Worldquant Millennium Advisors LLC Reduces Stock Position in AbbVie Inc. (NYSE:ABBV)

Worldquant Millennium Advisors LLC reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 28.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 416,351 shares of the company’s stock after selling 161,765 shares during the period. Worldquant Millennium Advisors LLC’s holdings in AbbVie were worth $73,986,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Fiduciary Advisors Inc. purchased a new stake in AbbVie in the fourth quarter worth about $29,000. EnRich Financial Partners LLC lifted its holdings in AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after buying an additional 110 shares during the period. Promus Capital LLC purchased a new stake in AbbVie in the fourth quarter worth about $30,000. Bradley & Co. Private Wealth Management LLC purchased a new stake in AbbVie in the fourth quarter worth about $31,000. Finally, Prudent Man Investment Management Inc. purchased a new position in shares of AbbVie during the fourth quarter valued at approximately $32,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at AbbVie

In other news, EVP Perry C. Siatis sold 5,778 shares of the business’s stock in a transaction 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 sale, the executive vice president now 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Kevin K. Buckbee sold 18,944 shares of the business’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $203.41, for a total transaction of $3,853,399.04. Following the sale, the senior vice president now directly owns 11,496 shares of the company’s stock, valued at approximately $2,338,401.36. The trade was a 62.23% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,471 shares of company stock worth $23,426,451. Insiders own 0.25% of the company’s stock.

AbbVie Price Performance

Shares of ABBV opened at $185.64 on Tuesday. The firm has a market cap of $327.92 billion, a PE ratio of 77.35, a P/E/G ratio of 1.62 and a beta of 0.56. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94. The firm has a fifty day simple moving average of $190.77 and a two-hundred day simple moving average of $186.73. AbbVie Inc. has a 1-year low of $153.58 and a 1-year high of $218.66.

AbbVie (NYSE:ABBV) last announced its earnings results 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. The business had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the business earned $2.31 EPS. On average, equities analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently issued reports on ABBV. The Goldman Sachs Group reiterated a “neutral” rating and set a $194.00 target price on shares of AbbVie in a report on Tuesday, April 8th. BNP Paribas upgraded shares of AbbVie to a “hold” rating in a report on Thursday, May 8th. Citigroup reiterated a “neutral” rating and set a $205.00 target price (down from $210.00) on shares of AbbVie in a report on Wednesday, May 14th. Wells Fargo & Company lifted their target price on shares of AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. Finally, Morgan Stanley lifted their target price on shares of AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, April 28th. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and a consensus price target of $210.95.

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.