AbbVie Inc. (NYSE:ABBV) Shares Sold by 1900 Wealth Management LLC

1900 Wealth Management LLC cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 49.3% during the first quarter, Holdings Channel.com reports. The fund owned 2,907 shares of the company’s stock after selling 2,830 shares during the period. 1900 Wealth Management LLC’s holdings in AbbVie were worth $529,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Oxler Private Wealth LLC lifted its holdings in AbbVie by 402.8% in the 1st quarter. Oxler Private Wealth LLC now owns 16,380 shares of the company’s stock valued at $2,983,000 after purchasing an additional 13,122 shares in the last quarter. Newbridge Financial Services Group Inc. boosted its position in AbbVie by 8.5% during the first quarter. Newbridge Financial Services Group Inc. now owns 6,918 shares of the company’s stock worth $1,260,000 after acquiring an additional 541 shares during the last quarter. Pinnacle Wealth Management Group Inc. grew its stake in AbbVie by 1.4% during the 1st quarter. Pinnacle Wealth Management Group Inc. now owns 6,765 shares of the company’s stock valued at $1,232,000 after acquiring an additional 92 shares in the last quarter. Fulcrum Equity Management raised its holdings in AbbVie by 37.9% in the 1st quarter. Fulcrum Equity Management now owns 6,772 shares of the company’s stock valued at $1,233,000 after acquiring an additional 1,860 shares during the last quarter. Finally, Pegasus Partners Ltd. lifted its stake in AbbVie by 1.8% in the 1st quarter. Pegasus Partners Ltd. now owns 5,099 shares of the company’s stock worth $929,000 after purchasing an additional 89 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at AbbVie

In other AbbVie news, CEO Richard A. Gonzalez sold 138,616 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $177.27, for a total value of $24,572,458.32. Following the completion of the transaction, the chief executive officer now owns 519,099 shares in the company, valued at $92,020,679.73. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, COO Robert A. Michael sold 68,879 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $176.45, for a total transaction of $12,153,699.55. Following the completion of the transaction, the chief operating officer now directly owns 98,645 shares of the company’s stock, valued at approximately $17,405,910.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Richard A. Gonzalez sold 138,616 shares of the business’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total value of $24,572,458.32. Following the transaction, the chief executive officer now directly owns 519,099 shares of the company’s stock, valued at $92,020,679.73. The disclosure for this sale can be found here. Over the last quarter, insiders sold 330,454 shares of company stock worth $58,595,955. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ABBV. Barclays cut their price target on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a report on Monday, April 29th. BMO Capital Markets reduced their price target on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. William Blair raised shares of AbbVie from a “market perform” rating to an “outperform” rating in a report on Monday, January 29th. Cantor Fitzgerald initiated coverage on shares of AbbVie in a report on Friday, May 17th. They issued an “overweight” rating and a $200.00 target price on the stock. Finally, Raymond James raised their price target on shares of AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a report on Monday, February 5th. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $176.14.

AbbVie Trading Down 2.0 %

NYSE:ABBV traded down $3.29 during trading hours on Wednesday, reaching $159.64. 6,904,470 shares of the stock were exchanged, compared to its average volume of 5,527,939. AbbVie Inc. has a twelve month low of $130.96 and a twelve month high of $182.89. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. The business has a 50-day moving average of $168.81 and a two-hundred day moving average of $162.98. The company has a market capitalization of $281.90 billion, a price-to-earnings ratio of 47.37, a PEG ratio of 2.08 and a beta of 0.61.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, May 3rd. The company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $0.05. The company had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. AbbVie’s revenue for the quarter was up .7% on a year-over-year basis. During the same period last year, the business posted $2.46 EPS. On average, equities analysts predict that AbbVie Inc. will post 11.26 EPS for the current 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.