AbbVie Inc. (NYSE:ABBV) Shares Sold by Signature Wealth Management Group

Signature Wealth Management Group reduced its position in AbbVie Inc. (NYSE:ABBV) by 2.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,779 shares of the company’s stock after selling 673 shares during the quarter. AbbVie makes up approximately 2.0% of Signature Wealth Management Group’s portfolio, making the stock its 9th biggest position. Signature Wealth Management Group’s holdings in AbbVie were worth $5,192,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of AbbVie by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company’s stock valued at $30,754,908,000 after buying an additional 1,424,237 shares during the period. Geode Capital Management LLC boosted its stake in shares of AbbVie by 2.7% in the 4th quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company’s stock valued at $6,586,948,000 after buying an additional 983,888 shares during the period. Capital Research Global Investors boosted its stake in shares of AbbVie by 2.3% in the 4th quarter. Capital Research Global Investors now owns 33,983,707 shares of the company’s stock valued at $6,038,898,000 after buying an additional 778,126 shares during the period. Charles Schwab Investment Management Inc. boosted its stake 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 valued at $4,875,401,000 after buying an additional 3,599,336 shares during the period. Finally, Norges Bank purchased a new position in shares of AbbVie in the 4th quarter valued at about $4,459,385,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company’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 transaction, the executive vice president now owns 53,234 shares of the company’s stock, valued at $11,183,398.72. This represents a 52.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ABBV shares. The Goldman Sachs Group reiterated a “neutral” rating and issued a $194.00 price objective on shares of AbbVie in a research note on Tuesday, April 8th. Erste Group Bank upgraded AbbVie to a “strong-buy” rating in a research note on Monday, March 17th. Wall Street Zen cut AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Wells Fargo & Company boosted their target price on AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 5th. Finally, Cantor Fitzgerald started coverage on AbbVie in a research note on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 target price for the company. Eight investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $211.29.

AbbVie Trading Down 0.1%

ABBV opened at $190.91 on Tuesday. The firm has a market cap of $337.22 billion, a price-to-earnings ratio of 79.55, a price-to-earnings-growth ratio of 1.62 and a beta of 0.50. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. The business’s 50 day moving average is $184.53 and its two-hundred day moving average is $187.61. AbbVie Inc. has a 52 week low of $163.52 and a 52 week high of $218.66.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.06. The business had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.31 earnings per share. On average, research analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

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.