Wedge Capital Management L L P NC lowered its position in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 19.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 224,448 shares of the company’s stock after selling 53,026 shares during the quarter. Wedge Capital Management L L P NC’s holdings in AbbVie were worth $36,385,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also recently bought and sold shares of the business. Castle Financial & Retirement Planning Associates Inc. bought a new stake in shares of AbbVie in the 4th quarter worth approximately $25,000. Intelligent Financial Strategies bought a new stake in shares of AbbVie in the 4th quarter worth approximately $27,000. Psagot Value Holdings Ltd. Israel raised its holdings in shares of AbbVie by 311.3% in the 4th quarter. Psagot Value Holdings Ltd. Israel now owns 4,360 shares of the company’s stock worth $28,000 after purchasing an additional 3,300 shares during the period. Steward Financial Group LLC bought a new stake in shares of AbbVie in the 4th quarter worth approximately $30,000. Finally, Maryland Capital Advisors Inc. bought a new stake in shares of AbbVie in the 4th quarter worth approximately $41,000. 67.03% of the stock is currently owned by hedge funds and other institutional investors.
ABBV has been the topic of a number of research reports. The Goldman Sachs Group lifted their price target on shares of AbbVie from $122.00 to $140.00 and gave the stock a “neutral” rating in a report on Tuesday, April 12th. Barclays lifted their price objective on shares of AbbVie from $150.00 to $174.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 12th. BMO Capital Markets lifted their price objective on shares of AbbVie from $161.00 to $174.00 and gave the company an “outperform” rating in a research note on Monday, April 25th. Wells Fargo & Company lifted their price objective on shares of AbbVie from $165.00 to $200.00 in a research note on Monday, May 2nd. Finally, UBS Group lowered shares of AbbVie from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $129.00 to $147.00 in a research note on Monday, February 28th. One analyst has rated the stock with a sell rating, five have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $159.75.
AbbVie (NYSE:ABBV – Get Rating) last posted its quarterly earnings data on Friday, April 29th. The company reported $3.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.15 by $0.01. AbbVie had a net margin of 22.00% and a return on equity of 159.31%. The company had revenue of $13.36 billion during the quarter, compared to the consensus estimate of $13.61 billion. During the same period in the previous year, the firm posted $2.95 EPS. The firm’s revenue was up 2.7% compared to the same quarter last year. On average, analysts expect that AbbVie Inc. will post 14.02 earnings per share for the current year.
In other AbbVie news, EVP Henry O. Gosebruch sold 83,960 shares of the business’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of $155.00, for a total value of $13,013,800.00. Following the completion of the sale, the executive vice president now directly owns 16,623 shares of the company’s stock, valued at $2,576,565. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Michael Severino sold 100,000 shares of the business’s stock in a transaction on Friday, May 6th. The stock was sold at an average price of $150.81, for a total transaction of $15,081,000.00. Following the completion of the sale, the insider now directly owns 152,103 shares of the company’s stock, valued at $22,938,653.43. The disclosure for this sale can be found here. Insiders have sold a total of 463,761 shares of company stock valued at $70,609,771 over the last ninety days. 0.08% of the stock is currently owned by insiders.
About AbbVie (Get Rating)
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), and VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.
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