Burke & Herbert Bank & Trust Co. cut its holdings in AbbVie Inc (NYSE:ABBV) by 1.0% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 14,429 shares of the company’s stock after selling 139 shares during the quarter. Burke & Herbert Bank & Trust Co.’s holdings in AbbVie were worth $1,163,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of ABBV. TrimTabs Asset Management LLC raised its position in shares of AbbVie by 5.0% during the first quarter. TrimTabs Asset Management LLC now owns 11,312 shares of the company’s stock worth $912,000 after purchasing an additional 539 shares during the period. Landmark Bank raised its position in shares of AbbVie by 65.9% during the first quarter. Landmark Bank now owns 4,749 shares of the company’s stock worth $383,000 after purchasing an additional 1,887 shares during the period. Quad Cities Investment Group LLC raised its position in shares of AbbVie by 5.3% during the first quarter. Quad Cities Investment Group LLC now owns 4,006 shares of the company’s stock worth $322,000 after purchasing an additional 202 shares during the period. Sonora Investment Management LLC raised its position in shares of AbbVie by 29.5% during the first quarter. Sonora Investment Management LLC now owns 2,075 shares of the company’s stock worth $167,000 after purchasing an additional 473 shares during the period. Finally, Accurate Investment Solutions Inc. raised its position in shares of AbbVie by 1.1% during the first quarter. Accurate Investment Solutions Inc. now owns 46,317 shares of the company’s stock worth $3,733,000 after purchasing an additional 488 shares during the period. 68.33% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have recently weighed in on the company. Goldman Sachs Group assumed coverage on AbbVie in a research report on Tuesday, May 28th. They set a “neutral” rating and a $84.00 target price on the stock. BMO Capital Markets raised AbbVie from an “underperform” rating to a “market perform” rating and upped their target price for the stock from $71.00 to $79.00 in a research report on Sunday, April 28th. Credit Suisse Group set a $78.00 price target on AbbVie and gave the stock a “sell” rating in a report on Friday, April 26th. Zacks Investment Research downgraded AbbVie from a “hold” rating to a “sell” rating in a report on Friday, April 5th. Finally, Argus downgraded AbbVie from a “buy” rating to a “hold” rating in a report on Monday, March 25th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $98.36.
Shares of AbbVie stock opened at $78.17 on Wednesday. AbbVie Inc has a 12-month low of $73.81 and a 12-month high of $100.23. The firm has a market cap of $115.37 billion, a P/E ratio of 9.88, a P/E/G ratio of 1.58 and a beta of 1.09.
AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, April 25th. The company reported $2.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.06 by $0.08. AbbVie had a negative return on equity of 221.09% and a net margin of 16.42%. The business had revenue of $7.83 billion during the quarter, compared to the consensus estimate of $7.81 billion. During the same quarter in the prior year, the company posted $1.87 earnings per share. AbbVie’s revenue was down 1.3% compared to the same quarter last year. On average, analysts forecast that AbbVie Inc will post 8.81 EPS for the current fiscal year.
In other AbbVie news, VP Brian L. Durkin sold 475 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $79.69, for a total value of $37,852.75. Following the completion of the transaction, the vice president now owns 9,121 shares in the company, valued at approximately $726,852.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Laura J. Schumacher sold 25,000 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $80.00, for a total value of $2,000,000.00. Following the completion of the transaction, the insider now owns 139,838 shares of the company’s stock, valued at approximately $11,187,040. The disclosure for this sale can be found here. 0.08% of the stock is owned by corporate insiders.
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AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.
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