Grassi Investment Management Decreases Holdings in AbbVie Inc. (NYSE:ABBV)

Grassi Investment Management decreased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.7% during the first quarter, HoldingsChannel reports. The firm owned 97,250 shares of the company’s stock after selling 675 shares during the quarter. AbbVie makes up about 1.9% of Grassi Investment Management’s investment portfolio, making the stock its 11th largest position. Grassi Investment Management’s holdings in AbbVie were worth $20,376,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. EnRich Financial Partners LLC boosted its holdings in shares of AbbVie by 196.4% during the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after purchasing an additional 110 shares during the last quarter. Promus Capital LLC acquired a new position in AbbVie during the 4th quarter worth approximately $30,000. Bradley & Co. Private Wealth Management LLC acquired a new position in shares of AbbVie in the 4th quarter valued at $31,000. Prudent Man Investment Management Inc. purchased a new stake in AbbVie in the 4th quarter valued at $32,000. Finally, Pinney & Scofield Inc. purchased a new position in AbbVie during the 4th quarter worth $36,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Activity at AbbVie

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business’s stock in a transaction on 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 directly owns 53,234 shares of the company’s stock, valued at approximately $11,183,398.72. The trade was a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.25% of the stock is currently owned by insiders.

AbbVie Trading Up 0.0%

Shares of AbbVie stock opened at $187.30 on Thursday. AbbVie Inc. has a 1 year low of $162.16 and a 1 year high of $218.66. The firm has a market cap of $330.85 billion, a PE ratio of 78.04, a P/E/G ratio of 1.62 and a beta of 0.56. The stock has a fifty day moving average price of $185.01 and a 200-day moving average price of $186.65. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55.

AbbVie (NYSE:ABBV) last issued its 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 return on equity of 296.28% and a net margin of 7.59%. The business had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. During the same quarter last year, the company earned $2.31 EPS. The firm’s revenue was up 8.4% compared to the same quarter last year. Equities research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on ABBV shares. Morgan Stanley raised their target price on shares of AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, April 28th. Bank of America lifted their price target on shares of AbbVie from $200.00 to $223.00 and gave the company a “neutral” rating in a research report on Tuesday, March 4th. Wells Fargo & Company boosted their target price on shares of AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 5th. Wall Street Zen cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 22nd. Finally, Evercore ISI lifted their price target on shares of AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, April 28th. Eight research analysts have rated the stock with a hold rating, eighteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus 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.