AbbVie Inc. (NYSE:ABBV) Shares Bought by Meyer Handelman Co.

Meyer Handelman Co. raised its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 4.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 162,244 shares of the company's stock after acquiring an additional 7,383 shares during the quarter. AbbVie makes up 1.2% of Meyer Handelman Co.'s investment portfolio, making the stock its 27th largest position. Meyer Handelman Co.'s holdings in AbbVie were worth $33,993,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Crestline Management LP boosted its stake in shares of AbbVie by 438.4% during the 4th quarter. Crestline Management LP now owns 35,311 shares of the company's stock valued at $6,275,000 after purchasing an additional 28,753 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in AbbVie by 1.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,367,162 shares of the company's stock worth $1,664,489,000 after acquiring an additional 108,993 shares in the last quarter. Quantbot Technologies LP boosted its stake in AbbVie by 35.8% during the fourth quarter. Quantbot Technologies LP now owns 1,047 shares of the company's stock worth $186,000 after acquiring an additional 276 shares in the last quarter. AXA S.A. boosted its holdings in AbbVie by 14.8% in the fourth quarter. AXA S.A. now owns 971,893 shares of the company's stock worth $172,705,000 after acquiring an additional 125,568 shares in the last quarter. Finally, Keystone Financial Group grew its position in AbbVie by 0.9% during the 4th quarter. Keystone Financial Group now owns 17,952 shares of the company's stock valued at $3,190,000 after purchasing an additional 161 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Stock Performance

NYSE ABBV traded up $0.67 on Monday, reaching $186.78. 4,433,291 shares of the company's stock traded hands, compared to its average volume of 6,236,161. The stock has a 50 day moving average price of $185.97 and a 200-day moving average price of $186.49. The firm has a market cap of $329.92 billion, a price-to-earnings ratio of 77.82, a P/E/G ratio of 1.62 and a beta of 0.56. AbbVie Inc. has a fifty-two week low of $158.83 and a fifty-two week high of $218.66. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66.

AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.06. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The firm had revenue of $13.34 billion during the quarter, compared to analysts' expectations of $12.91 billion. During the same period in the previous year, the business posted $2.31 EPS. The business's revenue was up 8.4% compared to the same quarter last year. Equities research analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently issued reports on ABBV shares. BMO Capital Markets upped their target price on shares of AbbVie from $208.00 to $215.00 and gave the stock an "outperform" rating in a research note on Monday, February 3rd. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $194.00 target price on shares of AbbVie in a report on Tuesday, April 8th. Wells Fargo & Company increased their price objective on shares of AbbVie from $210.00 to $240.00 and gave the stock an "overweight" rating in a research note on Wednesday, March 5th. Citigroup reissued a "neutral" rating and issued a $205.00 price objective (down from $210.00) on shares of AbbVie in a research note on Wednesday, May 14th. Finally, Cantor Fitzgerald initiated coverage on AbbVie in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price objective on the stock. Eight research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $210.95.

Insiders Place Their Bets

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company's stock in a transaction on Monday, March 31st. The shares were sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the completion of the sale, the executive vice president now owns 53,234 shares of the company's stock, valued at $11,183,398.72. This represents a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.25% of the stock is currently owned by company insiders.

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.