AbbVie Inc. (NYSE:ABBV) Position Lowered by Lmcg Investments LLC

Lmcg Investments LLC cut its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 2.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 162,787 shares of the company's stock after selling 4,469 shares during the quarter. AbbVie makes up approximately 2.3% of Lmcg Investments LLC's holdings, making the stock its 7th largest holding. Lmcg Investments LLC's holdings in AbbVie were worth $34,107,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in AbbVie by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company's stock worth $30,754,908,000 after buying an additional 1,424,237 shares during the period. Geode Capital Management LLC grew its holdings in shares of AbbVie by 2.7% during the 4th quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company's stock worth $6,586,948,000 after acquiring an additional 983,888 shares during the period. Capital Research Global Investors raised its position in shares of AbbVie by 2.3% in the 4th quarter. Capital Research Global Investors now owns 33,983,707 shares of the company's stock worth $6,038,898,000 after acquiring an additional 778,126 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of AbbVie by 15.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company's stock valued at $4,875,401,000 after purchasing an additional 3,599,336 shares during the period. Finally, Norges Bank purchased a new position in shares of AbbVie in the 4th quarter valued at approximately $4,459,385,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

Wall Street Analyst Weigh In

ABBV has been the subject of several research reports. Erste Group Bank upgraded shares of AbbVie to a "strong-buy" rating in a research note on Monday, March 17th. Citigroup reiterated a "neutral" rating and set a $205.00 target price (down from $210.00) on shares of AbbVie in a report on Wednesday, May 14th. Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $194.00 price objective on shares of AbbVie in a research report on Tuesday, April 8th. Finally, BNP Paribas raised AbbVie to a "hold" rating in a report on Thursday, May 8th. Eight analysts have rated the stock with a hold rating, eighteen have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average 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 the business's stock in a transaction dated 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 directly owns 53,234 shares in the company, valued at $11,183,398.72. The trade was a 52.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.25% of the company's stock.

AbbVie Stock Performance

NYSE:ABBV traded down $0.05 during mid-day trading on Thursday, hitting $187.29. 4,412,830 shares of the company traded hands, compared to its average volume of 6,237,604. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. The stock's fifty day moving average price is $185.01 and its 200-day moving average price is $186.65. The firm has a market cap of $330.82 billion, a price-to-earnings ratio of 78.04, a price-to-earnings-growth ratio of 1.62 and a beta of 0.56. AbbVie Inc. has a one year low of $163.52 and a one year high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.40 by $0.06. The company had revenue of $13.34 billion during 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 firm's revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the company posted $2.31 EPS. Research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal 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.