AbbVie Inc. (NYSE:ABBV) Shares Sold by CCM Investment Advisers LLC

CCM Investment Advisers LLC reduced its position in AbbVie Inc. (NYSE:ABBV) by 5.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 77,521 shares of the company’s stock after selling 4,723 shares during the period. AbbVie comprises about 2.0% of CCM Investment Advisers LLC’s portfolio, making the stock its 20th biggest holding. CCM Investment Advisers LLC’s holdings in AbbVie were worth $16,242,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in ABBV. Blue Bell Private Wealth Management LLC lifted its position in shares of AbbVie by 30.4% during the 4th quarter. Blue Bell Private Wealth Management LLC now owns 223 shares of the company’s stock valued at $40,000 after buying an additional 52 shares in the last quarter. Steel Grove Capital Advisors LLC increased its holdings in AbbVie by 1.7% in the 4th quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company’s stock worth $553,000 after acquiring an additional 52 shares in the last quarter. Peninsula Wealth LLC raised its position in AbbVie by 4.1% during the fourth quarter. Peninsula Wealth LLC now owns 1,360 shares of the company’s stock worth $242,000 after acquiring an additional 54 shares during the period. Physicians Financial Services Inc. lifted its holdings in AbbVie by 0.5% during the fourth quarter. Physicians Financial Services Inc. now owns 12,150 shares of the company’s stock valued at $2,159,000 after purchasing an additional 55 shares in the last quarter. Finally, Connecticut Wealth Management LLC grew its position in shares of AbbVie by 1.6% in the fourth quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company’s stock valued at $660,000 after purchasing an additional 57 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at AbbVie

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the completion of the transaction, the executive vice president now owns 53,234 shares of the company’s stock, valued at approximately $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

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. Citigroup increased their target price on AbbVie to $205.00 and gave the company a “hold” rating in a report on Wednesday. Erste Group Bank upgraded AbbVie to a “strong-buy” rating in a research report on Monday, March 17th. Bank of America lifted their price target on AbbVie to $204.00 and gave the stock a “hold” rating in a research note on Monday. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $194.00 price objective on shares of AbbVie in a research note on Tuesday, April 8th. Eight equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $211.29.

AbbVie Trading Up 0.4%

NYSE ABBV opened at $192.27 on Friday. 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 stock has a market capitalization of $339.63 billion, a P/E ratio of 80.11, a PEG ratio of 1.62 and a beta of 0.50. The firm’s 50-day moving average is $183.90 and its two-hundred day moving average is $187.43. AbbVie Inc. has a 12 month low of $163.52 and a 12 month high of $218.66.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.06. The business had revenue of $13.34 billion for 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 business’s revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.31 EPS. On average, sell-side analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie 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.