Institute for Wealth Management LLC. Trims Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Institute for Wealth Management LLC. cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 19,500 shares of the company’s stock after selling 59 shares during the period. Institute for Wealth Management LLC.’s holdings in AbbVie were worth $3,465,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in ABBV. Groupama Asset Managment grew its stake in AbbVie by 40.3% during the 3rd 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 acquired a new position in shares of AbbVie during the third quarter worth about $28,000. Fiduciary Advisors Inc. purchased a new stake in shares of AbbVie during the fourth quarter worth approximately $29,000. Retirement Wealth Solutions LLC purchased a new position in AbbVie in the fourth quarter worth approximately $35,000. Finally, Marquette Asset Management LLC acquired a new position in AbbVie during the 3rd quarter worth approximately $39,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Performance

Shares of ABBV opened at $175.54 on Friday. AbbVie Inc. has a 52 week low of $153.58 and a 52 week high of $207.32. 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 company has a market capitalization of $310.21 billion, a PE ratio of 60.95, a PEG ratio of 1.77 and a beta of 0.58. The company’s 50 day moving average price is $176.37 and its 200 day moving average price is $184.90.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The firm’s revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the company earned $2.95 EPS. Research analysts expect that AbbVie Inc. will post 10.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of recent analyst reports. Barclays lifted their price target on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Bank of America reaffirmed a “neutral” rating and issued a $191.00 price target on shares of AbbVie in a report on Tuesday, December 10th. Citigroup reduced their price objective on shares of AbbVie from $215.00 to $205.00 and set a “buy” rating for the company in a research report on Tuesday. Argus raised shares of AbbVie from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Finally, Daiwa Capital Markets downgraded shares of AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 price objective for the company. in a research note on Thursday, December 5th. Five equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, AbbVie has an average rating of “Moderate Buy” and an average price target of $205.00.

Insider Activity

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the business’s stock in a transaction on Monday, December 16th. The shares were 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.25% of the stock is currently owned by insiders.

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.