Orrstown Financial Services Inc. Trims Stake in AbbVie Inc. (NYSE:ABBV)

Orrstown Financial Services Inc. lowered its position in AbbVie Inc. (NYSE:ABBV) by 4.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,912 shares of the company’s stock after selling 210 shares during the period. Orrstown Financial Services Inc.’s holdings in AbbVie were worth $873,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of ABBV. Groupama Asset Managment increased its position in shares of AbbVie by 40.3% during the third quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock worth $27,000 after purchasing an additional 38,974 shares in the last quarter. RPg Family Wealth Advisory LLC purchased a new stake in shares of AbbVie during the third quarter worth $28,000. Retirement Wealth Solutions LLC purchased a new stake in shares of AbbVie during the fourth quarter worth $35,000. Marquette Asset Management LLC acquired a new stake in shares of AbbVie in the third quarter valued at about $39,000. Finally, Mizuho Securities Co. Ltd. boosted its position in AbbVie by 100.0% during the third quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock worth $39,000 after acquiring an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Up 0.2 %

Shares of NYSE:ABBV opened at $175.21 on Thursday. The firm’s 50-day moving average is $176.22 and its two-hundred day moving average is $184.97. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. AbbVie Inc. has a 1 year low of $153.58 and a 1 year high of $207.32. The firm has a market capitalization of $309.62 billion, a PE ratio of 60.84, a price-to-earnings-growth ratio of 1.68 and a beta of 0.58.

AbbVie (NYSE:ABBV) last released its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the business earned $2.95 EPS. Analysts predict that AbbVie Inc. will post 10.06 EPS for the current year.

Insider Activity

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $172.24, for a total transaction of $310,032.00. Following the sale, the senior vice president now owns 6,983 shares in the company, valued at $1,202,751.92. This represents a 20.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ABBV. Guggenheim increased their price objective on shares of AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. BMO Capital Markets cut their price target on AbbVie from $228.00 to $208.00 and set an “outperform” rating for the company in a report on Tuesday, November 12th. Leerink Partners raised AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 price objective on the stock in a research note on Friday, November 22nd. Sanford C. Bernstein began coverage on AbbVie in a research note on Thursday, October 17th. They issued a “market perform” rating and a $203.00 target price for the company. Finally, Leerink Partnrs raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. Five research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $205.00.

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.