RNC Capital Management LLC Reduces Stock Holdings in AbbVie Inc. (NYSE:ABBV)

RNC Capital Management LLC lowered its position in AbbVie Inc. (NYSE:ABBV) by 29.5% in the 4th quarter, Holdings Channel reports. The firm owned 251,428 shares of the company’s stock after selling 105,332 shares during the quarter. AbbVie accounts for approximately 2.4% of RNC Capital Management LLC’s portfolio, making the stock its 16th biggest position. RNC Capital Management LLC’s holdings in AbbVie were worth $44,679,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Strategic Financial Concepts LLC boosted its holdings in AbbVie by 17,813.1% in the fourth quarter. Strategic Financial Concepts LLC now owns 265,831 shares of the company’s stock worth $472,000 after acquiring an additional 264,347 shares in the last quarter. Encompass Wealth Advisors LLC raised its stake in shares of AbbVie by 5.7% during the 4th quarter. Encompass Wealth Advisors LLC now owns 2,056 shares of the company’s stock valued at $365,000 after buying an additional 110 shares during the last quarter. Consolidated Portfolio Review Corp increased its holdings in shares of AbbVie by 24.4% during the 4th quarter. Consolidated Portfolio Review Corp now owns 1,986 shares of the company’s stock valued at $353,000 after purchasing an additional 389 shares in the last quarter. Eagle Ridge Investment Management boosted its position in AbbVie by 0.4% during the fourth quarter. Eagle Ridge Investment Management now owns 69,581 shares of the company’s stock worth $12,365,000 after purchasing an additional 311 shares in the last quarter. Finally, Silver Oak Securities Incorporated raised its position in AbbVie by 53.4% during the fourth quarter. Silver Oak Securities Incorporated now owns 6,115 shares of the company’s stock worth $1,077,000 after acquiring an additional 2,128 shares during the period. Institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Piper Sandler upped their price objective on shares of AbbVie from $212.00 to $220.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Wolfe Research assumed coverage on shares of AbbVie in a research report on Friday, November 15th. They set an “outperform” rating and a $205.00 price target for the company. Daiwa Capital Markets lowered shares of AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 target price on the stock. in a research note on Thursday, December 5th. JPMorgan Chase & Co. cut their price target on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 13th. Finally, Daiwa America downgraded AbbVie from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 5th. Five analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $208.35.

AbbVie Trading Up 0.6 %

NYSE ABBV opened at $192.95 on Friday. The stock has a market cap of $340.96 billion, a P/E ratio of 80.39, a P/E/G ratio of 1.84 and a beta of 0.58. The stock’s fifty day moving average price is $177.19 and its 200-day moving average price is $185.43. AbbVie Inc. has a 12 month low of $153.58 and a 12 month high of $207.32. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, January 31st. The company reported $2.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 257.91%. During the same period in the prior year, the company earned $2.79 EPS. As a group, equities analysts forecast that AbbVie Inc. will post 12.26 EPS for the current fiscal year.

Insider Buying and Selling

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $172.24, for a total value of $310,032.00. Following the completion of the transaction, the senior vice president now directly owns 6,983 shares in the company, valued at $1,202,751.92. This represents a 20.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.25% of the stock is owned by insiders.

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.