Veracity Capital LLC Lowers Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Veracity Capital LLC trimmed its position in AbbVie Inc. (NYSE:ABBV) by 11.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,132 shares of the company’s stock after selling 550 shares during the quarter. Veracity Capital LLC’s holdings in AbbVie were worth $866,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ABBV. EnRich Financial Partners LLC lifted its holdings in shares of AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after buying an additional 110 shares in the last quarter. Promus Capital LLC purchased a new stake in shares of AbbVie in the fourth quarter worth about $30,000. Bradley & Co. Private Wealth Management LLC purchased a new stake in shares of AbbVie in the fourth quarter worth about $31,000. Prudent Man Investment Management Inc. purchased a new stake in shares of AbbVie in the fourth quarter worth about $32,000. Finally, Siemens Fonds Invest GmbH lifted its holdings in shares of AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock worth $32,000 after buying an additional 119,141 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Performance

Shares of ABBV stock opened at $187.18 on Wednesday. The stock has a fifty day moving average of $185.37 and a 200 day moving average of $186.65. AbbVie Inc. has a 52 week low of $159.77 and a 52 week high of $218.66. The firm has a market capitalization of $330.63 billion, a price-to-earnings ratio of 77.99, a PEG ratio of 1.62 and a beta of 0.56. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, topping 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 firm posted $2.31 earnings per share. The firm’s revenue was up 8.4% on a year-over-year basis. As a group, research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

Wall Street Analyst Weigh In

ABBV has been the topic of several research analyst reports. Morgan Stanley upped their price objective on shares of AbbVie from $241.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, April 28th. Bank of America upped their price objective on shares of AbbVie from $200.00 to $223.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 4th. Evercore ISI upped their price objective on shares of AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, April 28th. Wall Street Zen cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 22nd. Finally, Wells Fargo & Company upped their price objective on shares of AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 5th. Eight equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $210.95.

Insider Buying and Selling

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm’s stock in a transaction 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 owns 53,234 shares of the company’s stock, 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 filing with the SEC, which can be accessed through this link. 0.25% of the stock is currently owned by insiders.

AbbVie Company 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.