Western Wealth Management LLC Has $2.48 Million Position in AbbVie Inc. (NYSE:ABBV)

Western Wealth Management LLC lowered its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 61.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 13,934 shares of the company's stock after selling 22,162 shares during the period. Western Wealth Management LLC's holdings in AbbVie were worth $2,476,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in AbbVie by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company's stock valued at $30,754,908,000 after purchasing an additional 1,424,237 shares during the last quarter. Geode Capital Management LLC grew its holdings in AbbVie by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company's stock valued at $6,586,948,000 after purchasing an additional 983,888 shares during the last quarter. Capital Research Global Investors grew its holdings in AbbVie by 2.3% during the fourth quarter. Capital Research Global Investors now owns 33,983,707 shares of the company's stock valued at $6,038,898,000 after purchasing an additional 778,126 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in AbbVie by 15.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company's stock valued at $4,875,401,000 after purchasing an additional 3,599,336 shares during the last quarter. Finally, Norges Bank acquired a new position in AbbVie during the fourth quarter valued at approximately $4,459,385,000. Institutional investors and hedge funds own 70.23% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on the company. BMO Capital Markets increased their price target on AbbVie from $208.00 to $215.00 and gave the company an "outperform" rating in a report on Monday, February 3rd. Erste Group Bank upgraded AbbVie to a "strong-buy" rating in a report on Monday, March 17th. Guggenheim raised their price objective on shares of AbbVie from $214.00 to $216.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Citigroup restated a "neutral" rating and issued a $205.00 price objective (down previously from $210.00) on shares of AbbVie in a research note on Wednesday, May 14th. Finally, Cantor Fitzgerald began coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price objective on the stock. Eight research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $210.95.

Insider Buying and Selling at AbbVie

In other news, SVP Kevin K. Buckbee sold 18,944 shares of the firm's stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $203.41, for a total value of $3,853,399.04. Following the completion of the sale, the senior vice president now directly owns 11,496 shares in the company, valued at approximately $2,338,401.36. This trade represents a 62.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Timothy J. Richmond sold 29,917 shares of AbbVie stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total value of $6,070,159.30. Following the completion of the sale, the executive vice president now owns 44,284 shares of the company's stock, valued at approximately $8,985,223.60. The trade was a 40.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 107,693 shares of company stock valued at $22,282,985. 0.25% of the stock is currently owned by company insiders.

AbbVie Stock Up 0.3%

Shares of ABBV stock opened at $182.32 on Friday. The stock has a market cap of $322.05 billion, a P/E ratio of 75.97, a price-to-earnings-growth ratio of 1.62 and a beta of 0.56. The stock has a fifty day moving average price of $189.00 and a 200 day moving average price of $186.55. AbbVie Inc. has a one year low of $153.58 and a one year high of $218.66. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.40 by $0.06. The company had revenue of $13.34 billion during the quarter, compared to analysts' expectations of $12.91 billion. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The business's revenue was up 8.4% on a year-over-year basis. During the same period last year, the business earned $2.31 earnings per share. Analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current 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.

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