Park Edge Advisors LLC Lowers Stock Position in AbbVie Inc. (NYSE:ABBV)

Park Edge Advisors LLC trimmed its position in AbbVie Inc. (NYSE:ABBV) by 3.8% in the 1st quarter, HoldingsChannel reports. The fund owned 3,772 shares of the company’s stock after selling 150 shares during the quarter. Park Edge Advisors LLC’s holdings in AbbVie were worth $790,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Crestline Management LP raised its stake in AbbVie by 438.4% during the 4th quarter. Crestline Management LP now owns 35,311 shares of the company’s stock valued at $6,275,000 after purchasing an additional 28,753 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of AbbVie by 1.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,367,162 shares of the company’s stock worth $1,664,489,000 after buying an additional 108,993 shares in the last quarter. Quantbot Technologies LP boosted its position in shares of AbbVie by 35.8% during the fourth quarter. Quantbot Technologies LP now owns 1,047 shares of the company’s stock worth $186,000 after acquiring an additional 276 shares during the last quarter. AXA S.A. boosted its position in shares of AbbVie by 14.8% during the fourth quarter. AXA S.A. now owns 971,893 shares of the company’s stock worth $172,705,000 after acquiring an additional 125,568 shares during the last quarter. Finally, Keystone Financial Group grew its stake in AbbVie by 0.9% during the fourth quarter. Keystone Financial Group now owns 17,952 shares of the company’s stock valued at $3,190,000 after acquiring an additional 161 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

Insider Activity at AbbVie

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the completion of the transaction, the executive vice president now directly owns 53,234 shares in the company, valued at approximately $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.25% of the stock is currently owned by insiders.

AbbVie Price Performance

Shares of NYSE ABBV opened at $187.18 on Wednesday. The company has a market cap of $330.63 billion, a PE ratio of 77.99, a P/E/G ratio of 1.62 and a beta of 0.56. AbbVie Inc. has a fifty-two week low of $159.77 and a fifty-two 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 business has a 50-day simple moving average of $185.37 and a two-hundred day simple moving average of $186.65.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $12.91 billion. During the same period in the prior year, the company earned $2.31 earnings per share. The company’s revenue was up 8.4% on a year-over-year basis. As a group, equities analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on ABBV. Morgan Stanley increased their price objective on shares of AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, April 28th. Guggenheim upped their price objective on AbbVie from $214.00 to $216.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. Bank of America boosted their target price on AbbVie from $200.00 to $223.00 and gave the company a “neutral” rating in a research report on Tuesday, March 4th. Citigroup restated a “neutral” rating and set a $205.00 price target (down previously from $210.00) on shares of AbbVie in a report on Wednesday, May 14th. Finally, Wells Fargo & Company lifted their price objective on shares of AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 5th. Eight research analysts have rated the stock with a hold rating, eighteen have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average 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.