Wesbanco Bank Inc. Lowers Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Wesbanco Bank Inc. lowered its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 3.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 82,571 shares of the company's stock after selling 3,270 shares during the period. Wesbanco Bank Inc.'s holdings in AbbVie were worth $17,300,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. EnRich Financial Partners LLC increased its position in shares of AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock worth $29,000 after purchasing an additional 110 shares during the last quarter. Promus Capital LLC bought a new position in shares of AbbVie in the 4th quarter worth $30,000. Bradley & Co. Private Wealth Management LLC purchased a new stake in shares of AbbVie during the 4th quarter valued at $31,000. Prudent Man Investment Management Inc. bought a new stake in shares of AbbVie during the 4th quarter worth $32,000. Finally, Siemens Fonds Invest GmbH grew its position in AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after acquiring an additional 119,141 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on ABBV shares. Citigroup restated a "neutral" rating and set a $205.00 price target (down previously from $210.00) on shares of AbbVie in a research report on Wednesday, May 14th. Erste Group Bank upgraded AbbVie to a "strong-buy" rating in a research report on Monday, March 17th. Morgan Stanley increased their price target on shares of AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a research report on Monday, April 28th. Cantor Fitzgerald initiated coverage on shares of AbbVie in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price objective for the company. Finally, Bank of America upped their price objective on shares of AbbVie from $200.00 to $223.00 and gave the company a "neutral" rating in a research note on Tuesday, March 4th. Eight investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie presently has a consensus rating of "Moderate Buy" and an average target price of $212.19.

Insider Activity at AbbVie

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business's 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 of the company's stock, valued at $11,183,398.72. The trade was a 52.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.25% of the stock is currently owned by corporate insiders.

AbbVie Stock Up 1.3%

Shares of AbbVie stock opened at $189.89 on Monday. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94. AbbVie Inc. has a 12-month low of $163.52 and a 12-month high of $218.66. The company has a market cap of $335.42 billion, a P/E ratio of 79.12, a PEG ratio of 1.62 and a beta of 0.50. The company's fifty day simple moving average is $184.24 and its two-hundred day simple moving average is $187.19.

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 analysts' expectations of $12.91 billion. During the same quarter in the previous year, the company earned $2.31 earnings per share. AbbVie's quarterly revenue was up 8.4% on a year-over-year basis. Research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

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.

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