Klingenstein Fields & Co. LP Cuts Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Klingenstein Fields & Co. LP decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 1.6% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 11,655 shares of the company’s stock after selling 195 shares during the period. Klingenstein Fields & Co. LP’s holdings in AbbVie were worth $2,071,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. AMF Tjanstepension AB purchased a new position in shares of AbbVie in the 3rd quarter worth approximately $8,777,000. Creative Planning grew its position in AbbVie by 5.8% during the 3rd quarter. Creative Planning now owns 750,811 shares of the company’s stock worth $147,086,000 after purchasing an additional 40,925 shares during the last quarter. Swedbank AB grew its position in AbbVie by 0.3% during the 3rd quarter. Swedbank AB now owns 2,147,126 shares of the company’s stock worth $424,014,000 after purchasing an additional 6,810 shares during the last quarter. ERn Financial LLC purchased a new stake in AbbVie during the 3rd quarter worth approximately $215,000. Finally, Kapitalo Investimentos Ltda purchased a new stake in AbbVie during the 3rd quarter worth approximately $259,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ABBV. BMO Capital Markets boosted their target price on shares of AbbVie from $208.00 to $215.00 and gave the stock an “outperform” rating in a research report on Monday, February 3rd. Morgan Stanley boosted their target price on shares of AbbVie from $224.00 to $239.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Citigroup boosted their target price on shares of AbbVie from $205.00 to $215.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Truist Financial lifted their price objective on shares of AbbVie from $211.00 to $217.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Finally, 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 report on Tuesday, December 17th. Five research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus price target of $208.35.

AbbVie Stock Performance

ABBV opened at $193.54 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. The company has a market cap of $342.00 billion, a price-to-earnings ratio of 80.64, a PEG ratio of 1.53 and a beta of 0.58. AbbVie Inc. has a 52-week low of $153.58 and a 52-week high of $207.32. The firm’s fifty day simple moving average is $178.24 and its two-hundred day simple moving average is $185.91.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, January 31st. The company reported $2.16 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 quarter last year, the firm earned $2.79 earnings per share. Equities analysts anticipate that AbbVie Inc. will post 12.32 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Kevin K. Buckbee sold 1,800 shares of the stock in a transaction dated 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 sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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.