BTC Capital Management Inc. cut its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 4.1% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 62,082 shares of the company's stock after selling 2,676 shares during the quarter. AbbVie comprises about 1.2% of BTC Capital Management Inc.'s holdings, making the stock its 24th largest position. BTC Capital Management Inc.'s holdings in AbbVie were worth $13,011,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fiduciary Advisors Inc. bought a new stake in AbbVie during the fourth quarter worth about $29,000. EnRich Financial Partners LLC lifted its stake in AbbVie by 196.4% during the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock worth $29,000 after purchasing an additional 110 shares during the last quarter. Promus Capital LLC bought a new stake in AbbVie during the fourth quarter worth about $30,000. Bradley & Co. Private Wealth Management LLC bought a new stake in AbbVie during the fourth quarter worth about $31,000. Finally, Prudent Man Investment Management Inc. bought a new stake in AbbVie during the fourth quarter worth about $32,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently weighed in on the company. Evercore ISI boosted their target price on AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Wall Street Zen lowered AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Citigroup reissued a "neutral" rating and issued a $205.00 target price (down previously from $210.00) on shares of AbbVie in a research note on Wednesday, May 14th. Truist Financial boosted their target price on AbbVie from $211.00 to $217.00 and gave the company a "buy" rating in a research note on Monday, February 3rd. Finally, Guggenheim boosted their target price on AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Eight research analysts have rated the stock with a hold rating, eighteen have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie currently has an average rating of "Moderate Buy" and an average price target of $210.95.
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AbbVie Stock Up 0.4%
Shares of ABBV stock traded up $0.67 during midday trading on Monday, reaching $186.78. 4,433,291 shares of the stock were exchanged, compared to its average volume of 6,236,159. AbbVie Inc. has a 1 year low of $158.83 and a 1 year high of $218.66. The company's 50 day moving average is $185.97 and its two-hundred day moving average is $186.49. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94. The firm has a market cap of $329.92 billion, a PE ratio of 77.82, a price-to-earnings-growth ratio of 1.62 and a beta of 0.56.
AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping analysts' consensus estimates of $2.40 by $0.06. The firm had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The business's revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.31 EPS. On average, equities research analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.
Insider Buying and Selling
In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company'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. 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 hyperlink. 0.25% of the stock is currently owned by company insiders.
About AbbVie
(
Free Report)
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.
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