FARMERS & MERCHANTS TRUST Co OF LONG BEACH Grows Stock Position in AbbVie Inc. (NYSE:ABBV)

FARMERS & MERCHANTS TRUST Co OF LONG BEACH increased its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 32.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,618 shares of the company's stock after purchasing an additional 1,376 shares during the quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH's holdings in AbbVie were worth $1,177,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ABBV. Brown Miller Wealth Management LLC lifted its holdings in shares of AbbVie by 1.4% in the first quarter. Brown Miller Wealth Management LLC now owns 16,362 shares of the company's stock worth $3,428,000 after buying an additional 232 shares in the last quarter. 1900 Wealth Management LLC boosted its stake in AbbVie by 5.2% during the first quarter. 1900 Wealth Management LLC now owns 3,739 shares of the company's stock worth $783,000 after buying an additional 184 shares during the period. Hanson & Doremus Investment Management boosted its position in shares of AbbVie by 80.5% during the first quarter. Hanson & Doremus Investment Management now owns 15,981 shares of the company's stock valued at $3,348,000 after buying an additional 7,126 shares during the period. Citadel Investment Advisory Inc. grew its holdings in shares of AbbVie by 0.4% in the first quarter. Citadel Investment Advisory Inc. now owns 18,456 shares of the company's stock worth $3,867,000 after purchasing an additional 75 shares during the last quarter. Finally, Access Financial Services Inc. grew its stake in AbbVie by 1.4% in the first quarter. Access Financial Services Inc. now owns 7,414 shares of the company's stock worth $1,553,000 after purchasing an additional 101 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm's stock in a transaction that occurred 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 sale, the executive vice president now owns 53,234 shares of the company's stock, valued at approximately $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.25% of the company's stock.

AbbVie Stock Performance

Shares of ABBV stock opened at $190.67 on Monday. AbbVie Inc. has a one year low of $163.52 and a one year high of $218.66. The firm's 50 day moving average price is $184.21 and its 200-day moving average price is $187.55. The firm has a market cap of $336.80 billion, a P/E ratio of 79.45, a P/E/G ratio of 1.62 and a beta of 0.50. 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 quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping analysts' consensus estimates of $2.40 by $0.06. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The business had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. During the same quarter in the prior year, the company earned $2.31 earnings per share. The company's revenue was up 8.4% on a year-over-year basis. As a group, equities research analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ABBV shares. Wells Fargo & Company increased their target price on AbbVie from $210.00 to $240.00 and gave the company an "overweight" rating in a research report on Wednesday, March 5th. Bank of America upped their target price on AbbVie to $204.00 and gave the stock a "hold" rating in a research note on Monday, June 9th. Citigroup lifted their price target on AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Cantor Fitzgerald initiated coverage on shares of AbbVie in a research report on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 price objective for the company. Finally, Morgan Stanley increased their price objective on AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a research note on Monday, April 28th. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat.com, AbbVie presently has an average rating of "Moderate Buy" and a consensus target price of $211.29.

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.

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