Evermay Wealth Management LLC Cuts Stock Position in AbbVie Inc. (NYSE:ABBV)

Evermay Wealth Management LLC trimmed its position in AbbVie Inc. (NYSE:ABBV) by 1.6% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 7,466 shares of the company’s stock after selling 121 shares during the period. Evermay Wealth Management LLC’s holdings in AbbVie were worth $1,157,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of AbbVie in the fourth quarter valued at about $3,229,888,000. Massachusetts Financial Services Co. MA boosted its holdings in AbbVie by 29,922.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 6,032,374 shares of the company’s stock valued at $899,186,000 after purchasing an additional 6,012,281 shares in the last quarter. International Assets Investment Management LLC acquired a new position in AbbVie during the 4th quarter worth approximately $499,955,000. Charles Schwab Investment Management Inc. raised its stake in shares of AbbVie by 7.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock worth $3,774,569,000 after buying an additional 1,702,415 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of AbbVie by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 160,747,355 shares of the company’s stock valued at $23,961,001,000 after buying an additional 1,450,089 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at AbbVie

In other news, CEO Richard A. Gonzalez sold 138,616 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the sale, the chief executive officer now owns 519,099 shares in the company, valued at $92,020,679.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other AbbVie news, COO Robert A. Michael sold 68,879 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $176.45, for a total transaction of $12,153,699.55. Following the transaction, the chief operating officer now owns 98,645 shares of the company’s stock, valued at $17,405,910.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Richard A. Gonzalez sold 138,616 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the sale, the chief executive officer now directly owns 519,099 shares of the company’s stock, valued at $92,020,679.73. The disclosure for this sale can be found here. In the last three months, insiders sold 302,561 shares of company stock worth $53,645,658. Insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

ABBV has been the subject of several research analyst reports. Guggenheim increased their price objective on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. William Blair upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating in a research note on Monday, January 29th. Raymond James boosted their price objective on shares of AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a report on Monday, February 5th. BMO Capital Markets dropped their target price on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, April 29th. Finally, Truist Financial boosted their price target on AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Tuesday, February 6th. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $176.14.

AbbVie Price Performance

Shares of NYSE:ABBV traded down $1.20 on Friday, hitting $157.06. The company had a trading volume of 3,691,730 shares, compared to its average volume of 5,267,838. The company has a market cap of $277.35 billion, a PE ratio of 46.61, a PEG ratio of 2.01 and a beta of 0.61. The business has a 50 day moving average of $167.94 and a 200 day moving average of $163.35. AbbVie Inc. has a 52-week low of $130.96 and a 52-week high of $182.89. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.05. The company had revenue of $12.31 billion for the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period last year, the company earned $2.46 EPS. As a group, equities analysts anticipate that AbbVie Inc. will post 11.26 earnings per share for the current fiscal year.

AbbVie 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.