West Wealth Group LLC Reduces Stock Position in AbbVie Inc. (NYSE:ABBV)

Posted by on Jun 20th, 2023

West Wealth Group LLC reduced its position in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 22.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,557 shares of the company’s stock after selling 452 shares during the period. West Wealth Group LLC’s holdings in AbbVie were worth $248,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of ABBV. Retirement Income Solutions Inc purchased a new stake in AbbVie in the first quarter worth about $204,000. Ergoteles LLC lifted its holdings in AbbVie by 17.8% in the first quarter. Ergoteles LLC now owns 5,605 shares of the company’s stock worth $909,000 after buying an additional 847 shares during the period. First Western Trust Bank bought a new position in shares of AbbVie during the first quarter valued at approximately $1,150,000. Wsfs Capital Management LLC bought a new position in shares of AbbVie during the first quarter valued at approximately $562,000. Finally, Bridgewater Associates LP increased its stake in shares of AbbVie by 80.4% during the first quarter. Bridgewater Associates LP now owns 75,516 shares of the company’s stock valued at $12,242,000 after purchasing an additional 33,661 shares in the last quarter. 68.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of analyst reports. Wells Fargo & Company decreased their target price on shares of AbbVie from $200.00 to $195.00 in a research note on Friday, April 28th. StockNews.com initiated coverage on shares of AbbVie in a research note on Thursday, May 18th. They set a “strong-buy” rating for the company. Wolfe Research downgraded shares of AbbVie from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, February 22nd. They noted that the move was a valuation call. Morgan Stanley raised their target price on shares of AbbVie from $178.00 to $181.00 and gave the company an “overweight” rating in a research note on Monday, April 10th. Finally, Argus downgraded shares of AbbVie from a “buy” rating to a “hold” rating in a research note on Wednesday, April 5th. Eight equities research 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $163.40.

Insiders Place Their Bets

In other AbbVie news, SVP Elaine K. Sorg sold 6,130 shares of AbbVie stock in a transaction that occurred on Tuesday, April 25th. The shares were sold at an average price of $165.00, for a total value of $1,011,450.00. Following the completion of the sale, the senior vice president now owns 35,330 shares of the company’s stock, valued at approximately $5,829,450. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, SVP Elaine K. Sorg sold 7,499 shares of AbbVie stock in a transaction on Monday, April 17th. The shares were sold at an average price of $161.67, for a total transaction of $1,212,363.33. Following the transaction, the senior vice president now owns 35,330 shares in the company, valued at approximately $5,711,801.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Elaine K. Sorg sold 6,130 shares of AbbVie stock in a transaction on Tuesday, April 25th. The stock was sold at an average price of $165.00, for a total transaction of $1,011,450.00. Following the transaction, the senior vice president now owns 35,330 shares in the company, valued at approximately $5,829,450. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,151 shares of company stock valued at $5,187,783. Company insiders own 0.26% of the company’s stock.

AbbVie Trading Up 2.0 %

NYSE:ABBV opened at $138.64 on Tuesday. 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 Inc. has a 12 month low of $131.10 and a 12 month high of $168.11. The company has a market cap of $244.60 billion, a PE ratio of 32.78, a price-to-earnings-growth ratio of 2.53 and a beta of 0.58. The company has a 50 day simple moving average of $146.96 and a two-hundred day simple moving average of $152.72.

AbbVie (NYSE:ABBV – Get Rating) last posted its earnings results on Thursday, April 27th. The company reported $2.46 EPS for the quarter, topping analysts’ consensus estimates of $2.44 by $0.02. AbbVie had a net margin of 13.37% and a return on equity of 153.92%. The business had revenue of $12.23 billion during the quarter, compared to the consensus estimate of $12.23 billion. During the same quarter in the previous year, the firm posted $3.16 EPS. The firm’s revenue was down 9.7% on a year-over-year basis. Research analysts forecast that AbbVie Inc. will post 10.97 earnings per share for the current year.

AbbVie Profile

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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.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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