AbbVie Inc. (NYSE:ABBV) Shares Sold by FARMERS & MERCHANTS TRUST Co OF LONG BEACH

FARMERS & MERCHANTS TRUST Co OF LONG BEACH lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 19.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,713 shares of the company’s stock after selling 1,853 shares during the quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in AbbVie were worth $1,405,000 at the end of the most recent quarter.

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

AbbVie Price Performance

NYSE:ABBV opened at $165.97 on Wednesday. The stock has a market cap of $293.08 billion, a PE ratio of 49.25, a P/E/G ratio of 2.19 and a beta of 0.64. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. The business’s 50-day simple moving average is $164.65 and its two-hundred day simple moving average is $167.74. AbbVie Inc. has a 52 week low of $132.70 and a 52 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. The firm 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%. The business’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.46 earnings per share. As a group, analysts forecast that AbbVie Inc. will post 11.27 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a $1.55 dividend. The ex-dividend date is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.74%. AbbVie’s dividend payout ratio is currently 183.98%.

Analyst Upgrades and Downgrades

ABBV has been the topic of several recent analyst reports. BMO Capital Markets cut their target price on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research note on Monday, April 29th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a research report on Wednesday. Barclays lowered their target price on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a report on Monday, April 29th. Piper Sandler reiterated an “overweight” rating and set a $190.00 target price on shares of AbbVie in a report on Tuesday. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a report on Thursday, June 20th. Two research 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 company’s stock. According to MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $181.07.

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.