Folger Nolan Fleming Douglas Capital Management Inc. Cuts Stock Position in AbbVie Inc. (NYSE:ABBV)

Folger Nolan Fleming Douglas Capital Management Inc. lessened its stake in AbbVie Inc. (NYSE:ABBV) by 0.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,115 shares of the company’s stock after selling 95 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in AbbVie were worth $2,957,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ABBV. EnRich Financial Partners LLC grew its stake in shares of AbbVie by 196.4% during the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after acquiring an additional 110 shares during the last quarter. Promus Capital LLC purchased a new stake in shares of AbbVie during the fourth quarter worth about $30,000. Bradley & Co. Private Wealth Management LLC purchased a new stake in shares of AbbVie during the fourth quarter worth about $31,000. Prudent Man Investment Management Inc. purchased a new stake in shares of AbbVie during the fourth quarter worth about $32,000. Finally, Pinney & Scofield Inc. purchased a new stake in shares of AbbVie during the fourth quarter worth about $36,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Transactions at AbbVie

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the stock in a transaction on Monday, March 31st. The stock was sold at an average price of $210.08, for a total value of $12,359,426.56. Following the completion of the transaction, the executive vice president now directly owns 53,234 shares of the company’s stock, valued at approximately $11,183,398.72. This represents a 52.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.25% of the company’s stock.

AbbVie Trading Up 0.4%

Shares of ABBV stock opened at $192.27 on Friday. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55. The company has a market cap of $339.63 billion, a price-to-earnings ratio of 80.11, a PEG ratio of 1.62 and a beta of 0.50. The stock has a 50 day simple moving average of $183.90 and a 200-day simple moving average of $187.43. AbbVie Inc. has a 1-year low of $163.52 and a 1-year high of $218.66.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.06. The business had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The business’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the company posted $2.31 EPS. On average, equities research analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ABBV. Citigroup boosted their price target on AbbVie to $205.00 and gave the stock a “hold” rating in a research note on Wednesday. Wall Street Zen downgraded AbbVie from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. Bank of America upped their target price on AbbVie to $204.00 and gave the company a “hold” rating in a research report on Monday. Cantor Fitzgerald initiated coverage on AbbVie in a research report on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 target price on the stock. Finally, Evercore ISI upped their target price on AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a research report on Monday, April 28th. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $211.29.

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.