Adero Partners LLC Trims Stake in AbbVie Inc. (NYSE:ABBV)

Adero Partners LLC trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBVFree Report) by 14.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,934 shares of the company’s stock after selling 484 shares during the quarter. Adero Partners LLC’s holdings in AbbVie were worth $455,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Tradition Wealth Management LLC lifted its stake in shares of AbbVie by 3.6% in the 4th quarter. Tradition Wealth Management LLC now owns 23,918 shares of the company’s stock valued at $3,707,000 after acquiring an additional 829 shares during the last quarter. Alaethes Wealth LLC bought a new position in AbbVie during the 4th quarter valued at approximately $291,000. Clear Investment Research LLC bought a new position in shares of AbbVie in the 4th quarter worth approximately $48,000. Madison Asset Management LLC raised its position in shares of AbbVie by 67.3% in the 4th quarter. Madison Asset Management LLC now owns 15,217 shares of the company’s stock worth $2,358,000 after acquiring an additional 6,120 shares in the last quarter. Finally, Peterson Financial Group Inc. raised its position in shares of AbbVie by 29.3% in the 4th quarter. Peterson Financial Group Inc. now owns 9,267 shares of the company’s stock worth $1,436,000 after acquiring an additional 2,098 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on ABBV shares. BMO Capital Markets cut their price target on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research note on Monday, April 29th. Barclays cut their price target on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research note on Monday, April 29th. Truist Financial increased their target price on AbbVie from $180.00 to $195.00 and gave the company a “buy” rating in a research note on Tuesday, February 6th. Cantor Fitzgerald began coverage on AbbVie in a research note on Friday, May 17th. They set an “overweight” rating and a $200.00 target price on the stock. Finally, Raymond James increased their target price on AbbVie from $181.00 to $189.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $176.14.

Get Our Latest Analysis on ABBV

Insider Transactions at AbbVie

In other news, EVP Jeffrey Ryan Stewart sold 58,949 shares of the business’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $178.79, for a total transaction of $10,539,491.71. Following the sale, the executive vice president now directly owns 60,941 shares of the company’s stock, valued at $10,895,641.39. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,949 shares of the company’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $178.79, for a total value of $10,539,491.71. Following the sale, the executive vice president now directly owns 60,941 shares of the company’s stock, valued at $10,895,641.39. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Nicholas Donoghoe sold 21,082 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $176.30, for a total transaction of $3,716,756.60. Following the completion of the sale, the executive vice president now directly owns 55,903 shares in the company, valued at $9,855,698.90. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

AbbVie Trading Up 3.2 %

Shares of NYSE:ABBV traded up $4.93 during trading hours on Friday, hitting $161.24. 15,664,434 shares of the company’s stock traded hands, compared to its average volume of 4,481,604. AbbVie Inc. has a 1 year low of $130.96 and a 1 year high of $182.89. The business has a fifty day moving average price of $165.83 and a 200-day moving average price of $163.83. The firm has a market capitalization of $284.73 billion, a P/E ratio of 47.85, a price-to-earnings-growth ratio of 2.06 and a beta of 0.61. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83.

AbbVie (NYSE:ABBVGet Free Report) last posted its quarterly earnings results on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.05. The firm had revenue of $12.31 billion during the quarter, compared to the consensus estimate of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The company’s revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.46 earnings per share. Equities analysts expect that AbbVie Inc. will post 11.26 earnings per share for the current year.

AbbVie Profile

(Free Report)

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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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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