Tobam Has $5.79 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Tobam decreased its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 29.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,644 shares of the company's stock after selling 11,629 shares during the period. AbbVie comprises 2.5% of Tobam's investment portfolio, making the stock its 9th biggest position. Tobam's holdings in AbbVie were worth $5,792,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in ABBV. Thomasville National Bank grew its stake in shares of AbbVie by 0.6% during the 1st quarter. Thomasville National Bank now owns 30,080 shares of the company's stock worth $6,302,000 after purchasing an additional 168 shares during the period. David Wealth Management LLC acquired a new position in AbbVie during the first quarter worth approximately $235,000. May Barnhard Investments LLC acquired a new position in AbbVie in the first quarter valued at $267,000. Allen Mooney & Barnes Investment Advisors LLC grew its holdings in shares of AbbVie by 0.5% during the 1st quarter. Allen Mooney & Barnes Investment Advisors LLC now owns 84,582 shares of the company's stock worth $17,722,000 after purchasing an additional 411 shares during the period. Finally, Ferguson Wellman Capital Management Inc. lifted its holdings in shares of AbbVie by 1.8% during the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 639,293 shares of the company's stock valued at $133,945,000 after acquiring an additional 11,139 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on ABBV. Wells Fargo & Company boosted their price target on AbbVie from $210.00 to $240.00 and gave the stock an "overweight" rating in a research note on Wednesday, March 5th. Erste Group Bank raised shares of AbbVie to a "strong-buy" rating in a research report on Monday, March 17th. Bank of America increased their price objective on shares of AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. The Goldman Sachs Group reiterated a "neutral" rating and set a $194.00 price objective on shares of AbbVie in a research note on Tuesday, April 8th. Finally, BNP Paribas raised AbbVie to a "hold" rating in a report on Thursday, May 8th. Eight analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, AbbVie has an average rating of "Moderate Buy" and a consensus price target of $211.29.

AbbVie Price Performance

Shares of NYSE:ABBV traded down $0.17 during trading on Monday, reaching $190.91. The stock had a trading volume of 3,892,802 shares, compared to its average volume of 6,243,217. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55. The stock has a market capitalization of $337.22 billion, a PE ratio of 79.55, a P/E/G ratio of 1.62 and a beta of 0.50. The business's 50-day moving average price is $184.21 and its 200 day moving average price is $187.55. AbbVie Inc. has a 52 week low of $163.52 and a 52 week high of $218.66.

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

Insider Activity at AbbVie

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the 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 sale, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.25% of the stock is currently owned by company insiders.

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.