FARMERS & MERCHANTS TRUST Co OF LONG BEACH Trims Stake in AbbVie Inc. (NYSE:ABBV)

FARMERS & MERCHANTS TRUST Co OF LONG BEACH reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 2.8% in the third quarter, Holdings Channel reports. The institutional investor owned 9,528 shares of the company’s stock after selling 270 shares during the period. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in AbbVie were worth $1,028,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. 4Thought Financial Group Inc. bought a new position in shares of AbbVie during the 2nd quarter valued at about $25,000. Cowen Prime Advisors LLC bought a new position in shares of AbbVie in the 2nd quarter valued at about $34,000. KB Financial Partners LLC bought a new position in shares of AbbVie in the 1st quarter valued at about $37,000. Penserra Capital Management LLC bought a new position in shares of AbbVie in the 2nd quarter valued at about $38,000. Finally, Centerpoint Advisors LLC bought a new position in shares of AbbVie in the 2nd quarter valued at about $39,000. Institutional investors and hedge funds own 65.86% of the company’s stock.

ABBV has been the subject of a number of analyst reports. Truist increased their price target on shares of AbbVie from $118.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday. SVB Leerink cut their price objective on shares of AbbVie from $142.00 to $135.00 and set an “outperform” rating on the stock in a report on Monday, November 1st. Cowen lifted their price objective on shares of AbbVie from $120.00 to $130.00 and gave the company an “outperform” rating in a report on Monday, August 23rd. Societe Generale raised shares of AbbVie from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Barclays lifted their price objective on shares of AbbVie from $112.00 to $118.00 and gave the company an “equal weight” rating in a report on Monday, November 1st. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $129.58.

Shares of NYSE:ABBV traded down $0.22 on Thursday, hitting $118.66. 5,792,843 shares of the company were exchanged, compared to its average volume of 6,833,980. AbbVie Inc. has a 1-year low of $101.55 and a 1-year high of $121.53. The stock’s 50 day moving average price is $111.61 and its 200 day moving average price is $113.90. The company has a current ratio of 1.01, a quick ratio of 0.91 and a debt-to-equity ratio of 5.45. The firm has a market capitalization of $209.69 billion, a P/E ratio of 28.25, a price-to-earnings-growth ratio of 2.46 and a beta of 0.83.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Thursday, October 28th. The company reported $3.33 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.22 by $0.11. AbbVie had a net margin of 13.66% and a return on equity of 166.05%. The business had revenue of $14.34 billion during the quarter, compared to the consensus estimate of $14.30 billion. During the same period in the previous year, the firm posted $2.83 earnings per share. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, equities analysts predict that AbbVie Inc. will post 12.69 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 15th. Investors of record on Friday, January 14th will be given a dividend of $1.41 per share. The ex-dividend date is Thursday, January 13th. This is an increase from AbbVie’s previous quarterly dividend of $1.30. This represents a $5.64 dividend on an annualized basis and a yield of 4.75%. AbbVie’s payout ratio is currently 123.81%.

In related news, Director Roxanne S. Austin sold 51,844 shares of the business’s stock in a transaction on Tuesday, November 2nd. The shares were sold at an average price of $116.38, for a total transaction of $6,033,604.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.09% of the company’s stock.

AbbVie Profile

AbbVie, Inc is a research-based biopharmaceutical company, which engages in the development and sale of pharmaceutical products. It focuses on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology, and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease; metabolic diseases, comprising thyroid disease and complications associated with cystic fibrosis; pain associated with endometriosis; and other serious health conditions.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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