Headinvest LLC Lowers Stake in AbbVie Inc. (NYSE:ABBV)

Headinvest LLC reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 2.1% during the 4th quarter, HoldingsChannel reports. The fund owned 9,700 shares of the company’s stock after selling 211 shares during the period. Headinvest LLC’s holdings in AbbVie were worth $1,724,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Tallon Kerry Patrick acquired a new position in shares of AbbVie during the 4th quarter worth about $309,000. Capital & Planning LLC raised its position in shares of AbbVie by 1.7% during the 4th quarter. Capital & Planning LLC now owns 6,239 shares of the company’s stock worth $1,109,000 after purchasing an additional 105 shares during the last quarter. LaFleur & Godfrey LLC raised its position in shares of AbbVie by 4.1% during the 4th quarter. LaFleur & Godfrey LLC now owns 79,396 shares of the company’s stock worth $14,109,000 after purchasing an additional 3,108 shares during the last quarter. Pure Financial Advisors LLC raised its position in shares of AbbVie by 5.6% during the 4th quarter. Pure Financial Advisors LLC now owns 7,380 shares of the company’s stock worth $1,311,000 after purchasing an additional 389 shares during the last quarter. Finally, ZWJ Investment Counsel Inc. raised its position in shares of AbbVie by 1.8% during the 4th quarter. ZWJ Investment Counsel Inc. now owns 332,772 shares of the company’s stock worth $59,134,000 after purchasing an additional 5,887 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Performance

NYSE:ABBV opened at $181.74 on Thursday. The company has a fifty day simple moving average of $189.64 and a two-hundred day simple moving average of $186.68. The company has a market cap of $321.02 billion, a price-to-earnings ratio of 75.72, a price-to-earnings-growth ratio of 1.62 and a beta of 0.56. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. AbbVie Inc. has a 52 week low of $153.58 and a 52 week high of $218.66.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, topping the consensus estimate of $2.40 by $0.06. The business had revenue of $13.34 billion during the quarter, compared to the consensus estimate 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 quarter in the previous year, the firm posted $2.31 earnings per share. As a group, equities analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Timothy J. Richmond sold 29,917 shares of the business’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $202.90, for a total transaction of $6,070,159.30. Following the completion of the transaction, the executive vice president now owns 44,284 shares in the company, valued at approximately $8,985,223.60. The trade was a 40.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business’s 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 transaction, the executive vice president now owns 53,234 shares of the company’s stock, valued at approximately $11,183,398.72. The trade was a 52.50% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 107,693 shares of company stock worth $22,282,985. Corporate insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

ABBV has been the subject of several research analyst reports. Guggenheim upped their price target on shares of AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Raymond James reiterated an “outperform” rating and issued a $220.00 price objective (up previously from $218.00) on shares of AbbVie in a report on Monday, February 3rd. Citigroup reiterated a “neutral” rating and issued a $205.00 price objective (down previously from $210.00) on shares of AbbVie in a report on Wednesday, May 14th. Erste Group Bank upgraded shares of AbbVie to a “strong-buy” rating in a report on Monday, March 17th. Finally, Morgan Stanley increased their price objective 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 analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $210.95.

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.