Fortitude Family Office LLC Sells 2,703 Shares of AbbVie Inc. (NYSE:ABBV)

Fortitude Family Office LLC lowered its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 26.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 7,647 shares of the company’s stock after selling 2,703 shares during the period. Fortitude Family Office LLC’s holdings in AbbVie were worth $1,602,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of ABBV. Blue Bell Private Wealth Management LLC raised its holdings in AbbVie by 30.4% during the 4th quarter. Blue Bell Private Wealth Management LLC now owns 223 shares of the company’s stock worth $40,000 after purchasing an additional 52 shares during the last quarter. Steel Grove Capital Advisors LLC raised its stake in AbbVie by 1.7% during the fourth quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company’s stock worth $553,000 after buying an additional 52 shares during the last quarter. Peninsula Wealth LLC lifted its holdings in AbbVie by 4.1% in the fourth quarter. Peninsula Wealth LLC now owns 1,360 shares of the company’s stock valued at $242,000 after buying an additional 54 shares during the period. Physicians Financial Services Inc. boosted its position in AbbVie by 0.5% during the fourth quarter. Physicians Financial Services Inc. now owns 12,150 shares of the company’s stock valued at $2,159,000 after acquiring an additional 55 shares during the last quarter. Finally, Connecticut Wealth Management LLC grew its holdings in AbbVie by 1.6% during the 4th quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company’s stock worth $660,000 after acquiring an additional 57 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Performance

Shares of NYSE:ABBV opened at $191.27 on Thursday. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94. The company has a 50-day moving average price of $183.78 and a 200-day moving average price of $187.32. The company has a market cap of $337.86 billion, a price-to-earnings ratio of 79.70, a price-to-earnings-growth ratio of 1.62 and a beta of 0.50. AbbVie Inc. has a 12 month low of $163.52 and a 12 month high of $218.66.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.06. The business had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. AbbVie’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.31 EPS. As a group, equities analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ABBV. Cantor Fitzgerald began coverage on AbbVie in a research note on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 price objective on the stock. Evercore ISI increased their price target on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, April 28th. Guggenheim lifted their price objective on shares of AbbVie from $214.00 to $216.00 and gave the company 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. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $194.00 price target on shares of AbbVie in a report on Tuesday, April 8th. Eight investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $211.29.

Insider Buying and Selling

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company’s stock in a transaction on Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the completion of the transaction, the executive vice president now directly owns 53,234 shares in the company, valued at approximately $11,183,398.72. This represents a 52.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.25% of the stock is currently owned by insiders.

AbbVie Company Profile

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.