Foster Victor Wealth Advisors LLC Sells 6,342 Shares of AbbVie Inc. (NYSE:ABBV)

Foster Victor Wealth Advisors LLC lowered its stake in AbbVie Inc. (NYSE:ABBV) by 8.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 68,717 shares of the company’s stock after selling 6,342 shares during the quarter. Foster Victor Wealth Advisors LLC’s holdings in AbbVie were worth $14,398,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of ABBV. Tallon Kerry Patrick purchased a new position in shares of AbbVie during the fourth quarter worth approximately $309,000. Capital & Planning LLC boosted its stake in shares of AbbVie by 1.7% during the fourth quarter. Capital & Planning LLC now owns 6,239 shares of the company’s stock valued at $1,109,000 after purchasing an additional 105 shares in the last quarter. LaFleur & Godfrey LLC boosted its stake in shares of AbbVie by 4.1% during the fourth quarter. LaFleur & Godfrey LLC now owns 79,396 shares of the company’s stock valued at $14,109,000 after purchasing an additional 3,108 shares in the last quarter. Brighton Jones LLC boosted its stake in shares of AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after purchasing an additional 3,401 shares in the last quarter. Finally, Revolve Wealth Partners LLC boosted its stake in shares of AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after purchasing an additional 3,064 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on ABBV. The Goldman Sachs Group reiterated a “neutral” rating and set a $194.00 price objective on shares of AbbVie in a research note on Tuesday, April 8th. Bank of America increased their price objective on shares of AbbVie to $204.00 and gave the company a “hold” rating in a research note on Monday, June 9th. Guggenheim increased 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. BNP Paribas upgraded shares of AbbVie to a “hold” rating in a research note on Thursday, May 8th. Finally, Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Eight investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and an average price target of $211.29.

Insider Activity

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business’s stock in a transaction on Monday, March 31st. The shares were sold at an average price of $210.08, for a total transaction 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 $11,183,398.72. The trade was a 52.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.25% of the company’s stock.

AbbVie Price Performance

Shares of ABBV opened at $190.67 on Friday. The firm has a market capitalization of $336.80 billion, a PE ratio of 79.45, a price-to-earnings-growth ratio of 1.62 and a beta of 0.50. 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 Inc. has a 1-year low of $163.52 and a 1-year high of $218.66. The company’s fifty day moving average price is $184.21 and its 200-day moving average price is $187.52.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.06. The firm had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The business’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the company earned $2.31 earnings per share. On average, equities research analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

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.