AbbVie Inc. (NYSE:ABBV) Shares Sold by Bay Colony Advisory Group Inc d b a Bay Colony Advisors

Bay Colony Advisory Group Inc d b a Bay Colony Advisors cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 20.6% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 8,345 shares of the company’s stock after selling 2,167 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors’ holdings in AbbVie were worth $1,713,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in AbbVie during the 4th quarter worth approximately $4,459,385,000. GAMMA Investing LLC lifted its holdings in AbbVie by 25,841.6% in the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company’s stock valued at $2,144,382,000 after purchasing an additional 10,195,284 shares in the last quarter. Raymond James Financial Inc. purchased a new position in AbbVie in the 4th quarter valued at $1,190,951,000. FMR LLC boosted its stake in AbbVie by 32.8% during the 4th quarter. FMR LLC now owns 18,097,375 shares of the company’s stock worth $3,215,903,000 after purchasing an additional 4,466,971 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings 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 worth $4,875,401,000 after buying an additional 3,599,336 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Down 0.1%

Shares of ABBV opened at $185.26 on Thursday. The company’s 50-day simple moving average is $184.75 and its 200-day simple moving average is $187.58. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.76. AbbVie Inc. has a 1 year low of $163.52 and a 1 year high of $218.66. The stock has a market capitalization of $327.24 billion, a PE ratio of 78.83, a P/E/G ratio of 1.23 and a beta of 0.50.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.06. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The company had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. During the same period in the prior year, the business earned $2.31 EPS. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. Analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

Insider Buying and Selling at AbbVie

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company’s stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 53,234 shares of the company’s stock, valued at approximately $11,183,398.72. This represents a 52.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ABBV. Evercore ISI lifted their price objective on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, April 28th. Citigroup boosted their price target on shares of AbbVie to $205.00 and gave the company a “hold” rating in a research report on Wednesday, June 11th. BNP Paribas upgraded shares of AbbVie to a “hold” rating in a research report on Thursday, May 8th. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $194.00 price target 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 assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $211.29.

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.