RB Capital Management LLC Trims Stake in AbbVie Inc. (NYSE:ABBV)

RB Capital Management LLC lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.9% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 13,869 shares of the company’s stock after selling 270 shares during the period. RB Capital Management LLC’s holdings in AbbVie were worth $2,464,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Pinkerton Retirement Specialists LLC increased its position in shares of AbbVie by 4.4% during the fourth quarter. Pinkerton Retirement Specialists LLC now owns 25,990 shares of the company’s stock valued at $4,618,000 after buying an additional 1,086 shares during the period. 49 Wealth Management LLC increased its position in shares of AbbVie by 6.0% during the fourth quarter. 49 Wealth Management LLC now owns 5,303 shares of the company’s stock valued at $942,000 after buying an additional 301 shares during the period. DCM Advisors LLC increased its position in shares of AbbVie by 3.9% during the fourth quarter. DCM Advisors LLC now owns 28,873 shares of the company’s stock valued at $5,131,000 after buying an additional 1,078 shares during the period. Novem Group bought a new stake in AbbVie during the fourth quarter worth about $1,169,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in AbbVie by 14.8% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 338,238 shares of the company’s stock worth $60,105,000 after acquiring an additional 43,594 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

ABBV has been the topic of several research reports. The Goldman Sachs Group reissued a “neutral” rating and set a $194.00 price objective on shares of AbbVie in a research note on Tuesday, April 8th. Morgan Stanley boosted their price objective on shares of AbbVie from $241.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, April 28th. BNP Paribas raised shares of AbbVie to a “hold” rating in a research note on Thursday, May 8th. Cantor Fitzgerald initiated coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 price objective on the stock. Finally, UBS Group boosted their price objective on shares of AbbVie from $181.00 to $190.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $210.95.

Insider Transactions at AbbVie

In other 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 value of $3,853,399.04. Following the completion of the sale, the senior vice president now directly owns 11,496 shares of the company’s stock, valued at $2,338,401.36. This represents a 62.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Timothy J. Richmond sold 29,917 shares of the stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total transaction of $6,070,159.30. Following the completion of the sale, the executive vice president now directly owns 44,284 shares of the company’s stock, valued at approximately $8,985,223.60. This trade represents a 40.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 107,693 shares of company stock valued at $22,282,985 over the last three months. Corporate insiders own 0.25% of the company’s stock.

AbbVie Stock Down 1.7%

Shares of ABBV stock opened at $181.74 on Thursday. AbbVie Inc. has a 12 month low of $153.58 and a 12 month high of $218.66. The stock has a market cap of $321.02 billion, a P/E ratio of 75.72, a P/E/G ratio of 1.62 and a beta of 0.56. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94. The company has a 50 day simple moving average of $189.64 and a two-hundred day simple moving average of $186.68.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.06. The business had revenue of $13.34 billion during the quarter, compared to analysts’ expectations of $12.91 billion. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The firm’s revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the company earned $2.31 earnings per share. On average, research analysts expect 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.