Parallel Advisors LLC Lowers Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Parallel Advisors LLC decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 1.1% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 107,042 shares of the company’s stock after selling 1,143 shares during the period. Parallel Advisors LLC’s holdings in AbbVie were worth $22,426,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Crestline Management LP lifted its holdings in AbbVie by 438.4% in the 4th quarter. Crestline Management LP now owns 35,311 shares of the company’s stock worth $6,275,000 after buying an additional 28,753 shares during the period. Dimensional Fund Advisors LP increased its stake in AbbVie by 1.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,367,162 shares of the company’s stock valued at $1,664,489,000 after purchasing an additional 108,993 shares in the last quarter. Quantbot Technologies LP raised its holdings in AbbVie by 35.8% in the 4th quarter. Quantbot Technologies LP now owns 1,047 shares of the company’s stock worth $186,000 after acquiring an additional 276 shares during the last quarter. AXA S.A. lifted its holdings in shares of AbbVie by 14.8% during the fourth quarter. AXA S.A. now owns 971,893 shares of the company’s stock valued at $172,705,000 after purchasing an additional 125,568 shares in the last quarter. Finally, Keystone Financial Group lifted its stake in AbbVie by 0.9% during the 4th quarter. Keystone Financial Group now owns 17,952 shares of the company’s stock valued at $3,190,000 after acquiring an additional 161 shares during the period. 70.23% of the stock is owned by institutional investors.

AbbVie Stock Up 1.3%

Shares of AbbVie stock opened at $185.40 on Friday. The stock has a 50-day moving average price of $186.28 and a 200 day moving average price of $186.16. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94. The company has a market cap of $327.49 billion, a P/E ratio of 77.25, a P/E/G ratio of 1.62 and a beta of 0.56. AbbVie Inc. has a 1 year low of $153.58 and a 1 year high of $218.66.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, April 25th. The company reported $2.46 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.06. The business had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.31 EPS. As a group, analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie 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 transaction, the executive vice president now owns 53,234 shares in the company, valued at approximately $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 accessible through this link. Company insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

ABBV has been the topic of a number of research reports. BMO Capital Markets boosted their target price on shares of AbbVie from $208.00 to $215.00 and gave the company an “outperform” rating in a research report on Monday, February 3rd. Guggenheim upped their target price 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. BNP Paribas raised AbbVie to a “hold” rating in a research note on Thursday, May 8th. Citigroup restated a “neutral” rating and set a $205.00 target price (down from $210.00) on shares of AbbVie in a research report on Wednesday, May 14th. Finally, Raymond James restated an “outperform” rating and set a $220.00 target price (up previously from $218.00) on shares of AbbVie in a research report on Monday, February 3rd. Eight investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and an average price target of $210.95.

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.