Exchange Traded Concepts LLC Has $14.13 Million Holdings in AbbVie Inc. (NYSE:ABBV)

Exchange Traded Concepts LLC cut its position in shares of AbbVie Inc. (NYSE:ABBV) by 9.5% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 67,441 shares of the company’s stock after selling 7,120 shares during the quarter. Exchange Traded Concepts LLC’s holdings in AbbVie were worth $14,130,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the company. Lockerman Financial Group Inc. increased its position in shares of AbbVie by 9.7% during the first quarter. Lockerman Financial Group Inc. now owns 1,544 shares of the company’s stock worth $324,000 after buying an additional 137 shares during the period. Pinion Investment Advisors LLC increased its position in shares of AbbVie by 11.7% during the first quarter. Pinion Investment Advisors LLC now owns 4,696 shares of the company’s stock worth $984,000 after buying an additional 490 shares during the period. Atlas Private Wealth Advisors increased its position in shares of AbbVie by 3.4% during the first quarter. Atlas Private Wealth Advisors now owns 4,661 shares of the company’s stock worth $976,000 after buying an additional 154 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its position in shares of AbbVie by 0.5% during the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 176,272 shares of the company’s stock worth $36,933,000 after buying an additional 925 shares during the period. Finally, Partners Wealth Management LLC acquired a new stake in shares of AbbVie during the first quarter worth $235,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Bank of America raised their price target on shares of AbbVie to $204.00 and gave the stock a “hold” rating in a report on Monday, June 9th. Cantor Fitzgerald began coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 price objective on the stock. Erste Group Bank raised shares of AbbVie to a “strong-buy” rating in a research report on Monday, March 17th. Guggenheim lifted their price objective on shares of AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Finally, BNP Paribas raised shares of AbbVie to a “hold” rating in a research report on Thursday, May 8th. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $211.29.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $190.67 on Friday. The company has a 50 day moving average of $184.21 and a 200 day moving average of $187.52. The stock has a market cap of $336.80 billion, a P/E ratio of 79.45, a P/E/G ratio of 1.62 and a beta of 0.50. AbbVie Inc. has a 12 month low of $163.52 and a 12 month high of $218.66. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, topping analysts’ consensus estimates of $2.40 by $0.06. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The business had revenue of $13.34 billion during the quarter, compared to analysts’ expectations of $12.91 billion. During the same quarter in the previous year, the company earned $2.31 EPS. The business’s quarterly revenue was up 8.4% compared to the same quarter last year. As a group, sell-side analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

Insider Transactions at AbbVie

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the completion of the sale, the executive vice president now directly owns 53,234 shares in the company, valued at approximately $11,183,398.72. The trade was a 52.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.25% of the company’s stock.

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.