Arden Trust Co Sells 143 Shares of AbbVie Inc. (NYSE:ABBV)

Arden Trust Co cut its stake in AbbVie Inc. (NYSE:ABBV) by 2.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,835 shares of the company’s stock after selling 143 shares during the period. Arden Trust Co’s holdings in AbbVie were worth $1,245,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ABBV. Vermillion & White Wealth Management Group LLC bought a new position in shares of AbbVie during the 4th quarter worth about $26,000. Able Wealth Management LLC bought a new position in shares of AbbVie during the 4th quarter worth about $33,000. Ables Iannone Moore & Associates Inc. bought a new position in shares of AbbVie during the 4th quarter worth about $37,000. Clarity Asset Management Inc. bought a new position in shares of AbbVie during the 4th quarter worth about $42,000. Finally, DiNuzzo Private Wealth Inc. acquired a new stake in shares of AbbVie during the 4th quarter worth about $44,000. 70.23% of the stock is owned by institutional investors.

AbbVie Stock Up 1.0 %

AbbVie stock opened at $171.35 on Wednesday. The company’s 50 day simple moving average is $163.58 and its 200 day simple moving average is $166.38. AbbVie Inc. has a fifty-two week low of $130.96 and a fifty-two week high of $182.89. The firm has a market capitalization of $302.58 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 announced its quarterly earnings results 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. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The firm had revenue of $12.31 billion for the quarter, compared to analyst estimates of $11.93 billion. During the same quarter in the previous year, the firm posted $2.46 earnings per share. The business’s revenue was up .7% on a year-over-year basis. As a group, sell-side analysts anticipate that AbbVie Inc. will post 11.26 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ABBV. BMO Capital Markets dropped 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. Guggenheim increased their target price on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a research report on Wednesday, June 5th. Cantor Fitzgerald began coverage on shares of AbbVie in a research report on Friday, May 17th. They set an “overweight” rating and a $200.00 target price for the company. Finally, Piper Sandler increased their target price on shares of AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and a consensus target price 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.