Graves Light Lenhart Wealth Inc. Sells 339 Shares of AbbVie Inc. (NYSE:ABBV)

Graves Light Lenhart Wealth Inc. trimmed its position in shares of AbbVie Inc. (NYSE:ABBV) by 8.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,453 shares of the company’s stock after selling 339 shares during the period. Graves Light Lenhart Wealth Inc.’s holdings in AbbVie were worth $723,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Fragasso Financial Advisors Inc raised its stake in shares of AbbVie by 65.5% during the first quarter. Fragasso Financial Advisors Inc now owns 21,133 shares of the company’s stock valued at $4,428,000 after acquiring an additional 8,361 shares during the last quarter. NBC Securities Inc. raised its stake in shares of AbbVie by 102,233.3% during the first quarter. NBC Securities Inc. now owns 18,420 shares of the company’s stock valued at $3,859,000 after acquiring an additional 18,402 shares during the last quarter. Worth Asset Management LLC raised its stake in shares of AbbVie by 433.6% during the first quarter. Worth Asset Management LLC now owns 8,089 shares of the company’s stock valued at $1,695,000 after acquiring an additional 6,573 shares during the last quarter. Fiduciary Alliance LLC raised its stake in shares of AbbVie by 6.8% during the first quarter. Fiduciary Alliance LLC now owns 16,926 shares of the company’s stock valued at $3,546,000 after acquiring an additional 1,079 shares during the last quarter. Finally, Baker Tilly Wealth Management LLC raised its stake in shares of AbbVie by 22.6% during the first quarter. Baker Tilly Wealth Management LLC now owns 4,771 shares of the company’s stock valued at $1,000,000 after acquiring an additional 881 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

Insider Activity at AbbVie

In related 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 sale, the executive vice president now owns 53,234 shares in the company, valued at approximately $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.25% of the stock is owned by insiders.

AbbVie Price Performance

Shares of ABBV opened at $185.53 on Monday. The company has a market capitalization of $327.72 billion, a P/E ratio of 77.30, 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. The firm has a 50 day moving average of $185.97 and a 200 day moving average of $186.49. AbbVie Inc. has a twelve month low of $158.83 and a twelve month high of $218.66.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.06. The company 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 firm’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.31 earnings per share. As a group, equities research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ABBV. BNP Paribas raised shares of AbbVie to a “hold” rating in a research note on Thursday, May 8th. 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. Cantor Fitzgerald started coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 price target for the company. Citigroup reissued a “neutral” rating and issued a $205.00 price target (down from $210.00) on shares of AbbVie in a research note on Wednesday, May 14th. Finally, Erste Group Bank raised shares of AbbVie to a “strong-buy” rating in a research note on Monday, March 17th. Eight equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, AbbVie currently 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.