FARMERS & MERCHANTS TRUST Co OF LONG BEACH Has $3.17 Million Stock Position in AbbVie Inc. $ABBV

Key Points

• Farmers & Merchants Trust Co of Long Beach increased its stake in AbbVie Inc. by 204.4%, owning 17,102 shares valued at approximately $3.17 million as of the latest SEC filing.
• Numerous hedge funds have adjusted their holdings in AbbVie, with Nuveen LLC acquiring a new position worth about $1.82 billion and Assenagon Asset Management S.A. boosting its stake by 550.9%.
• AbbVie recently declared a quarterly dividend of $1.64 per share, with an annualized yield of 3.0%, scheduled for payment on November 14th.

FARMERS & MERCHANTS TRUST Co OF LONG BEACH raised its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 204.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,102 shares of the company's stock after acquiring an additional 11,484 shares during the period. FARMERS & MERCHANTS TRUST Co OF LONG BEACH's holdings in AbbVie were worth $3,174,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ABBV. Nuveen LLC acquired a new position in shares of AbbVie in the 1st quarter worth approximately $1,819,154,000. Assenagon Asset Management S.A. raised its holdings in shares of AbbVie by 550.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company's stock worth $804,116,000 after buying an additional 3,666,521 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of AbbVie by 31.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock worth $3,068,820,000 after buying an additional 3,519,187 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in shares of AbbVie in the 2nd quarter worth approximately $581,817,000. Finally, Bessemer Group Inc. raised its holdings in shares of AbbVie by 147.6% in the 1st quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company's stock worth $576,800,000 after buying an additional 1,641,091 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Piper Sandler assumed coverage on AbbVie in a research report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price target on the stock. Morgan Stanley increased their price objective on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Citigroup increased their price objective on AbbVie to $205.00 and gave the company a "hold" rating in a research report on Wednesday, June 11th. Guggenheim increased their price objective on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Finally, Raymond James Financial reiterated an "outperform" rating on shares of AbbVie in a research report on Monday, August 25th. Four analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, AbbVie presently has an average rating of "Moderate Buy" and a consensus price target of $223.45.

Insider Transactions at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the sale, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the sale, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.08% of the company's stock.

AbbVie Stock Performance

Shares of AbbVie stock opened at $220.75 on Monday. The company has a market capitalization of $389.97 billion, a PE ratio of 105.12, a PEG ratio of 1.29 and a beta of 0.53. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $225.16. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The stock's fifty day simple moving average is $206.24 and its 200 day simple moving average is $195.04.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). The business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business's quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.65 EPS. On average, research analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Wednesday, October 15th. AbbVie's payout ratio is 312.38%.

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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