Invst LLC Cuts Stake in AbbVie Inc. (NYSE:ABBV)

Invst LLC reduced its stake in AbbVie Inc. (NYSE:ABBV) by 2.0% during the fourth quarter, HoldingsChannel reports. The fund owned 3,821 shares of the company’s stock after selling 79 shares during the period. Invst LLC’s holdings in AbbVie were worth $679,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of ABBV. Vanguard Group Inc. lifted its holdings in shares of AbbVie by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company’s stock valued at $30,754,908,000 after purchasing an additional 1,424,237 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of AbbVie by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company’s stock valued at $6,586,948,000 after buying an additional 983,888 shares during the last quarter. Capital Research Global Investors boosted its position in shares of AbbVie by 2.3% during the fourth quarter. Capital Research Global Investors now owns 33,983,707 shares of the company’s stock valued at $6,038,898,000 after buying an additional 778,126 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of AbbVie by 15.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company’s stock valued at $4,875,401,000 after buying an additional 3,599,336 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of AbbVie during the fourth quarter valued at $4,459,385,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Up 0.5%

ABBV stock opened at $183.51 on Friday. AbbVie Inc. has a twelve month low of $153.58 and a twelve month high of $218.66. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. The stock has a market cap of $324.15 billion, a P/E ratio of 76.46, a PEG ratio of 1.62 and a beta of 0.56. The business’s 50-day moving average price is $188.39 and its 200-day moving average price is $186.32.

AbbVie (NYSE:ABBV) last posted 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 firm had revenue of $13.34 billion for the quarter, compared to analysts’ expectations of $12.91 billion. During the same period in the previous year, the firm earned $2.31 EPS. The business’s quarterly revenue was up 8.4% on a year-over-year basis. On average, equities research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

Insider Activity

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business’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 transaction, the executive vice president now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kevin K. Buckbee sold 18,944 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $203.41, for a total value of $3,853,399.04. Following the completion of the transaction, the senior vice president now directly owns 11,496 shares in the company, valued at approximately $2,338,401.36. This represents a 62.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 107,693 shares of company stock valued at $22,282,985 in the last ninety days. Corporate insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ABBV shares. Bank of America increased their price objective on AbbVie from $200.00 to $223.00 and gave the company a “neutral” rating in a research report on Tuesday, March 4th. BMO Capital Markets increased their price objective on AbbVie from $208.00 to $215.00 and gave the company an “outperform” rating in a research report on Monday, February 3rd. BNP Paribas raised AbbVie to a “hold” rating in a research report on Thursday, May 8th. Evercore ISI increased their price objective on AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a research report on Monday, April 28th. Finally, Citigroup reissued a “neutral” rating and issued a $205.00 target price (down from $210.00) on shares of AbbVie in a research report on Wednesday, May 14th. Eight analysts have rated the stock with a hold rating, eighteen have given a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average 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.