Woodline Partners LP Trims Stake in AbbVie Inc. (NYSE:ABBV)

Woodline Partners LP reduced its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 25.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 605,058 shares of the company's stock after selling 203,678 shares during the quarter. AbbVie makes up approximately 0.7% of Woodline Partners LP's holdings, making the stock its 12th largest holding. Woodline Partners LP's holdings in AbbVie were worth $107,519,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in ABBV. Fiduciary Advisors Inc. bought a new position in AbbVie in the fourth quarter valued at approximately $29,000. EnRich Financial Partners LLC increased its position in shares of 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 acquiring an additional 110 shares in the last quarter. Promus Capital LLC bought a new position in shares of AbbVie during the fourth quarter worth about $30,000. Bradley & Co. Private Wealth Management LLC bought a new position in shares of AbbVie during the 4th quarter worth approximately $31,000. Finally, Prudent Man Investment Management Inc. acquired a new stake in AbbVie in the 4th quarter valued at $32,000. Institutional investors own 70.23% of the company's stock.

Insider Activity at AbbVie

In other news, EVP Timothy J. Richmond sold 29,917 shares of AbbVie stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $202.90, for a total value of $6,070,159.30. Following the completion of the transaction, the executive vice president now owns 44,284 shares in the company, valued at $8,985,223.60. This trade represents a 40.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie stock in a transaction 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 completion of the transaction, the executive vice president now owns 53,234 shares of the company's stock, valued at approximately $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 107,693 shares of company stock valued at $22,282,985 over the last ninety days. Corporate insiders own 0.25% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ABBV shares. Evercore ISI increased their price objective on AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a report on Monday, April 28th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $194.00 price objective on shares of AbbVie in a report on Tuesday, April 8th. Guggenheim increased their price target on shares of AbbVie from $214.00 to $216.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday. Finally, Truist Financial increased their price target on AbbVie from $211.00 to $217.00 and gave the company a "buy" rating in a research note on Monday, February 3rd. 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 company's stock. Based on data from MarketBeat.com, AbbVie has a consensus rating of "Moderate Buy" and a consensus target price of $210.95.

AbbVie Stock Up 0.3%

NYSE:ABBV traded up $0.52 during trading hours on Thursday, reaching $182.32. The company had a trading volume of 4,684,698 shares, compared to its average volume of 6,253,258. AbbVie Inc. has a twelve month low of $153.58 and a twelve month high of $218.66. The firm has a market cap of $322.05 billion, a price-to-earnings ratio of 75.97, a P/E/G ratio of 1.62 and a beta of 0.56. The business's 50-day simple moving average is $189.64 and its two-hundred day simple moving average is $186.68. 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 (NYSE:ABBV - Get Free Report) last released 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. The firm had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The business's quarterly revenue was up 8.4% compared to the same quarter last year. During the same period last year, the firm earned $2.31 earnings per share. On average, equities analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current 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.