Wendell David Associates Inc. Cuts Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Wendell David Associates Inc. reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 0.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 101,869 shares of the company’s stock after selling 305 shares during the period. AbbVie accounts for about 2.1% of Wendell David Associates Inc.’s portfolio, making the stock its 13th largest holding. Wendell David Associates Inc.’s holdings in AbbVie were worth $21,344,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of AbbVie during the 4th quarter worth approximately $4,459,385,000. GAMMA Investing LLC boosted its holdings in shares of AbbVie by 25,841.6% during 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 last quarter. Raymond James Financial Inc. acquired a new position in shares of AbbVie during the 4th quarter worth approximately $1,190,951,000. FMR LLC boosted its holdings in shares of AbbVie by 32.8% during 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 last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of AbbVie by 15.1% during 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 last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Performance

NYSE:ABBV opened at $190.91 on Tuesday. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94. The firm has a market capitalization of $337.22 billion, a price-to-earnings ratio of 79.55, a PEG ratio of 1.62 and a beta of 0.50. The firm’s fifty day simple moving average is $184.53 and its 200 day simple moving average is $187.61. AbbVie Inc. has a twelve month low of $163.52 and a twelve month high of $218.66.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, April 25th. The company reported $2.46 EPS for the quarter, topping analysts’ consensus estimates of $2.40 by $0.06. The firm had revenue of $13.34 billion for 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 firm’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.31 EPS. As a group, equities research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

Insider Activity at AbbVie

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business’s stock in a transaction dated 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 sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Cantor Fitzgerald assumed coverage on AbbVie in a report on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 price objective on the stock. Morgan Stanley upped their price objective on AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, April 28th. BNP Paribas upgraded AbbVie to a “hold” rating in a report on Thursday, May 8th. Citigroup upped their price objective on AbbVie to $205.00 and gave the company a “hold” rating in a report on Wednesday, June 11th. Finally, Wall Street Zen cut AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Eight investment 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $211.29.

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.