Envestnet Portfolio Solutions Inc. Cuts Holdings in AbbVie Inc. (NYSE:ABBV)

Envestnet Portfolio Solutions Inc. cut its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 28.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 142,801 shares of the company's stock after selling 55,876 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in AbbVie were worth $29,920,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ABBV. EnRich Financial Partners LLC grew its holdings in shares of AbbVie by 196.4% in the 4th 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 purchased a new stake in AbbVie during the fourth quarter worth $30,000. Bradley & Co. Private Wealth Management LLC acquired a new stake in AbbVie in the fourth quarter valued at $31,000. Prudent Man Investment Management Inc. acquired a new position in shares of AbbVie during the 4th quarter worth $32,000. Finally, Pinney & Scofield Inc. purchased a new stake in shares of AbbVie in the 4th quarter worth about $36,000. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Price Performance

Shares of AbbVie stock opened at $185.26 on Thursday. The business's fifty day moving average price is $184.75 and its 200 day moving average price is $187.58. AbbVie Inc. has a twelve month low of $163.52 and a twelve month high of $218.66. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. The stock has a market capitalization of $327.24 billion, a P/E ratio of 78.83, a PEG ratio of 1.23 and a beta of 0.50.

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 the consensus estimate of $2.40 by $0.06. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The business had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. During the same period in the previous year, the company posted $2.31 EPS. The company's revenue was up 8.4% compared to the same quarter last year. As a group, research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on ABBV shares. Morgan Stanley lifted their target price on shares of AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. Citigroup lifted their price objective on AbbVie to $205.00 and gave the stock a "hold" rating in a research report on Wednesday, June 11th. Cantor Fitzgerald started coverage on AbbVie in a research report on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 price target for the company. Erste Group Bank upgraded AbbVie to a "strong-buy" rating in a research report on Monday, March 17th. Finally, Evercore ISI increased their price objective on AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $211.29.

Insider Activity at AbbVie

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the 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 sale, the executive vice president now owns 53,234 shares of the company's stock, valued at $11,183,398.72. This represents a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.25% of the stock is currently owned by insiders.

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.

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