AbbVie Inc. (NYSE:ABBV) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp decreased its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,440,477 shares of the company’s stock after selling 27,716 shares during the period. AbbVie comprises 1.1% of Fifth Third Bancorp’s investment portfolio, making the stock its 16th biggest position. Fifth Third Bancorp owned approximately 0.08% of AbbVie worth $301,809,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. EnRich Financial Partners LLC raised its position in AbbVie by 196.4% in the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock valued at $29,000 after purchasing an additional 110 shares in the last quarter. Promus Capital LLC acquired a new stake in shares of AbbVie during the 4th quarter worth about $30,000. Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of AbbVie during the 4th quarter worth about $31,000. Prudent Man Investment Management Inc. acquired a new stake in shares of AbbVie during the 4th quarter worth about $32,000. Finally, Siemens Fonds Invest GmbH raised its position in shares of AbbVie by 197.6% during the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock worth $32,000 after acquiring an additional 119,141 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Trading Up 0.9%

Shares of ABBV stock opened at $191.27 on Thursday. The business’s 50 day moving average is $183.78 and its two-hundred day moving average is $187.32. AbbVie Inc. has a twelve month low of $163.52 and a twelve month high of $218.66. The company has a market capitalization of $337.86 billion, a P/E ratio of 79.70, a price-to-earnings-growth ratio of 1.62 and a beta of 0.50. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $12.91 billion. During the same period last year, the business posted $2.31 EPS. The company’s revenue was up 8.4% on a year-over-year basis. Equities analysts forecast 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 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 value of $12,359,426.56. Following the sale, the executive vice president now directly owns 53,234 shares in the company, valued at $11,183,398.72. The trade was a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. BNP Paribas raised AbbVie to a “hold” rating in a research report on Thursday, May 8th. Evercore ISI raised their target price on 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 lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 22nd. Wells Fargo & Company raised their target price on AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 5th. Finally, Cantor Fitzgerald assumed coverage on AbbVie in a research report on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 target price on the stock. Eight analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and an average target price of $211.29.

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.