Parsons Capital Management Inc. RI Sells 4,231 Shares of AbbVie Inc. (NYSE:ABBV)

Parsons Capital Management Inc. RI lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 3.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 107,159 shares of the company's stock after selling 4,231 shares during the quarter. AbbVie makes up about 1.2% of Parsons Capital Management Inc. RI's investment portfolio, making the stock its 13th biggest position. Parsons Capital Management Inc. RI's holdings in AbbVie were worth $22,452,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

Several analysts recently issued reports on the company. Cantor Fitzgerald assumed coverage on AbbVie in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price target for the company. Wells Fargo & Company upped their target price on AbbVie from $210.00 to $240.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 5th. Citigroup raised their target price on AbbVie to $205.00 and gave the company a "hold" rating in a report on Wednesday. Erste Group Bank upgraded AbbVie to a "strong-buy" rating in a report on Monday, March 17th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $194.00 price objective on shares of AbbVie in a research report on Tuesday, April 8th. Eight equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie has an average rating of "Moderate Buy" and an average price target of $211.29.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business's stock in a transaction dated 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 transaction, the executive vice president now directly owns 53,234 shares of the company's stock, valued at approximately $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 SEC, which is accessible through this hyperlink. Corporate insiders own 0.25% of the company's stock.

AbbVie Price Performance

Shares of AbbVie stock traded down $1.75 during midday trading on Friday, hitting $190.67. 4,965,464 shares of the company were exchanged, compared to its average volume of 6,243,959. 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 firm has a market cap of $336.80 billion, a P/E ratio of 79.45, a PEG ratio of 1.62 and a beta of 0.50. AbbVie Inc. has a 52 week low of $163.52 and a 52 week high of $218.66. The firm has a 50 day simple moving average of $183.90 and a 200-day simple moving average of $187.43.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings results 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. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The firm had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. During the same period last year, the firm posted $2.31 EPS. The firm's quarterly revenue was up 8.4% on a year-over-year basis. Research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

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.