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

FARMERS & MERCHANTS TRUST Co OF LONG BEACH lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,025 shares of the company’s stock after purchasing an additional 70 shares during the quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in AbbVie were worth $795,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Valeo Financial Advisors LLC boosted its holdings in AbbVie by 0.5% in the 3rd quarter. Valeo Financial Advisors LLC now owns 80,490 shares of the company’s stock valued at $15,895,000 after purchasing an additional 437 shares in the last quarter. Fiduciary Financial Group LLC purchased a new stake in shares of AbbVie in the third quarter valued at approximately $283,000. Wynn Capital LLC grew its holdings in AbbVie by 2.0% during the third quarter. Wynn Capital LLC now owns 8,520 shares of the company’s stock worth $1,683,000 after acquiring an additional 170 shares during the period. Livforsakringsbolaget Skandia Omsesidigt raised its position in AbbVie by 44.3% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 109,970 shares of the company’s stock worth $21,704,000 after acquiring an additional 33,785 shares in the last quarter. Finally, Iowa State Bank lifted its holdings in AbbVie by 3.5% in the third quarter. Iowa State Bank now owns 53,097 shares of the company’s stock valued at $10,486,000 after acquiring an additional 1,809 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the transaction, the chairman now owns 513,099 shares in the company, valued at $89,792,325. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ABBV shares. Barclays increased their price target on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Morgan Stanley lifted their price target on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Piper Sandler Companies reissued an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research note on Wednesday, July 3rd. Truist Financial raised their price objective on AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research note on Thursday. Finally, TD Cowen boosted their target price on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research report on Monday, October 7th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $198.00.

AbbVie Price Performance

AbbVie stock opened at $194.21 on Friday. The stock has a market capitalization of $342.95 billion, a P/E ratio of 57.63, a P/E/G ratio of 2.66 and a beta of 0.63. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $199.95. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The firm’s 50-day moving average is $194.08 and its two-hundred day moving average is $177.41.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The firm had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same period in the previous year, the company earned $2.91 EPS. AbbVie’s revenue for the quarter was up 4.3% on a year-over-year basis. Equities analysts predict that AbbVie Inc. will post 10.85 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date is Tuesday, October 15th. AbbVie’s payout ratio is 183.98%.

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.