MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Cuts Stock Position in AbbVie Inc. (NYSE:ABBV)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. cut its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 12.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 284,839 shares of the company's stock after selling 39,933 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in AbbVie were worth $50,605,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of AbbVie by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company's stock worth $30,754,908,000 after buying an additional 1,424,237 shares during the period. Geode Capital Management LLC increased its stake in shares of 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 buying an additional 983,888 shares during the period. Capital Research Global Investors raised its holdings in shares of AbbVie by 2.3% in 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 acquiring an additional 778,126 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in AbbVie by 15.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company's stock worth $4,875,401,000 after acquiring an additional 3,599,336 shares during the period. Finally, Norges Bank bought a new position in AbbVie during the 4th quarter worth about $4,459,385,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Performance

ABBV stock traded up $2.34 during midday trading on Friday, reaching $184.02. The stock had a trading volume of 6,151,228 shares, compared to its average volume of 6,235,724. The firm has a fifty day simple moving average of $191.89 and a two-hundred day simple moving average of $187.11. AbbVie Inc. has a 52-week low of $153.58 and a 52-week high of $218.66. 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 stock has a market cap of $325.53 billion, a PE ratio of 76.68, a P/E/G ratio of 1.62 and a beta of 0.56.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data 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 firm 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 company's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period last year, the business posted $2.31 earnings per share. As a group, equities research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

Insider Activity at AbbVie

In related news, SVP Kevin K. Buckbee sold 18,944 shares of the stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $203.41, for a total transaction of $3,853,399.04. Following the sale, the senior vice president now directly owns 11,496 shares of the company's stock, valued at approximately $2,338,401.36. This represents a 62.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm's stock in a transaction 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 owns 53,234 shares in the company, valued at approximately $11,183,398.72. This represents a 52.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,471 shares of company stock worth $23,426,451 over the last three months. Company insiders own 0.25% of the company's stock.

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of recent research reports. UBS Group increased their price objective on shares of AbbVie from $181.00 to $190.00 and gave the company a "neutral" rating in a research note on Monday, February 3rd. Bank of America lifted their price target on AbbVie from $200.00 to $223.00 and gave the company a "neutral" rating in a report on Tuesday, March 4th. Morgan Stanley upped their price objective on AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a research note on Monday, April 28th. Wells Fargo & Company lifted their target price on AbbVie from $210.00 to $240.00 and gave the company an "overweight" rating in a research note on Wednesday, March 5th. Finally, Cantor Fitzgerald started coverage on shares of AbbVie in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 target price for the company. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $210.95.

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.