AbbVie Inc. (NYSE:ABBV) Shares Sold by Capital Market Strategies LLC

Capital Market Strategies LLC cut its stake in AbbVie Inc. (NYSE:ABBV) by 4.8% during the 1st quarter, HoldingsChannel reports. The fund owned 10,376 shares of the company’s stock after selling 528 shares during the period. AbbVie comprises 1.4% of Capital Market Strategies LLC’s portfolio, making the stock its 13th largest position. Capital Market Strategies LLC’s holdings in AbbVie were worth $1,890,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Vermillion & White Wealth Management Group LLC acquired a new stake in shares of AbbVie during the fourth quarter worth $26,000. IFS Advisors LLC acquired a new stake in shares of AbbVie during the first quarter worth $36,000. Able Wealth Management LLC acquired a new stake in shares of AbbVie during the fourth quarter worth $33,000. Ables Iannone Moore & Associates Inc. acquired a new stake in shares of AbbVie in the 4th quarter worth about $37,000. Finally, Clarity Asset Management Inc. acquired a new stake in shares of AbbVie in the 4th quarter worth about $42,000. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Performance

Shares of ABBV opened at $171.36 on Thursday. AbbVie Inc. has a one year low of $130.96 and a one year high of $182.89. The company has a 50-day moving average of $163.63 and a two-hundred day moving average of $166.41. The stock has a market cap of $302.60 billion, a price-to-earnings ratio of 50.85, a PEG ratio of 2.17 and a beta of 0.60. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. The business had revenue of $12.31 billion during the quarter, compared to analyst estimates of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The firm’s revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.46 earnings per share. On average, equities research analysts expect that AbbVie Inc. will post 11.26 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ABBV. BMO Capital Markets decreased their target price on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, April 29th. Piper Sandler raised their price objective on shares of AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a research report on Tuesday. Cantor Fitzgerald started coverage on shares of AbbVie in a research report on Friday, May 17th. They set an “overweight” rating and a $200.00 price objective for the company. Barclays reduced their price objective on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. Finally, Guggenheim raised their price objective on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, AbbVie has an average rating of “Moderate Buy” and a consensus price target of $179.64.

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.