Octavia Wealth Advisors LLC Cuts Stock Position in AbbVie Inc. (NYSE:ABBV)

Octavia Wealth Advisors LLC cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 3.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,647 shares of the company’s stock after selling 119 shares during the quarter. Octavia Wealth Advisors LLC’s holdings in AbbVie were worth $764,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of AbbVie in the 4th quarter worth $4,459,385,000. GAMMA Investing LLC raised its holdings in AbbVie by 25,841.6% during the first quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company’s stock worth $2,144,382,000 after purchasing an additional 10,195,284 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in AbbVie in the fourth quarter valued at about $1,190,951,000. FMR LLC boosted its holdings in AbbVie by 32.8% in the 4th quarter. FMR LLC now owns 18,097,375 shares of the company’s stock valued at $3,215,903,000 after purchasing an additional 4,466,971 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in AbbVie by 15.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company’s stock worth $4,875,401,000 after purchasing an additional 3,599,336 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ABBV. Wells Fargo & Company raised their price target on AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. Cantor Fitzgerald initiated coverage on shares of AbbVie in a report on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 price target for the company. Guggenheim raised their price objective on shares of AbbVie from $214.00 to $216.00 and gave the company a “buy” rating in a research note on Tuesday, April 29th. The Goldman Sachs Group restated a “neutral” rating and set a $194.00 target price on shares of AbbVie in a research report on Tuesday, April 8th. Finally, Citigroup reaffirmed a “neutral” rating and issued a $205.00 target price (down from $210.00) on shares of AbbVie in a report on Wednesday, May 14th. Eight investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $212.19.

AbbVie Stock Performance

AbbVie stock opened at $189.89 on Monday. AbbVie Inc. has a fifty-two week low of $163.52 and a fifty-two week high of $218.66. The company has a market capitalization of $335.42 billion, a price-to-earnings ratio of 79.12, a PEG ratio of 1.62 and a beta of 0.50. The stock has a fifty day moving average of $184.24 and a two-hundred day moving average of $187.19. 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 EPS 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 quarter last year, the company earned $2.31 earnings per share. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. On average, analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business’s stock in a transaction on Monday, March 31st. The stock was sold at an average price of $210.08, for a total value 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. The trade was a 52.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.25% of the stock is owned by corporate insiders.

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.