Westbourne Investment Advisors Inc. cut its position in AbbVie Inc. (NYSE:ABBV) by 2.7% during the first quarter, Holdings Channel reports. The fund owned 17,908 shares of the company’s stock after selling 500 shares during the period. Westbourne Investment Advisors Inc.’s holdings in AbbVie were worth $1,167,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in ABBV. Bollard Group LLC increased its position in shares of AbbVie by 0.5% in the first quarter. Bollard Group LLC now owns 3,745 shares of the company’s stock worth $244,000 after buying an additional 20 shares in the last quarter. TRUE Private Wealth Advisors increased its position in shares of AbbVie by 0.5% in the first quarter. TRUE Private Wealth Advisors now owns 4,787 shares of the company’s stock worth $313,000 after buying an additional 24 shares in the last quarter. Country Club Trust Company n.a. increased its position in shares of AbbVie by 0.6% in the first quarter. Country Club Trust Company n.a. now owns 4,434 shares of the company’s stock worth $289,000 after buying an additional 26 shares in the last quarter. Carroll Financial Associates Inc. increased its position in shares of AbbVie by 0.8% in the first quarter. Carroll Financial Associates Inc. now owns 4,439 shares of the company’s stock worth $289,000 after buying an additional 35 shares in the last quarter. Finally, Integrated Investment Consultants LLC increased its position in shares of AbbVie by 0.3% in the first quarter. Integrated Investment Consultants LLC now owns 12,778 shares of the company’s stock worth $833,000 after buying an additional 44 shares in the last quarter. 68.07% of the stock is owned by institutional investors.

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

Shares of AbbVie Inc. (ABBV) opened at 71.05 on Friday. The company has a 50-day moving average of $67.12 and a 200 day moving average of $63.96. AbbVie Inc. has a one year low of $55.06 and a one year high of $71.12. The stock has a market cap of $113.08 billion, a PE ratio of 18.42 and a beta of 1.52.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Thursday, April 27th. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.26 by $0.02. The firm had revenue of $6.54 billion during the quarter, compared to analyst estimates of $6.49 billion. AbbVie had a net margin of 24.07% and a return on equity of 148.83%. AbbVie’s revenue was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.15 EPS. On average, analysts predict that AbbVie Inc. will post $5.53 earnings per share for the current year.

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A number of brokerages have weighed in on ABBV. BMO Capital Markets reaffirmed a “hold” rating and set a $63.00 target price on shares of AbbVie in a research note on Tuesday, April 18th. Vetr downgraded shares of AbbVie from a “buy” rating to a “hold” rating and set a $72.72 target price for the company. in a research note on Wednesday. BidaskClub raised shares of AbbVie from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 10th. Credit Suisse Group reaffirmed a “hold” rating and set a $65.00 target price on shares of AbbVie in a research note on Wednesday, June 7th. Finally, Leerink Swann set a $71.00 target price on shares of AbbVie and gave the company a “hold” rating in a research note on Thursday, April 20th. Nine analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $73.27.

In other AbbVie news, insider Laura J. Schumacher sold 79,800 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $70.00, for a total transaction of $5,586,000.00. Following the sale, the insider now owns 187,625 shares of the company’s stock, valued at approximately $13,133,750. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO William J. Chase sold 38,300 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $65.35, for a total transaction of $2,502,905.00. Following the sale, the chief financial officer now directly owns 209,043 shares in the company, valued at approximately $13,660,960.05. The disclosure for this sale can be found here. In the last three months, insiders have sold 278,135 shares of company stock worth $18,841,085. 0.23% of the stock is owned by insiders.

About AbbVie

AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.

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