Trust Point Inc. Sells 2,713 Shares of AbbVie Inc. (NYSE:ABBV)

Trust Point Inc. decreased its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 25.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,781 shares of the company's stock after selling 2,713 shares during the quarter. Trust Point Inc.'s holdings in AbbVie were worth $1,630,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in ABBV. Hanson & Doremus Investment Management grew its position in shares of AbbVie by 80.5% during the 1st quarter. Hanson & Doremus Investment Management now owns 15,981 shares of the company's stock worth $3,348,000 after buying an additional 7,126 shares during the period. Citadel Investment Advisory Inc. grew its position in AbbVie by 0.4% in the 1st quarter. Citadel Investment Advisory Inc. now owns 18,456 shares of the company's stock valued at $3,867,000 after purchasing an additional 75 shares during the period. Access Financial Services Inc. grew its position in AbbVie by 1.4% in the 1st quarter. Access Financial Services Inc. now owns 7,414 shares of the company's stock valued at $1,553,000 after purchasing an additional 101 shares during the period. Stewardship Advisors LLC bought a new position in AbbVie during the 1st quarter valued at $224,000. Finally, Acropolis Investment Management LLC lifted its stake in AbbVie by 2.9% during the 1st quarter. Acropolis Investment Management LLC now owns 3,494 shares of the company's stock valued at $732,000 after acquiring an additional 98 shares in the last quarter. Institutional investors own 70.23% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Cantor Fitzgerald assumed coverage on AbbVie in a research note on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 price objective on the stock. Bank of America lifted their target price on AbbVie to $204.00 and gave the stock a "hold" rating in a research note on Monday, June 9th. Evercore ISI boosted their price objective on AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Morgan Stanley boosted their price objective on AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a research note on Monday, April 28th. Finally, BNP Paribas upgraded AbbVie to a "hold" rating in a research note on Thursday, May 8th. Eight equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $211.29.

Insiders Place Their Bets

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the completion of the sale, the executive vice president now owns 53,234 shares of the company's stock, 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 SEC, which can be accessed through this hyperlink. 0.25% of the stock is owned by insiders.

AbbVie Stock Down 0.9%

Shares of NYSE ABBV opened at $190.67 on Monday. AbbVie Inc. has a 12 month low of $163.52 and a 12 month high of $218.66. 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 firm has a market capitalization of $336.80 billion, a price-to-earnings ratio of 79.45, a PEG ratio of 1.62 and a beta of 0.50. The business has a 50-day moving average of $184.21 and a 200-day moving average of $187.55.

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. The business had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. AbbVie's revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.31 earnings per share. Sell-side analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

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.

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