Diligent Investors LLC Lowers Holdings in AbbVie Inc. (NYSE:ABBV)

by · The Cerbat Gem

Diligent Investors LLC trimmed its holdings in AbbVie Inc. (NYSE:ABBV – Free Report) by 2.5% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 8,405 shares of the company’s stock after selling 216 shares during the period. Diligent Investors LLC’s holdings in AbbVie were worth $1,761,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in ABBV. EnRich Financial Partners LLC grew its position in AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after acquiring an additional 110 shares during the period. Promus Capital LLC purchased a new position in AbbVie in the fourth quarter worth approximately $30,000. Bradley & Co. Private Wealth Management LLC purchased a new position in AbbVie in the fourth quarter worth approximately $31,000. Prudent Man Investment Management Inc. purchased a new position in AbbVie in the fourth quarter worth approximately $32,000. Finally, Siemens Fonds Invest GmbH grew its position in AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock worth $32,000 after acquiring an additional 119,141 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm’s stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $210.08, for a total value of $12,359,426.56. Following the transaction, the executive vice president now directly owns 53,234 shares of the company’s stock, valued at $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.25% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Wall Street Zen cut AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. BNP Paribas upgraded AbbVie to a “hold” rating in a research note on Thursday, May 8th. Erste Group Bank upgraded AbbVie to a “strong-buy” rating in a research note on Monday, March 17th. Bank of America upped their price target on AbbVie from $200.00 to $223.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 4th. Finally, Citigroup restated a “neutral” rating and set a $205.00 price target (down from $210.00) on shares of AbbVie in a research note on Wednesday, May 14th. Eight investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $210.95.

View Our Latest Report on ABBV

AbbVie Stock Performance

ABBV opened at $187.30 on Thursday. The stock’s 50 day simple moving average is $185.01 and its 200 day simple moving average is $186.65. The stock has a market cap of $330.85 billion, a P/E ratio of 78.04, a P/E/G ratio of 1.62 and a beta of 0.56. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55. AbbVie Inc. has a 1-year low of $162.16 and a 1-year high of $218.66.

AbbVie (NYSE:ABBV – Get Free Report) last issued its earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping the consensus estimate 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 business’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period last year, the company posted $2.31 EPS. As a group, equities analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Profile

(Free Report)

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.

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