Nixon Peabody Trust Co. Purchases 331 Shares of AbbVie Inc. (NYSE:ABBV)

Nixon Peabody Trust Co. lifted its position in AbbVie Inc. (NYSE:ABBV) by 5.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,823 shares of the company’s stock after acquiring an additional 331 shares during the quarter. Nixon Peabody Trust Co.’s holdings in AbbVie were worth $1,430,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Crestline Management LP raised its holdings in shares of AbbVie by 438.4% in the fourth quarter. Crestline Management LP now owns 35,311 shares of the company’s stock valued at $6,275,000 after acquiring an additional 28,753 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of AbbVie by 1.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,367,162 shares of the company’s stock valued at $1,664,489,000 after acquiring an additional 108,993 shares in the last quarter. Quantbot Technologies LP raised its holdings in shares of AbbVie by 35.8% in the fourth quarter. Quantbot Technologies LP now owns 1,047 shares of the company’s stock valued at $186,000 after acquiring an additional 276 shares in the last quarter. AXA S.A. raised its holdings in shares of AbbVie by 14.8% in the fourth quarter. AXA S.A. now owns 971,893 shares of the company’s stock valued at $172,705,000 after acquiring an additional 125,568 shares in the last quarter. Finally, Keystone Financial Group raised its holdings in AbbVie by 0.9% in the fourth quarter. Keystone Financial Group now owns 17,952 shares of the company’s stock worth $3,190,000 after purchasing an additional 161 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ABBV shares. Cantor Fitzgerald started coverage on shares of AbbVie in a report on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 target price for the company. Citigroup reiterated a “neutral” rating and issued a $205.00 target price (down from $210.00) on shares of AbbVie in a report on Wednesday, May 14th. Evercore ISI boosted their target price on shares of AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, April 28th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $194.00 target price on shares of AbbVie in a report on Tuesday, April 8th. Finally, Guggenheim boosted their target price on shares of AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Eight equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $210.95.

Insider Activity at AbbVie

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

AbbVie Price Performance

Shares of ABBV stock opened at $187.18 on Wednesday. AbbVie Inc. has a fifty-two week low of $159.77 and a fifty-two week high of $218.66. The firm has a market capitalization of $330.63 billion, a price-to-earnings ratio of 77.99, a PEG ratio of 1.62 and a beta of 0.56. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66. The stock’s 50-day simple moving average is $185.37 and its 200-day simple moving average is $186.65.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results 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. The business had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The company’s revenue was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.31 earnings per share. As a group, equities analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

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.