Channel Wealth LLC Sells 6,449 Shares of AbbVie Inc. (NYSE:ABBV)

Channel Wealth LLC trimmed its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 68.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,979 shares of the company's stock after selling 6,449 shares during the quarter. Channel Wealth LLC's holdings in AbbVie were worth $624,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Tallon Kerry Patrick bought a new stake in shares of AbbVie during the fourth quarter worth $309,000. Capital & Planning LLC lifted its position in AbbVie by 1.7% in the 4th quarter. Capital & Planning LLC now owns 6,239 shares of the company's stock valued at $1,109,000 after acquiring an additional 105 shares in the last quarter. LaFleur & Godfrey LLC boosted its stake in AbbVie by 4.1% in the 4th quarter. LaFleur & Godfrey LLC now owns 79,396 shares of the company's stock worth $14,109,000 after purchasing an additional 3,108 shares during the period. Brighton Jones LLC increased its holdings in AbbVie by 17.4% during the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after purchasing an additional 3,401 shares in the last quarter. Finally, Revolve Wealth Partners LLC increased its holdings in AbbVie by 72.7% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock worth $1,294,000 after purchasing an additional 3,064 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Wells Fargo & Company boosted their target price on AbbVie from $210.00 to $240.00 and gave the company an "overweight" rating in a research note on Wednesday, March 5th. Cantor Fitzgerald initiated coverage on shares of AbbVie in a research report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price objective on the stock. Bank of America increased their target price on shares of AbbVie from $200.00 to $223.00 and gave the stock a "neutral" rating in a report on Tuesday, March 4th. BNP Paribas upgraded shares of AbbVie to a "hold" rating in a research note on Thursday, May 8th. Finally, Wall Street Zen cut shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Eight investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $210.95.

Insiders Place Their Bets

In other 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 transaction of $12,359,426.56. Following 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 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. Insiders own 0.25% of the company's stock.

AbbVie Price Performance

Shares of ABBV stock traded down $0.05 on Thursday, hitting $187.29. 4,412,830 shares of the company's stock were exchanged, compared to its average volume of 6,237,604. AbbVie Inc. has a 12 month low of $163.52 and a 12 month high of $218.66. 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 company has a 50 day moving average of $185.01 and a 200 day moving average of $186.65. The stock has a market cap of $330.82 billion, a P/E ratio of 78.04, a price-to-earnings-growth ratio of 1.62 and a beta of 0.56.

AbbVie (NYSE:ABBV - Get Free Report) last posted its 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 firm had revenue of $13.34 billion during the quarter, compared to analysts' expectations of $12.91 billion. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The business's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.31 earnings per share. On average, equities research analysts predict that AbbVie Inc. will post 12.31 EPS 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.