fourth quarter. Aspen Wealth Strategies LLC now owns 11,463 shares of the company’s stock valued at $1,776,000 after buying an additional 61 shares during the period. Marks Group Wealth Management Inc raised its stake in AbbVie by 2.9% in the fourth quarter. Marks Group Wealth Management Inc now owns 2,254 shares of the company’s stock worth $349,000 after buying an additional 63 shares in the last quarter. Avion Wealth lifted its holdings in AbbVie by 11.9% during the fourth quarter. Avion Wealth now owns 612 shares of the company’s stock worth $95,000 after buying an additional 65 shares during the period. Finally, White Pine Capital LLC lifted its holdings in AbbVie by 1.2% during the fourth quarter. White Pine Capital LLC now owns 5,498 shares of the company’s stock worth $852,000 after buying an additional 65 shares during the period. 70.23% of the stock is owned by institutional investors.

AbbVie Trading Up 1.0 %

Shares of ABBV stock opened at $171.36 on Thursday. The stock has a 50 day simple moving average of $163.63 and a 200-day simple moving average of $166.41. AbbVie Inc. has a 1-year low of $130.96 and a 1-year high of $182.89. The company has a market cap of $302.60 billion, a price-to-earnings ratio of 50.85, a PEG ratio of 2.19 and a beta of 0.60. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.05. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The business had revenue of $12.31 billion for the quarter, compared to the consensus estimate of $11.93 billion. During the same period last year, the firm posted $2.46 earnings per share. The company’s revenue was up .7% compared to the same quarter last year. On average, equities research analysts expect that AbbVie Inc. will post 11.27 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently commented on ABBV. Piper Sandler lifted their target price on shares of AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a research note on Tuesday. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a report on Wednesday, June 5th. Guggenheim lifted their price target on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Cantor Fitzgerald started coverage on AbbVie in a research note on Friday, May 17th. They set an “overweight” rating and a $200.00 price target on the stock. Finally, Barclays reduced their price objective on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research note on Monday, April 29th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target 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.