Allstate Corp Trims Holdings in AbbVie Inc. (NYSE:ABBV)

Allstate Corp cut its stake in AbbVie Inc. (NYSE:ABBV) by 5.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,906 shares of the company’s stock after selling 316 shares during the quarter. Allstate Corp’s holdings in AbbVie were worth $915,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. DiNuzzo Private Wealth Inc. bought a new stake in AbbVie during the fourth quarter worth about $44,000. Bourgeon Capital Management LLC grew its position in shares of AbbVie by 240.0% in the 4th quarter. Bourgeon Capital Management LLC now owns 340 shares of the company’s stock worth $53,000 after buying an additional 240 shares during the last quarter. Naples Money Management LLC bought a new stake in shares of AbbVie in the 4th quarter worth approximately $53,000. Core Wealth Advisors Inc. grew its position in shares of AbbVie by 459.7% in the 3rd quarter. Core Wealth Advisors Inc. now owns 347 shares of the company’s stock worth $52,000 after buying an additional 285 shares during the last quarter. Finally, Rakuten Securities Inc. purchased a new position in shares of AbbVie in the 4th quarter valued at approximately $57,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other AbbVie news, EVP Nicholas Donoghoe sold 21,082 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $176.30, for a total transaction of $3,716,756.60. Following the transaction, the executive vice president now directly owns 55,903 shares in the company, valued at $9,855,698.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other AbbVie news, CFO Scott T. Reents sold 14,140 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $177.44, for a total transaction of $2,509,001.60. Following the transaction, the chief financial officer now owns 27,065 shares of the company’s stock, valued at $4,802,413.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Nicholas Donoghoe sold 21,082 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $176.30, for a total transaction of $3,716,756.60. Following the transaction, the executive vice president now directly owns 55,903 shares in the company, valued at approximately $9,855,698.90. The disclosure for this sale can be found here. Insiders sold 330,454 shares of company stock valued at $58,595,955 over the last ninety days. Corporate insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Guggenheim boosted their price target on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. William Blair upgraded AbbVie from a “market perform” rating to an “outperform” rating in a research note on Monday, January 29th. BMO Capital Markets decreased their price target on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, April 29th. Cantor Fitzgerald assumed coverage on AbbVie in a research note on Friday, May 17th. They issued an “overweight” rating and a $200.00 price target for the company. Finally, Truist Financial boosted their price target on AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Tuesday, February 6th. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $176.14.

AbbVie Price Performance

ABBV stock traded down $0.05 during trading on Thursday, hitting $159.56. The stock had a trading volume of 1,766,017 shares, compared to its average volume of 5,488,904. 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 Inc. has a twelve month low of $130.96 and a twelve month high of $182.89. The stock has a market capitalization of $281.76 billion, a P/E ratio of 47.29, a PEG ratio of 2.09 and a beta of 0.61. The company’s 50-day moving average price is $168.81 and its two-hundred day moving average price is $162.98.

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