Fifth Third Bancorp Sells 27,716 Shares of AbbVie Inc. (NYSE:ABBV)

Fifth Third Bancorp trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 1.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,440,477 shares of the company's stock after selling 27,716 shares during the quarter. AbbVie comprises about 1.1% of Fifth Third Bancorp's holdings, making the stock its 16th largest position. Fifth Third Bancorp owned 0.08% of AbbVie worth $301,809,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the business. Norges Bank bought a new stake in AbbVie in the 4th quarter worth approximately $4,459,385,000. GAMMA Investing LLC lifted its stake in shares of 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 acquiring an additional 10,195,284 shares during the last quarter. Raymond James Financial Inc. bought a new position in AbbVie during the 4th quarter worth approximately $1,190,951,000. FMR LLC increased its stake in AbbVie by 32.8% in 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 period. Finally, Charles Schwab Investment Management Inc. lifted its position in AbbVie by 15.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company's stock valued at $4,875,401,000 after purchasing an additional 3,599,336 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ABBV shares. Erste Group Bank upgraded shares of AbbVie to a "strong-buy" rating in a report on Monday, March 17th. Citigroup increased their price objective on AbbVie to $205.00 and gave the stock a "hold" rating in a report on Wednesday. Bank of America boosted their target price on AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $194.00 price target on shares of AbbVie in a research note on Tuesday, April 8th. Finally, Evercore ISI upped their price objective on shares of AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Eight investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $211.29.

AbbVie Stock Down 0.8%

ABBV stock traded down $1.55 during trading on Friday, hitting $190.87. 2,608,325 shares of the stock traded hands, compared to its average volume of 6,225,461. The stock has a market cap of $337.16 billion, a price-to-earnings ratio of 79.44, a price-to-earnings-growth ratio of 1.62 and a beta of 0.50. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55. AbbVie Inc. has a 1 year low of $163.52 and a 1 year high of $218.66. The firm's 50 day moving average is $183.90 and its two-hundred day moving average is $187.43.

AbbVie (NYSE:ABBV - Get Free Report) 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. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The company had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. During the same quarter last year, the firm earned $2.31 earnings per share. The firm's quarterly revenue was up 8.4% compared to the same quarter last year. On average, sell-side analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

Insiders Place Their Bets

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. Corporate insiders own 0.25% of the company's stock.

AbbVie Company Profile

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.