Secure Asset Management LLC Decreases Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Secure Asset Management LLC decreased its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 54.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 5,727 shares of the company's stock after selling 6,814 shares during the period. Secure Asset Management LLC's holdings in AbbVie were worth $1,200,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. 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 valued at $29,000 after buying an additional 110 shares in the last quarter. Promus Capital LLC acquired a new position in shares of AbbVie in the 4th quarter valued at approximately $30,000. Bradley & Co. Private Wealth Management LLC acquired a new position in shares of AbbVie in the 4th quarter valued at approximately $31,000. Prudent Man Investment Management Inc. acquired a new position in AbbVie during the 4th quarter worth approximately $32,000. Finally, Pinney & Scofield Inc. acquired a new position in AbbVie during the 4th quarter worth approximately $36,000. Institutional investors own 70.23% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ABBV. Evercore ISI upped their price objective on shares of AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. Cantor Fitzgerald assumed coverage on shares of AbbVie in a report on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 target price on the stock. Wells Fargo & Company boosted their target price on shares of AbbVie from $210.00 to $240.00 and gave the stock an "overweight" rating in a report on Wednesday, March 5th. BNP Paribas raised shares of AbbVie to a "hold" rating in a report on Thursday, May 8th. Finally, The Goldman Sachs Group reissued a "neutral" rating and set a $194.00 target price on shares of AbbVie in a report on Tuesday, April 8th. Eight research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, AbbVie has a consensus rating of "Moderate Buy" and an average target price of $210.95.

Insiders Place Their Bets

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 stock was sold at an average price of $210.08, for a total value of $12,359,426.56. Following the sale, the executive vice president now owns 53,234 shares of the company's stock, valued at $11,183,398.72. This trade represents a 52.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.25% of the company's stock.

AbbVie Stock Performance

ABBV traded down $0.05 during 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 firm has a market cap of $330.82 billion, a P/E ratio of 78.04, a price-to-earnings-growth ratio of 1.62 and a beta of 0.56. The stock's fifty day moving average is $185.01 and its 200 day moving average is $186.65. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. 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 posted its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.06. The company had revenue of $13.34 billion during 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%. The firm's revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.31 earnings per share. As a group, equities analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal 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.