Redwood Financial Network Corp Cuts Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Redwood Financial Network Corp lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 5.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,482 shares of the company’s stock after selling 82 shares during the period. Redwood Financial Network Corp’s holdings in AbbVie were worth $263,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ABBV. Fiduciary Advisors Inc. purchased a new position in shares of AbbVie in the 4th quarter valued at $29,000. EnRich Financial Partners LLC grew its stake in AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock valued at $29,000 after purchasing an additional 110 shares during the last quarter. Promus Capital LLC purchased a new position in AbbVie in the fourth quarter valued at about $30,000. Bradley & Co. Private Wealth Management LLC bought a new position in AbbVie in the fourth quarter worth about $31,000. Finally, Prudent Man Investment Management Inc. purchased a new stake in shares of AbbVie during the fourth quarter valued at about $32,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ABBV. BMO Capital Markets lifted their price objective on shares of AbbVie from $208.00 to $215.00 and gave the stock an “outperform” rating in a research report on Monday, February 3rd. Truist Financial lifted their price target on shares of AbbVie from $211.00 to $217.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. Bank of America increased their price objective on AbbVie from $200.00 to $223.00 and gave the company a “neutral” rating in a report on Tuesday, March 4th. BNP Paribas upgraded AbbVie to a “hold” rating in a research note on Thursday, May 8th. Finally, Citigroup reaffirmed a “neutral” rating and set a $205.00 target price (down from $210.00) on shares of AbbVie in a research report on Wednesday. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and a consensus price target of $210.95.

AbbVie Trading Down 5.7%

NYSE ABBV opened at $177.30 on Thursday. AbbVie Inc. has a 1 year low of $153.58 and a 1 year high of $218.66. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55. The company has a market capitalization of $313.64 billion, a PE ratio of 73.88, a P/E/G ratio of 1.62 and a beta of 0.56. The company has a fifty day moving average of $192.59 and a 200 day moving average of $187.16.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $12.91 billion. During the same quarter last year, the business posted $2.31 EPS. The company’s revenue was up 8.4% on a year-over-year basis. Research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

Insider Buying and Selling at AbbVie

In other news, EVP Perry C. Siatis sold 5,778 shares of AbbVie stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $197.90, for a total transaction of $1,143,466.20. Following the completion of the transaction, the executive vice president now directly owns 22,381 shares of the company’s stock, valued at $4,429,199.90. The trade was a 20.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of the stock in a transaction on Monday, March 31st. The stock was 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 directly owns 53,234 shares in the company, valued at $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 113,471 shares of company stock valued at $23,426,451. 0.25% of the stock is owned by company insiders.

AbbVie Company Profile

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.