Snider Financial Group Trims Stock Position in AbbVie Inc. (NYSE:ABBV)

Snider Financial Group reduced its stake in AbbVie Inc. (NYSE:ABBV) by 6.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,171 shares of the company’s stock after selling 77 shares during the quarter. Snider Financial Group’s holdings in AbbVie were worth $245,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Blue Bell Private Wealth Management LLC increased its stake in AbbVie by 30.4% in the 4th quarter. Blue Bell Private Wealth Management LLC now owns 223 shares of the company’s stock valued at $40,000 after buying an additional 52 shares during the period. Steel Grove Capital Advisors LLC raised its position in AbbVie by 1.7% in the fourth quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company’s stock worth $553,000 after acquiring an additional 52 shares in the last quarter. Peninsula Wealth LLC raised its position in AbbVie by 4.1% in the fourth quarter. Peninsula Wealth LLC now owns 1,360 shares of the company’s stock worth $242,000 after acquiring an additional 54 shares in the last quarter. Physicians Financial Services Inc. lifted its stake in shares of AbbVie by 0.5% in the fourth quarter. Physicians Financial Services Inc. now owns 12,150 shares of the company’s stock valued at $2,159,000 after purchasing an additional 55 shares during the period. Finally, Connecticut Wealth Management LLC lifted its position in shares of AbbVie by 1.6% during the 4th quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company’s stock valued at $660,000 after acquiring an additional 57 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Performance

NYSE:ABBV opened at $187.29 on Friday. The company has a market cap of $330.82 billion, a P/E ratio of 78.04, a P/E/G ratio of 1.62 and a beta of 0.56. The firm’s 50 day moving average is $184.56 and its two-hundred day moving average is $186.80. AbbVie Inc. has a fifty-two week low of $163.52 and a fifty-two week high of $218.66. 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 released its quarterly earnings data 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 business had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. During the same period in the prior year, the firm posted $2.31 EPS. The business’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 year.

Insider Activity at AbbVie

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm’s stock in a transaction dated 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 sale, 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 position. 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.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of research analyst reports. Guggenheim boosted their target price on AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Morgan Stanley increased their price target on shares of AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a research report on Monday, April 28th. Evercore ISI lifted their price objective on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, April 28th. BNP Paribas upgraded AbbVie to a “hold” rating in a report on Thursday, May 8th. Finally, Wall Street Zen cut AbbVie from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. Eight investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $212.19.

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.