CCM Investment Advisers LLC Sells 4,723 Shares of AbbVie Inc. (NYSE:ABBV)

CCM Investment Advisers LLC lowered its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 5.7% in the 1st quarter, according to its most recent disclosure 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 investment 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 also recently modified their holdings of the company. Blue Bell Private Wealth Management LLC raised its position in AbbVie by 30.4% in the fourth quarter. Blue Bell Private Wealth Management LLC now owns 223 shares of the company's stock worth $40,000 after acquiring an additional 52 shares during the period. Steel Grove Capital Advisors LLC increased its stake in shares of 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 purchasing an additional 52 shares in the last quarter. Peninsula Wealth LLC raised its holdings in AbbVie by 4.1% in the 4th quarter. Peninsula Wealth LLC now owns 1,360 shares of the company's stock worth $242,000 after purchasing an additional 54 shares during the period. Physicians Financial Services Inc. lifted 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 valued at $2,159,000 after purchasing an additional 55 shares in the last quarter. Finally, Connecticut Wealth Management LLC grew its holdings in AbbVie by 1.6% during 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. Institutional investors own 70.23% of the company's stock.

Insider Activity at AbbVie

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie stock in a transaction dated 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 completion of the transaction, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.25% of the stock is owned by insiders.

AbbVie Price Performance

AbbVie stock traded down $1.75 during midday trading on Friday, reaching $190.67. 4,965,464 shares of the stock traded hands, compared to its average volume of 6,251,458. The stock has a market cap of $336.80 billion, a P/E ratio of 79.45, a PEG ratio of 1.62 and a beta of 0.50. The stock's fifty day moving average is $184.21 and its 200-day moving average is $187.52. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. AbbVie Inc. has a 12 month low of $163.52 and a 12 month high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.06. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The business had revenue of $13.34 billion for the quarter, compared to analysts' expectations of $12.91 billion. During the same period in the prior year, the firm earned $2.31 EPS. The company's revenue for the quarter was up 8.4% on a year-over-year basis. As a group, equities research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ABBV. Citigroup raised their price objective on AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday. Evercore ISI lifted their price target on shares of AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a report on Monday, April 28th. BNP Paribas upgraded shares of AbbVie to a "hold" rating in a research report on Thursday, May 8th. Guggenheim raised their price objective on shares of AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Finally, Wall Street Zen downgraded shares of AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Eight investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, 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.