AbbVie Inc. (NYSE:ABBV) is Crowley Wealth Management Inc.’s 2nd Largest Position

Crowley Wealth Management Inc. cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,308 shares of the company’s stock after selling 549 shares during the quarter. AbbVie accounts for about 5.1% of Crowley Wealth Management Inc.’s investment portfolio, making the stock its 2nd largest holding. Crowley Wealth Management Inc.’s holdings in AbbVie were worth $5,303,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Norges Bank purchased a new stake in AbbVie in the 4th quarter worth approximately $4,459,385,000. GAMMA Investing LLC lifted its position in shares of AbbVie by 25,841.6% in the 1st 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 during the period. Raymond James Financial Inc. purchased a new stake in shares of AbbVie in the 4th quarter worth about $1,190,951,000. FMR LLC lifted its position in shares of AbbVie by 32.8% in the 4th quarter. FMR LLC now owns 18,097,375 shares of the company’s stock worth $3,215,903,000 after purchasing an additional 4,466,971 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of AbbVie by 15.1% in 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.

Insiders Place Their Bets

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie stock in a transaction 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 transaction, the executive vice president now directly owns 53,234 shares of the company’s stock, 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 hyperlink. Corporate insiders own 0.25% of the company’s stock.

AbbVie Trading Up 0.4%

Shares of AbbVie stock opened at $192.27 on Friday. The firm has a market cap of $339.63 billion, a price-to-earnings ratio of 80.11, a PEG ratio of 1.62 and a beta of 0.50. The business has a 50-day moving average price of $183.90 and a 200-day moving average price of $187.43. 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 Inc. has a twelve month low of $163.52 and a twelve month high of $218.66.

AbbVie (NYSE:ABBV) last released its quarterly 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. The business had revenue of $13.34 billion during the quarter, compared to analysts’ expectations of $12.91 billion. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter last year, the business posted $2.31 EPS. Equities research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. BNP Paribas upgraded shares of AbbVie to a “hold” rating in a report on Thursday, May 8th. Cantor Fitzgerald initiated coverage on AbbVie in a research note on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 target price for the company. Evercore ISI raised their target price on AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a research note on Monday, April 28th. The Goldman Sachs Group reissued a “neutral” rating and set a $194.00 price objective on shares of AbbVie in a research report on Tuesday, April 8th. Finally, Bank of America lifted their target price on shares of AbbVie to $204.00 and gave the company a “hold” rating in a report on Monday. Eight analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus 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.