Exchange Traded Concepts LLC Sells 7,120 Shares of AbbVie Inc. (NYSE:ABBV)

Exchange Traded Concepts LLC trimmed its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 9.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 67,441 shares of the company's stock after selling 7,120 shares during the quarter. Exchange Traded Concepts LLC's holdings in AbbVie were worth $14,130,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Blue Bell Private Wealth Management LLC raised its position in shares of AbbVie by 30.4% during the fourth quarter. Blue Bell Private Wealth Management LLC now owns 223 shares of the company's stock valued at $40,000 after buying an additional 52 shares during the last quarter. Steel Grove Capital Advisors LLC increased its stake in AbbVie by 1.7% during the fourth quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company's stock valued at $553,000 after acquiring an additional 52 shares during the period. Peninsula Wealth LLC increased its stake in AbbVie by 4.1% during the fourth quarter. Peninsula Wealth LLC now owns 1,360 shares of the company's stock valued at $242,000 after acquiring an additional 54 shares during the period. Physicians Financial Services Inc. raised its holdings in AbbVie by 0.5% in the 4th quarter. Physicians Financial Services Inc. now owns 12,150 shares of the company's stock valued at $2,159,000 after acquiring an additional 55 shares in the last quarter. Finally, Connecticut Wealth Management LLC lifted its position in shares of AbbVie by 1.6% in the 4th quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock worth $660,000 after acquiring an additional 57 shares during the period. Institutional investors and hedge funds own 70.23% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ABBV. Erste Group Bank upgraded AbbVie to a "strong-buy" rating in a research report on Monday, March 17th. Citigroup lifted their price target on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday. Morgan Stanley increased their price objective on shares of AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a research note on Monday, April 28th. Wall Street Zen downgraded shares of AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Finally, Guggenheim upped their target price on shares of AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Eight analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $211.29.

AbbVie Price Performance

NYSE ABBV traded down $1.75 on Friday, hitting $190.67. 4,965,464 shares of the company were exchanged, compared to its average volume of 6,251,458. 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 cap of $336.80 billion, a P/E ratio of 79.45, a P/E/G ratio of 1.62 and a beta of 0.50. AbbVie Inc. has a 1-year low of $163.52 and a 1-year high of $218.66. The firm has a 50 day moving average of $184.21 and a two-hundred day moving average of $187.52.

AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.40 by $0.06. The company had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. AbbVie's quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the business earned $2.31 earnings per share. On average, equities analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

Insider Activity

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the 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 transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.25% of the company's stock.

AbbVie 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.