Naples Global Advisors LLC Cuts Holdings in AbbVie Inc. (NYSE:ABBV)

Naples Global Advisors LLC decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 0.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,773 shares of the company’s stock after selling 169 shares during the period. AbbVie comprises about 0.8% of Naples Global Advisors LLC’s investment portfolio, making the stock its 20th biggest holding. Naples Global Advisors LLC’s holdings in AbbVie were worth $8,667,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of ABBV. State Street Corp boosted its holdings in AbbVie by 1.6% in the third quarter. State Street Corp now owns 79,067,935 shares of the company’s stock worth $15,614,329,000 after purchasing an additional 1,267,685 shares during the last quarter. FMR LLC boosted its stake in shares of AbbVie by 3.9% in the 3rd quarter. FMR LLC now owns 13,630,404 shares of the company’s stock worth $2,691,732,000 after buying an additional 511,470 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of AbbVie by 6.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,175,926 shares of the company’s stock worth $2,009,542,000 after acquiring an additional 582,953 shares during the period. Massachusetts Financial Services Co. MA increased its position in AbbVie by 4.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 9,330,779 shares of the company’s stock valued at $1,842,642,000 after acquiring an additional 373,802 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in AbbVie by 1,745.0% in the third quarter. International Assets Investment Management LLC now owns 4,728,063 shares of the company’s stock valued at $933,698,000 after acquiring an additional 4,471,806 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on ABBV shares. Piper Sandler Companies restated an “overweight” rating and set a $220.00 price target on shares of AbbVie in a research note on Tuesday, December 17th. Guggenheim boosted their target price on shares of AbbVie from $212.00 to $214.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Daiwa Capital Markets downgraded shares of AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 price target on the stock. in a research report on Thursday, December 5th. Daiwa America downgraded shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 5th. Finally, Bank of America reaffirmed a “neutral” rating and issued a $191.00 target price on shares of AbbVie in a report on Tuesday, December 10th. Five research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $208.35.

Insider Buying and Selling at AbbVie

In other news, SVP Kevin K. Buckbee sold 1,800 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $172.24, for a total transaction of $310,032.00. Following the transaction, the senior vice president now owns 6,983 shares of the company’s stock, valued at approximately $1,202,751.92. The trade was a 20.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.25% of the stock is owned by company insiders.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $193.06 on Thursday. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. The firm has a market cap of $341.16 billion, a price-to-earnings ratio of 80.44, a P/E/G ratio of 1.53 and a beta of 0.58. The firm has a fifty day moving average price of $177.91 and a 200 day moving average price of $185.86. AbbVie Inc. has a fifty-two week low of $153.58 and a fifty-two week high of $207.32.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, January 31st. The company reported $2.16 EPS for the quarter, missing the consensus estimate of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 257.91%. During the same quarter in the prior year, the company posted $2.79 EPS. As a group, sell-side analysts expect that AbbVie Inc. will post 12.32 earnings per share for the current fiscal 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.