Nuveen Asset Management LLC Sells 421,017 Shares of AbbVie Inc. (NYSE:ABBV)

Nuveen Asset Management LLC lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 4.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,088,354 shares of the company's stock after selling 421,017 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.51% of AbbVie worth $1,615,001,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in AbbVie by 553.4% in the 4th quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,488 shares of the company's stock valued at $1,331,000 after buying an additional 6,342 shares during the period. OMERS ADMINISTRATION Corp grew its position in shares of AbbVie by 13.3% during the fourth quarter. OMERS ADMINISTRATION Corp now owns 78,473 shares of the company's stock worth $13,945,000 after buying an additional 9,213 shares in the last quarter. Obermeyer Wealth Partners boosted its holdings in AbbVie by 24.0% in the fourth quarter. Obermeyer Wealth Partners now owns 23,192 shares of the company's stock valued at $4,121,000 after purchasing an additional 4,491 shares in the last quarter. Measured Risk Portfolios Inc. acquired a new position in AbbVie in the fourth quarter valued at approximately $2,078,000. Finally, Mubadala Investment Co PJSC purchased a new stake in AbbVie in the fourth quarter valued at approximately $3,516,000. Institutional investors and hedge funds own 70.23% of the company's stock.

Insider Activity

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $210.08, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Perry C. Siatis sold 5,778 shares of AbbVie stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $197.90, for a total value of $1,143,466.20. Following the transaction, the executive vice president now owns 22,381 shares in the company, valued at approximately $4,429,199.90. This represents a 20.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,471 shares of company stock valued at $23,426,451 over the last 90 days. 0.25% of the stock is owned by company insiders.

AbbVie Price Performance

Shares of ABBV traded up $2.34 during mid-day trading on Friday, reaching $184.02. The company had a trading volume of 6,151,228 shares, compared to its average volume of 6,247,870. AbbVie Inc. has a twelve month low of $153.58 and a twelve month 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. The company's 50-day moving average is $191.30 and its 200-day moving average is $186.97. The company has a market capitalization of $325.06 billion, a P/E 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 issued its earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.40 by $0.06. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The business had revenue of $13.34 billion during the quarter, compared to analysts' expectations of $12.91 billion. During the same period in the prior year, the firm posted $2.31 EPS. AbbVie's quarterly revenue was up 8.4% compared to the same quarter last year. On average, equities analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently commented on ABBV. Wells Fargo & Company upped their price target on AbbVie from $210.00 to $240.00 and gave the stock an "overweight" rating in a research note on Wednesday, March 5th. Guggenheim raised their price target on AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Morgan Stanley raised their price target on AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a research report on Monday, April 28th. Erste Group Bank raised AbbVie to a "strong-buy" rating in a research note on Monday, March 17th. Finally, Bank of America raised their price target on AbbVie from $200.00 to $223.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 4th. Eight analysts have rated the stock with a hold rating, seventeen have given a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.