Spirit of America Management Corp NY Trims Stock Position in AbbVie Inc. (NYSE:ABBV)

Spirit of America Management Corp NY lowered its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 10.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,600 shares of the company's stock after selling 2,600 shares during the quarter. AbbVie makes up approximately 0.9% of Spirit of America Management Corp NY's holdings, making the stock its 28th biggest position. Spirit of America Management Corp NY's holdings in AbbVie were worth $4,526,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ABBV. Blue Bell Private Wealth Management LLC raised its position in AbbVie by 30.4% in the 4th quarter. Blue Bell Private Wealth Management LLC now owns 223 shares of the company's stock valued at $40,000 after purchasing an additional 52 shares in the last quarter. Steel Grove Capital Advisors LLC raised its position in shares of AbbVie by 1.7% during the 4th quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company's stock worth $553,000 after acquiring an additional 52 shares in the last quarter. Peninsula Wealth LLC raised its position in shares of AbbVie by 4.1% during the 4th quarter. Peninsula Wealth LLC now owns 1,360 shares of the company's stock worth $242,000 after acquiring an additional 54 shares in the last quarter. Physicians Financial Services Inc. raised its position in shares of AbbVie by 0.5% during the 4th 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 raised its position in shares of AbbVie by 1.6% during the 4th 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. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Trading Down 0.1%

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

AbbVie (NYSE:ABBV - Get Free Report) last announced its 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. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The company had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. During the same period last year, the business posted $2.31 EPS. The company's revenue was up 8.4% on a year-over-year basis. Equities analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

Insider Activity at AbbVie

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie 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 sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.25% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on ABBV shares. Morgan Stanley raised their target price on AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. Wall Street Zen lowered AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. BNP Paribas raised AbbVie to a "hold" rating in a research report on Thursday, May 8th. Evercore ISI raised their target price on AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. Finally, Wells Fargo & Company raised 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. Eight analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $211.29.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.