Summit Global Investments Has $687,000 Stake in AbbVie Inc. (NYSE:ABBV)

Summit Global Investments lowered its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 75.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,279 shares of the company's stock after selling 9,986 shares during the quarter. Summit Global Investments' holdings in AbbVie were worth $687,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in ABBV. Blue Bell Private Wealth Management LLC lifted its stake 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 buying an additional 52 shares during the last quarter. Steel Grove Capital Advisors LLC lifted its stake 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 buying an additional 52 shares during the last quarter. Peninsula Wealth LLC lifted its stake 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 buying an additional 54 shares during the last quarter. Physicians Financial Services Inc. increased its position in AbbVie by 0.5% during 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 during the period. Finally, Connecticut Wealth Management LLC increased its position in AbbVie by 1.6% during 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 during the period. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Price Performance

Shares of AbbVie stock traded down $0.09 during midday trading on Friday, hitting $185.53. 11,606,785 shares of the company traded hands, compared to its average volume of 6,243,426. The stock has a market cap of $327.72 billion, a price-to-earnings ratio of 77.30, a PEG ratio of 1.62 and a beta of 0.56. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66. The firm's fifty day moving average price is $185.97 and its 200-day moving average price is $186.37. AbbVie Inc. has a 12 month low of $158.83 and a 12 month high of $218.66.

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 company had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. During the same period in the previous year, the firm posted $2.31 EPS. The firm's revenue was up 8.4% on a year-over-year basis. As a group, sell-side analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $210.08, for a total transaction 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. This trade represents a 52.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.25% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Raymond James reaffirmed an "outperform" rating and set a $220.00 price target (up from $218.00) on shares of AbbVie in a research report on Monday, February 3rd. UBS Group raised their price target on shares of AbbVie from $181.00 to $190.00 and gave the stock a "neutral" rating in a research report on Monday, February 3rd. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $194.00 price target on shares of AbbVie in a research report on Tuesday, April 8th. Morgan Stanley raised their price target on shares of AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. Finally, Wall Street Zen lowered shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Eight analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $210.95.

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.