B. Riley Wealth Advisors Inc. Trims Stake in AbbVie Inc. (NYSE:ABBV)

B. Riley Wealth Advisors Inc. lessened its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 2.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 83,967 shares of the company's stock after selling 2,133 shares during the period. B. Riley Wealth Advisors Inc.'s holdings in AbbVie were worth $14,921,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Tallon Kerry Patrick bought a new stake in shares of AbbVie during the 4th quarter valued at about $309,000. Capital & Planning LLC boosted its position in shares of AbbVie by 1.7% during the 4th quarter. Capital & Planning LLC now owns 6,239 shares of the company's stock valued at $1,109,000 after purchasing an additional 105 shares in the last quarter. LaFleur & Godfrey LLC boosted its position in shares of AbbVie by 4.1% during the 4th quarter. LaFleur & Godfrey LLC now owns 79,396 shares of the company's stock valued at $14,109,000 after purchasing an additional 3,108 shares in the last quarter. FCG Investment Co boosted its position in shares of AbbVie by 4.8% during the 4th quarter. FCG Investment Co now owns 12,208 shares of the company's stock valued at $2,169,000 after purchasing an additional 557 shares in the last quarter. Finally, Cerro Pacific Wealth Advisors LLC boosted its holdings in AbbVie by 4.8% in the fourth quarter. Cerro Pacific Wealth Advisors LLC now owns 5,172 shares of the company's stock worth $919,000 after acquiring an additional 236 shares in the last quarter. Institutional investors own 70.23% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Truist Financial increased their price target on AbbVie from $211.00 to $217.00 and gave the stock a "buy" rating in a report on Monday, February 3rd. BNP Paribas upgraded AbbVie to a "hold" rating in a report on Thursday, May 8th. Raymond James reiterated an "outperform" rating and issued a $220.00 price target (up previously from $218.00) on shares of AbbVie in a report on Monday, February 3rd. Cantor Fitzgerald assumed coverage on AbbVie in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price target on the stock. Finally, Guggenheim increased their price target on AbbVie from $214.00 to $216.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Eight investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $210.95.

Insiders Place Their Bets

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 53,234 shares in the company, valued at approximately $11,183,398.72. The trade was a 52.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.08% of the company's stock.

AbbVie Stock Performance

AbbVie stock traded up $2.31 during mid-day trading on Thursday, reaching $185.40. 4,921,508 shares of the company's stock were exchanged, compared to its average volume of 6,243,952. The business's fifty day simple moving average is $186.76 and its 200 day simple moving average is $186.09. The firm has a market capitalization of $327.49 billion, a PE ratio of 77.25, a P/E/G ratio of 1.62 and a beta of 0.56. AbbVie Inc. has a one year low of $153.58 and a one year high of $218.66. 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 issued its quarterly earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, topping analysts' consensus estimates of $2.40 by $0.06. The business had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. AbbVie's quarterly revenue was up 8.4% compared to the same quarter last year. During the same period last year, the company posted $2.31 earnings per share. On average, sell-side analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

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.