Mount Yale Investment Advisors LLC cut its holdings in AbbVie Inc. (NYSE:ABBV – Get Rating) by 26.4% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,655 shares of the company's stock after selling 8,842 shares during the period. Mount Yale Investment Advisors LLC's holdings in AbbVie were worth $3,309,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Bradley & Co. Private Wealth Management LLC increased its stake in AbbVie by 80.6% in the second quarter. Bradley & Co. Private Wealth Management LLC now owns 177 shares of the company's stock valued at $27,000 after purchasing an additional 79 shares during the last quarter. Activest Wealth Management acquired a new position in shares of AbbVie during the 3rd quarter valued at about $31,000. Heritage Wealth Management LLC purchased a new position in shares of AbbVie during the 2nd quarter worth about $37,000. Paragon Wealth Strategies LLC purchased a new position in shares of AbbVie during the 3rd quarter worth about $51,000. Finally, Goodman Advisory Group LLC acquired a new stake in shares of AbbVie in the second quarter worth approximately $53,000. Institutional investors and hedge funds own 67.71% of the company's stock.
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AbbVie Stock Performance
NYSE:ABBV traded down $1.16 during mid-day trading on Friday, hitting $146.24. The stock had a trading volume of 791,906 shares, compared to its average volume of 5,875,956. AbbVie Inc. has a 52 week low of $133.05 and a 52 week high of $175.91. The company has a current ratio of 0.93, a quick ratio of 0.83 and a debt-to-equity ratio of 3.77. The stock has a market capitalization of $258.62 billion, a price-to-earnings ratio of 19.68, a P/E/G ratio of 3.16 and a beta of 0.69. The company has a 50 day simple moving average of $159.29 and a 200-day simple moving average of $149.20.
AbbVie (NYSE:ABBV – Get Rating) last released its quarterly earnings results on Friday, October 28th. The company reported $3.66 earnings per share for the quarter, beating analysts' consensus estimates of $3.56 by $0.10. AbbVie had a return on equity of 155.88% and a net
margin of 23.19%. The company had revenue of $14.81 billion for the quarter, compared to analysts' expectations of $14.95 billion. During the same quarter in the previous year, the company posted $3.33 earnings per share. The business's revenue for the quarter was up 3.3% compared to the same quarter last year. On average, research analysts expect that AbbVie Inc. will post 13.89 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
A number of equities analysts have weighed in on ABBV shares. BMO Capital Markets decreased their price target on shares of AbbVie from $170.00 to $169.00 and set an "outperform" rating on the stock in a report on Monday, October 31st. Atlantic Securities lowered their price target on AbbVie from $162.00 to $157.00 and set a "neutral" rating for the company in a research report on Monday, October 31st. Credit Suisse Group assumed coverage on AbbVie in a research note on Thursday, November 17th. They set an "outperform" rating and a $170.00 price target for the company. Barclays dropped their target price on shares of AbbVie from $160.00 to $155.00 and set an "equal weight" rating for the company in a research report on Monday, October 31st. Finally, Morgan Stanley increased their target price on AbbVie from $178.00 to $182.00 and gave the company an "overweight" rating in a research note on Tuesday, December 6th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $160.56.
Insider Buying and Selling at AbbVie
In other news, EVP Timothy J. Richmond sold 42,370 shares of the stock in a transaction on Monday, December 12th. The stock was sold at an average price of $163.44, for a total value of $6,924,952.80. Following the completion of the transaction, the executive vice president now owns 13,837 shares of the company's stock, valued at $2,261,519.28. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.08% of the stock is owned by company insiders.
About AbbVie
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AbbVie, Inc is a research-based biopharmaceutical company, which engages in the development and sale of pharmaceutical products. It focuses on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology, and dermatology, oncology, including blood cancers, virology, hepatitis C virus (HCV) and human immunodeficiency virus (HIV), neurological disorders, such as Parkinson's, metabolic, comprising thyroid disease and complications associated with cystic fibrosis, pain associated with endometriosis, and other serious health conditions.
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