Cardinal Capital Management Inc. Sells 3,561 Shares of AbbVie Inc. (NYSE:ABBV)

Cardinal Capital Management Inc. cut its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 196,491 shares of the company’s stock after selling 3,561 shares during the quarter. AbbVie makes up about 1.6% of Cardinal Capital Management Inc.’s holdings, making the stock its 18th biggest position. Cardinal Capital Management Inc.’s holdings in AbbVie were worth $35,781,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ellenbecker Investment Group increased its holdings in AbbVie by 1.6% during the 1st quarter. Ellenbecker Investment Group now owns 5,979 shares of the company’s stock worth $1,089,000 after acquiring an additional 95 shares during the period. New Hampshire Trust boosted its position in AbbVie by 3.1% during the 1st quarter. New Hampshire Trust now owns 36,357 shares of the company’s stock valued at $6,621,000 after buying an additional 1,092 shares during the period. Foster Group Inc. lifted its position in shares of AbbVie by 7.2% in the 1st quarter. Foster Group Inc. now owns 8,182 shares of the company’s stock worth $1,490,000 after purchasing an additional 547 shares during the period. Farmers Trust Co. increased its stake in shares of AbbVie by 1.3% in the 1st quarter. Farmers Trust Co. now owns 29,654 shares of the company’s stock worth $5,400,000 after acquiring an additional 379 shares in the last quarter. Finally, Rise Advisors LLC increased its stake in shares of AbbVie by 311.0% in the 1st quarter. Rise Advisors LLC now owns 1,233 shares of the company’s stock worth $225,000 after acquiring an additional 933 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ABBV shares. Barclays reduced their price target on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research note on Monday, April 29th. Piper Sandler raised their price objective on shares of AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a report on Tuesday. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a report on Wednesday, June 5th. BMO Capital Markets lowered their price target on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $179.64.

AbbVie Trading Up 0.4 %

ABBV stock opened at $172.13 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. AbbVie Inc. has a twelve month low of $130.96 and a twelve month high of $182.89. The stock has a market capitalization of $303.96 billion, a price-to-earnings ratio of 51.08, a price-to-earnings-growth ratio of 2.19 and a beta of 0.60. The firm’s fifty day simple moving average is $163.72 and its two-hundred day simple moving average is $166.45.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.05. The business 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 business’s revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.46 earnings per share. As a group, analysts anticipate that AbbVie Inc. will post 11.27 earnings per share for the current year.

AbbVie Company 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.