AbbVie Inc. (NYSE:ABBV) Position Cut by Davis Capital Management

Davis Capital Management trimmed its holdings in AbbVie Inc. (NYSE:ABBV) by 1.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,726 shares of the company’s stock after selling 88 shares during the quarter. Davis Capital Management’s holdings in AbbVie were worth $1,035,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ABBV. Vermillion & White Wealth Management Group LLC bought a new position in AbbVie during the 4th quarter valued at $26,000. IFS Advisors LLC bought a new position in AbbVie during the 1st quarter valued at $36,000. Able Wealth Management LLC bought a new position in AbbVie during the 4th quarter valued at $33,000. Ables Iannone Moore & Associates Inc. bought a new stake in shares of AbbVie during the 4th quarter worth $37,000. Finally, Clarity Asset Management Inc. bought a new stake in shares of AbbVie during the 4th quarter worth $42,000. 70.23% of the stock is owned by institutional investors.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $171.36 on Thursday. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. AbbVie Inc. has a 1 year low of $130.96 and a 1 year high of $182.89. The business has a fifty day simple moving average of $163.63 and a 200 day simple moving average of $166.41. The firm has a market cap of $302.60 billion, a price-to-earnings ratio of 50.85, a P/E/G ratio of 2.17 and a beta of 0.60.

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

Wall Street Analysts Forecast Growth

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

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.