IMA Wealth Inc. Cuts Stock Position in AbbVie Inc. (NYSE:ABBV)

Posted by Defense World Staff on Jun 15th, 2023

IMA Wealth Inc. cut its holdings in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 1.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,059 shares of the company’s stock after selling 161 shares during the period. IMA Wealth Inc.’s holdings in AbbVie were worth $2,110,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Red Tortoise LLC purchased a new stake in AbbVie during the fourth quarter worth about $27,000. My Personal CFO LLC purchased a new stake in AbbVie during the fourth quarter worth about $32,000. Align Wealth Management LLC acquired a new position in shares of AbbVie during the fourth quarter worth about $27,000. Oliver Lagore Vanvalin Investment Group grew its position in shares of AbbVie by 85.3% during the third quarter. Oliver Lagore Vanvalin Investment Group now owns 202 shares of the company’s stock worth $27,000 after buying an additional 93 shares in the last quarter. Finally, VitalStone Financial LLC acquired a new position in shares of AbbVie during the fourth quarter worth about $37,000. 67.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ABBV. Wolfe Research downgraded AbbVie from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, February 22nd. They noted that the move was a valuation call. Morgan Stanley boosted their price objective on AbbVie from $178.00 to $181.00 and gave the stock an “overweight” rating in a research report on Monday, April 10th. StockNews.com began coverage on AbbVie in a research report on Thursday, May 18th. They set a “strong-buy” rating for the company. Barclays boosted their price objective on AbbVie from $155.00 to $160.00 in a research report on Wednesday, April 12th. Finally, Wells Fargo & Company lowered their price target on AbbVie from $200.00 to $195.00 in a report on Friday, April 28th. Eight analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $163.40.

AbbVie Price Performance

ABBV stock opened at $136.23 on Thursday. The company has a market capitalization of $240.35 billion, a P/E ratio of 32.21, a PEG ratio of 2.52 and a beta of 0.58. AbbVie Inc. has a twelve month low of $131.10 and a twelve month high of $168.11. The business has a 50 day simple moving average of $148.39 and a 200-day simple moving average of $153.24. The company has a current ratio of 0.96, a quick ratio of 0.82 and a debt-to-equity ratio of 4.46.

AbbVie (NYSE:ABBV – Get Rating) last posted its quarterly earnings data on Thursday, April 27th. The company reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.44 by $0.02. AbbVie had a return on equity of 153.92% and a net margin of 13.37%. The business had revenue of $12.23 billion during the quarter, compared to the consensus estimate of $12.23 billion. During the same period in the prior year, the company earned $3.16 earnings per share. The company’s revenue was down 9.7% compared to the same quarter last year. As a group, equities analysts anticipate that AbbVie Inc. will post 10.97 EPS for the current year.

Insider Transactions at AbbVie

In other news, EVP Perry C. Siatis sold 3,520 shares of the company’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $160.00, for a total transaction of $563,200.00. Following the completion of the sale, the executive vice president now owns 10,377 shares in the company, valued at $1,660,320. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other AbbVie news, EVP Perry C. Siatis sold 3,520 shares of the stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $160.00, for a total value of $563,200.00. Following the completion of the transaction, the executive vice president now owns 10,377 shares in the company, valued at $1,660,320. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Elaine K. Sorg sold 15,002 shares of the stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $160.03, for a total value of $2,400,770.06. Following the completion of the transaction, the senior vice president now owns 42,829 shares of the company’s stock, valued at approximately $6,853,924.87. The disclosure for this sale can be found here. Insiders sold 32,151 shares of company stock worth $5,187,783 over the last 90 days. 0.26% of the stock is currently owned by insiders.

About AbbVie

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AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.