AbbVie Inc. (NYSE:ABBV) Shares Sold by CRA Financial Services LLC

CRA Financial Services LLC reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 15.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,304 shares of the company’s stock after selling 1,686 shares during the period. CRA Financial Services LLC’s holdings in AbbVie were worth $1,949,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Opal Wealth Advisors LLC boosted its stake in shares of AbbVie by 1.6% during the 1st quarter. Opal Wealth Advisors LLC now owns 5,321 shares of the company’s stock worth $1,115,000 after purchasing an additional 86 shares during the last quarter. Viewpoint Investment Partners Corp acquired a new stake in shares of AbbVie in the first quarter worth approximately $1,308,000. Yoffe Investment Management LLC acquired a new stake in shares of AbbVie in the first quarter worth approximately $213,000. Hennessy Advisors Inc. boosted its position in shares of AbbVie by 6.0% in the first quarter. Hennessy Advisors Inc. now owns 31,900 shares of the company’s stock worth $6,684,000 after acquiring an additional 1,800 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of AbbVie by 5.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 536,450 shares of the company’s stock worth $112,398,000 after acquiring an additional 25,385 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business’s 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 owns 53,234 shares of the company’s stock, valued at approximately $11,183,398.72. The trade was a 52.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.25% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

ABBV has been the topic of several research analyst reports. Cantor Fitzgerald initiated coverage on shares of AbbVie in a research report on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 target price on the stock. Morgan Stanley raised their target price on shares of AbbVie from $241.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, April 28th. Citigroup raised their price target on shares of AbbVie to $205.00 and gave the company a “hold” rating in a report on Wednesday. Erste Group Bank upgraded shares of AbbVie to a “strong-buy” rating in a report on Monday, March 17th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $194.00 price target on shares of AbbVie in a report on Tuesday, April 8th. Eight research 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. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $211.29.

AbbVie Trading Down 0.9%

ABBV opened at $190.67 on Friday. The firm has a market capitalization of $336.80 billion, a P/E ratio of 79.45, a P/E/G ratio of 1.62 and a beta of 0.50. The firm’s 50 day moving average is $184.21 and its 200-day moving average is $187.49. AbbVie Inc. has a 52-week low of $163.52 and a 52-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 issued its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.06. The business had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The business’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.31 earnings per share. Analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

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.