Rhumbline Advisers Lowers Holdings in AbbVie Inc. (NYSE:ABBV)

Rhumbline Advisers lessened its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 0.9% in the first quarter, according to its most recent filing with the SEC. The firm owned 3,010,690 shares of the company's stock after selling 26,376 shares during the quarter. AbbVie makes up approximately 0.6% of Rhumbline Advisers' investment portfolio, making the stock its 23rd largest holding. Rhumbline Advisers owned approximately 0.17% of AbbVie worth $630,800,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Crestline Management LP lifted its holdings in shares of AbbVie by 438.4% in the 4th quarter. Crestline Management LP now owns 35,311 shares of the company's stock worth $6,275,000 after purchasing an additional 28,753 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of AbbVie by 1.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,367,162 shares of the company's stock worth $1,664,489,000 after purchasing an additional 108,993 shares in the last quarter. Quantbot Technologies LP lifted its holdings in shares of AbbVie by 35.8% in the 4th quarter. Quantbot Technologies LP now owns 1,047 shares of the company's stock worth $186,000 after purchasing an additional 276 shares in the last quarter. AXA S.A. lifted its holdings in shares of AbbVie by 14.8% in the 4th quarter. AXA S.A. now owns 971,893 shares of the company's stock worth $172,705,000 after purchasing an additional 125,568 shares in the last quarter. Finally, Keystone Financial Group lifted its holdings in shares of AbbVie by 0.9% in the 4th quarter. Keystone Financial Group now owns 17,952 shares of the company's stock worth $3,190,000 after purchasing an additional 161 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ABBV. Erste Group Bank raised AbbVie to a "strong-buy" rating in a research report on Monday, March 17th. Bank of America raised their target price on AbbVie from $200.00 to $223.00 and gave the company a "neutral" rating in a research report on Tuesday, March 4th. Wall Street Zen lowered AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Guggenheim raised their target price on AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and set a $194.00 target price on shares of AbbVie in a research report on Tuesday, April 8th. Eight investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $210.95.

AbbVie Price Performance

Shares of ABBV traded up $1.52 during midday trading on Wednesday, reaching $188.77. The stock had a trading volume of 1,416,941 shares, compared to its average volume of 6,220,880. 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 capitalization of $333.44 billion, a price-to-earnings ratio of 78.65, a price-to-earnings-growth ratio of 1.62 and a beta of 0.56. The company's 50-day moving average is $185.37 and its 200 day moving average is $186.65. AbbVie Inc. has a 12-month low of $159.77 and a 12-month high of $218.66.

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

Insider Activity

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm'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 sale, the executive vice president now directly owns 53,234 shares in the company, valued at $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.25% of the company's stock.

About AbbVie

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.