Robertson Stephens Wealth Management LLC Sells 3,222 Shares of AbbVie Inc. (NYSE:ABBV)

Robertson Stephens Wealth Management LLC reduced its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 9.7% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 29,841 shares of the company's stock after selling 3,222 shares during the quarter. Robertson Stephens Wealth Management LLC's holdings in AbbVie were worth $6,252,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of ABBV. Blue Bell Private Wealth Management LLC raised its stake 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 purchasing an additional 52 shares during the period. Steel Grove Capital Advisors LLC grew its position in AbbVie by 1.7% during the fourth quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company's stock worth $553,000 after buying an additional 52 shares in the last quarter. Peninsula Wealth LLC grew 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 buying an additional 54 shares in the last quarter. Physicians Financial Services Inc. grew its position in AbbVie by 0.5% during the fourth quarter. Physicians Financial Services Inc. now owns 12,150 shares of the company's stock worth $2,159,000 after buying an additional 55 shares in the last quarter. Finally, Connecticut Wealth Management LLC grew its position in AbbVie by 1.6% during the fourth quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock worth $660,000 after buying an additional 57 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ABBV has been the subject of several recent analyst reports. Cantor Fitzgerald initiated coverage on AbbVie in a research report on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 target price for the company. Citigroup boosted their target price on AbbVie to $205.00 and gave the stock a "hold" rating in a research report on Wednesday, June 11th. Bank of America increased their price objective on AbbVie to $204.00 and gave the company a "hold" rating in a research report on Monday, June 9th. Guggenheim increased their price objective on AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Finally, Morgan Stanley increased their price objective on AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a research report on Monday, April 28th. Eight analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $211.29.

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 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 owns 53,234 shares of the company's stock, valued at $11,183,398.72. This trade represents a 52.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.25% of the stock is owned by corporate insiders.

AbbVie Stock Down 0.1%

Shares of NYSE:ABBV traded down $0.22 during trading on Wednesday, hitting $185.26. The stock had a trading volume of 3,572,665 shares, compared to its average volume of 6,243,187. AbbVie Inc. has a 12 month low of $163.52 and a 12 month high of $218.66. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. The company has a market capitalization of $327.24 billion, a PE ratio of 78.83, a PEG ratio of 1.23 and a beta of 0.50. The firm's fifty day moving average is $184.64 and its 200 day moving average is $187.59.

AbbVie (NYSE:ABBV - Get Free Report) 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 412.03% and a net margin of 7.31%. The company had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. During the same quarter last year, the company earned $2.31 EPS. The firm's revenue for the quarter was up 8.4% on a year-over-year basis. Analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

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.