Congress Asset Management Co. cut its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 56.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,353 shares of the company's stock after selling 6,975 shares during the quarter. Congress Asset Management Co.'s holdings in AbbVie were worth $1,122,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. EnRich Financial Partners LLC grew its holdings in 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 during the period. Promus Capital LLC acquired a new stake in AbbVie during the fourth quarter worth about $30,000. Bradley & Co. Private Wealth Management LLC acquired a new stake in AbbVie during the fourth quarter worth about $31,000. Prudent Man Investment Management Inc. acquired a new stake in AbbVie during the fourth quarter worth about $32,000. Finally, Pinney & Scofield Inc. acquired a new stake in AbbVie during the fourth quarter worth about $36,000. 70.23% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several analysts have commented on ABBV shares. Erste Group Bank raised AbbVie to a "strong-buy" rating in a report on Monday, March 17th. Bank of America raised their price objective on AbbVie from $200.00 to $223.00 and gave the company a "neutral" rating in a report on Tuesday, March 4th. BNP Paribas raised AbbVie to a "hold" rating in a report on Thursday, May 8th. Wells Fargo & Company raised their target price on AbbVie from $210.00 to $240.00 and gave the company an "overweight" rating in a research report on Wednesday, March 5th. Finally, Cantor Fitzgerald assumed coverage on AbbVie in a research report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 target price on the stock. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $212.19.
View Our Latest Report on ABBV
Insider Buying and Selling
In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business's stock in a transaction 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 transaction, the executive vice president now directly owns 53,234 shares of the company's stock, valued at $11,183,398.72. The trade was a 52.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.25% of the stock is currently owned by insiders.
AbbVie Price Performance
ABBV stock opened at $189.89 on Monday. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94. The company has a market capitalization of $335.42 billion, a PE ratio of 79.12, a P/E/G ratio of 1.62 and a beta of 0.50. AbbVie Inc. has a 12-month low of $163.52 and a 12-month high of $218.66. The business's fifty day moving average price is $184.24 and its 200 day moving average price is $187.19.
AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.06. The firm had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The company's quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.31 EPS. On average, sell-side analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.
AbbVie Company Profile
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Free Report)
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.
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