Sanders Morris Harris LLC Sells 19,498 Shares of AbbVie Inc. (NYSE:ABBV)

Posted by on Jun 21st, 2023

Sanders Morris Harris LLC cut its holdings in AbbVie Inc. (NYSE:ABBV – Get Rating) by 84.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,598 shares of the company’s stock after selling 19,498 shares during the period. Sanders Morris Harris LLC’s holdings in AbbVie were worth $573,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Austin Private Wealth LLC increased its stake in AbbVie by 18.5% during the first quarter. Austin Private Wealth LLC now owns 3,104 shares of the company’s stock valued at $495,000 after acquiring an additional 484 shares during the period. Thrive Wealth Management LLC increased its stake in AbbVie by 1.7% during the first quarter. Thrive Wealth Management LLC now owns 4,538 shares of the company’s stock valued at $723,000 after acquiring an additional 76 shares during the period. Diversified Trust Co increased its stake in AbbVie by 6.0% during the first quarter. Diversified Trust Co now owns 45,246 shares of the company’s stock valued at $7,211,000 after acquiring an additional 2,544 shares during the period. General Partner Inc. bought a new position in AbbVie during the first quarter valued at about $40,000. Finally, BTC Capital Management Inc. increased its stake in AbbVie by 0.4% during the first quarter. BTC Capital Management Inc. now owns 74,747 shares of the company’s stock valued at $11,858,000 after acquiring an additional 279 shares during the period. 68.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on ABBV shares. StockNews.com started coverage on AbbVie in a research note on Thursday, May 18th. They set a “strong-buy” rating on the stock. Barclays lifted their price objective on AbbVie from $155.00 to $160.00 in a report on Wednesday, April 12th. Wolfe Research downgraded AbbVie from an “outperform” rating to a “peer perform” rating in a report on Wednesday, February 22nd. They noted that the move was a valuation call. Argus downgraded AbbVie from a “buy” rating to a “hold” rating in a report on Wednesday, April 5th. Finally, Wells Fargo & Company decreased their price objective on AbbVie from $200.00 to $195.00 in a report on Friday, April 28th. Eight research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $163.40.

Insider Buying and Selling

In related news, SVP Elaine K. Sorg sold 15,002 shares of the business’s stock in a transaction that occurred on Monday, April 3rd. The shares were 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 in the company, valued at approximately $6,853,924.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Perry C. Siatis sold 3,520 shares of the business’s stock in a transaction that occurred on Monday, April 3rd. The shares were 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 approximately $1,660,320. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Elaine K. Sorg sold 15,002 shares of the company’s stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $160.03, for a total transaction of $2,400,770.06. Following the sale, 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 in the last quarter. Insiders own 0.26% of the company’s stock.

AbbVie Stock Down 0.6 %

Shares of ABBV opened at $137.86 on Wednesday. The company has a market capitalization of $243.23 billion, a P/E ratio of 32.59, a PEG ratio of 2.53 and a beta of 0.58. The company has a debt-to-equity ratio of 4.46, a current ratio of 0.96 and a quick ratio of 0.82. AbbVie Inc. has a one year low of $131.10 and a one year high of $168.11. The business’s 50 day simple moving average is $146.49 and its 200-day simple moving average is $152.54.

AbbVie (NYSE:ABBV – Get Rating) last announced its earnings results on Thursday, April 27th. The company reported $2.46 EPS for the quarter, topping the consensus estimate of $2.44 by $0.02. The business had revenue of $12.23 billion for the quarter, compared to the consensus estimate of $12.23 billion. AbbVie had a return on equity of 153.92% and a net margin of 13.37%. AbbVie’s revenue was down 9.7% compared to the same quarter last year. During the same period in the previous year, the business earned $3.16 EPS. As a group, sell-side analysts predict that AbbVie Inc. will post 10.97 EPS for the current fiscal year.

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.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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