Secure Asset Management LLC Sells 6,814 Shares of AbbVie Inc. (NYSE:ABBV)

Secure Asset Management LLC lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 54.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,727 shares of the company’s stock after selling 6,814 shares during the quarter. Secure Asset Management LLC’s holdings in AbbVie were worth $1,200,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Long Run Wealth Advisors LLC bought a new position in AbbVie during the first quarter valued at about $236,000. Wealth Alliance Advisory Group LLC boosted its stake in AbbVie by 9.0% in the first quarter. Wealth Alliance Advisory Group LLC now owns 10,114 shares of the company’s stock valued at $2,119,000 after acquiring an additional 838 shares during the last quarter. Nixon Peabody Trust Co. lifted its stake in AbbVie by 5.1% in the first quarter. Nixon Peabody Trust Co. now owns 6,823 shares of the company’s stock valued at $1,430,000 after purchasing an additional 331 shares during the last quarter. Financial Management Professionals Inc. boosted its holdings in AbbVie by 10.4% in the 1st quarter. Financial Management Professionals Inc. now owns 6,092 shares of the company’s stock worth $1,276,000 after buying an additional 576 shares during the period. Finally, Teamwork Financial Advisors LLC grew its stake in AbbVie by 2,060.9% in the 1st quarter. Teamwork Financial Advisors LLC now owns 53,439 shares of the company’s stock valued at $11,197,000 after buying an additional 50,966 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Erste Group Bank raised AbbVie to a “strong-buy” rating in a report on Monday, March 17th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $194.00 target price on shares of AbbVie in a report on Tuesday, April 8th. Morgan Stanley increased their price target on shares of AbbVie from $241.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, April 28th. Citigroup reissued a “neutral” rating and set a $205.00 price objective (down previously from $210.00) on shares of AbbVie in a research note on Wednesday, May 14th. Finally, Bank of America upped their price target on shares of AbbVie from $200.00 to $223.00 and gave the company a “neutral” rating in a report on Tuesday, March 4th. Eight investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $210.95.

Insider Transactions at AbbVie

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm’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 transaction 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 $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 is available at the SEC website. 0.25% of the stock is owned by insiders.

AbbVie Price Performance

Shares of NYSE ABBV opened at $187.18 on Wednesday. The company has a 50 day simple moving average of $185.37 and a two-hundred day simple moving average of $186.65. AbbVie Inc. has a fifty-two week low of $159.77 and a fifty-two week high of $218.66. The company has a market capitalization of $330.63 billion, a price-to-earnings ratio of 77.99, a P/E/G ratio of 1.62 and a beta of 0.56. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66.

AbbVie (NYSE:ABBV) last posted 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 company had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. During the same quarter last year, the company earned $2.31 EPS. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. Analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal 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.