Retirement Systems of Alabama Sells 93,782 Shares of AbbVie Inc. (NYSE:ABBV)

Retirement Systems of Alabama cut its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 10.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 806,047 shares of the company's stock after selling 93,782 shares during the period. AbbVie makes up approximately 0.7% of Retirement Systems of Alabama's portfolio, making the stock its 23rd biggest position. Retirement Systems of Alabama's holdings in AbbVie were worth $168,883,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. EnRich Financial Partners LLC raised its position 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 in the last quarter. Promus Capital LLC acquired a new stake in shares of AbbVie in the 4th quarter valued at about $30,000. Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of AbbVie in the 4th quarter valued at about $31,000. Prudent Man Investment Management Inc. acquired a new stake in shares of AbbVie in the 4th quarter valued at about $32,000. Finally, Siemens Fonds Invest GmbH grew its stake in shares of AbbVie by 197.6% in the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after buying an additional 119,141 shares during the period. 70.23% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company's stock in a transaction that occurred 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 in the company, valued at approximately $11,183,398.72. This represents a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.25% of the stock is currently owned by insiders.

AbbVie Price Performance

AbbVie stock opened at $185.26 on Friday. AbbVie Inc. has a 52 week low of $163.52 and a 52 week high of $218.66. The company's 50 day moving average price is $184.98 and its two-hundred day moving average price is $187.60. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. The stock has a market cap of $327.24 billion, a P/E ratio of 78.83, a P/E/G ratio of 1.23 and a beta of 0.50.

AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, topping the consensus estimate of $2.40 by $0.06. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The firm had revenue of $13.34 billion for the quarter, compared to analysts' expectations of $12.91 billion. During the same quarter last year, the firm earned $2.31 EPS. The company's quarterly revenue was up 8.4% compared to the same quarter last year. On average, equities analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have recently commented on ABBV shares. Erste Group Bank upgraded AbbVie to a "strong-buy" rating in a research note on Monday, March 17th. The Goldman Sachs Group restated a "neutral" rating and issued a $194.00 target price on shares of AbbVie in a research note on Tuesday, April 8th. Guggenheim raised their target price on AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Morgan Stanley raised their target price on AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a research note on Monday, April 28th. Finally, Citigroup raised their target price on AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. 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's stock. According to MarketBeat.com, AbbVie presently has a consensus rating of "Moderate Buy" and a consensus price target of $211.29.

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.

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