AbbVie Inc. (NYSE:ABBV) Shares Sold by Redwood Financial Network Corp

Redwood Financial Network Corp cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 5.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 1,482 shares of the company’s stock after selling 82 shares during the period. Redwood Financial Network Corp’s holdings in AbbVie were worth $263,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Fiduciary Advisors Inc. acquired a new stake in AbbVie in the 4th quarter worth about $29,000. EnRich Financial Partners LLC lifted its position in shares of AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock valued at $29,000 after acquiring an additional 110 shares in the last quarter. Promus Capital LLC acquired a new stake in shares of AbbVie in the fourth quarter worth approximately $30,000. Bradley & Co. Private Wealth Management LLC purchased a new stake in shares of AbbVie during the fourth quarter worth approximately $31,000. Finally, Prudent Man Investment Management Inc. acquired a new position in AbbVie in the 4th quarter valued at $32,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Buying and Selling

In other AbbVie news, EVP Perry C. Siatis sold 5,778 shares of the company’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $197.90, for a total value of $1,143,466.20. Following the completion of the transaction, the executive vice president now owns 22,381 shares in the company, valued at $4,429,199.90. This represents a 20.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie 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 sale, the executive vice president now owns 53,234 shares in the company, valued at $11,183,398.72. This trade represents a 52.50% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,471 shares of company stock worth $23,426,451. Corporate insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

Shares of ABBV opened at $177.30 on Thursday. AbbVie Inc. has a 1 year low of $153.58 and a 1 year high of $218.66. The stock has a market capitalization of $313.64 billion, a PE ratio of 73.88, a PEG ratio of 1.62 and a beta of 0.56. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66. The stock has a 50-day simple moving average of $192.59 and a 200-day simple moving average of $187.16.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, topping the consensus estimate of $2.40 by $0.06. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The company had revenue of $13.34 billion during the quarter, compared to analysts’ expectations of $12.91 billion. During the same quarter in the previous year, the business posted $2.31 EPS. The firm’s revenue was up 8.4% on a year-over-year basis. On average, analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Guggenheim lifted their target price on shares of AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Erste Group Bank upgraded shares of AbbVie to a “strong-buy” rating in a research report on Monday, March 17th. Morgan Stanley increased their price objective on shares of AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, April 28th. BMO Capital Markets boosted their target price on AbbVie from $208.00 to $215.00 and gave the stock an “outperform” rating in a report on Monday, February 3rd. Finally, BNP Paribas raised AbbVie to a “hold” rating in a report on Thursday, May 8th. Eight equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $210.95.

About AbbVie

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.