AbbVie Inc. (NYSE:ABBV) is Crowley Wealth Management Inc.’s 2nd Largest Position

Crowley Wealth Management Inc. decreased its position in AbbVie Inc. (NYSE:ABBV) by 2.1% in the first quarter, Holdings Channel reports. The firm owned 25,308 shares of the company’s stock after selling 549 shares during the period. AbbVie accounts for 5.1% of Crowley Wealth Management Inc.’s investment portfolio, making the stock its 2nd largest holding. Crowley Wealth Management Inc.’s holdings in AbbVie were worth $5,303,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in AbbVie by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company’s stock valued at $30,754,908,000 after acquiring an additional 1,424,237 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of AbbVie by 2.7% during the 4th quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company’s stock valued at $6,586,948,000 after buying an additional 983,888 shares during the last quarter. Capital Research Global Investors increased its holdings in shares of AbbVie by 2.3% during the 4th quarter. Capital Research Global Investors now owns 33,983,707 shares of the company’s stock valued at $6,038,898,000 after purchasing an additional 778,126 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in AbbVie by 15.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company’s stock valued at $4,875,401,000 after buying an additional 3,599,336 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of AbbVie in the 4th quarter valued at about $4,459,385,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at AbbVie

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business’s 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 $11,183,398.72. The trade was a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.25% of the stock is currently owned by insiders.

Analyst Ratings Changes

ABBV has been the subject of a number of research reports. Guggenheim upped their target price on shares of AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Erste Group Bank upgraded AbbVie to a “strong-buy” rating in a report on Monday, March 17th. BNP Paribas upgraded AbbVie to a “hold” rating in a research report on Thursday, May 8th. Morgan Stanley raised their price objective on shares of AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, April 28th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $194.00 target price on shares of AbbVie in a report on Tuesday, April 8th. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $211.29.

AbbVie Stock Performance

Shares of ABBV opened at $192.27 on Friday. AbbVie Inc. has a 52-week low of $163.52 and a 52-week high of $218.66. The company has a market capitalization of $339.63 billion, a PE ratio of 80.11, a P/E/G ratio of 1.62 and a beta of 0.50. The company has a 50-day simple moving average of $183.90 and a 200-day simple moving average of $187.43. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94.

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

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.