Wesbanco Bank Inc. Decreases Stock Position in AbbVie Inc. (NYSE:ABBV)

Wesbanco Bank Inc. trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 3.8% during the 1st quarter, HoldingsChannel.com reports. The firm owned 82,571 shares of the company’s stock after selling 3,270 shares during the quarter. Wesbanco Bank Inc.’s holdings in AbbVie were worth $17,300,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of ABBV. EnRich Financial Partners LLC raised its holdings in shares of AbbVie by 196.4% during the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock valued at $29,000 after purchasing an additional 110 shares during the last quarter. Promus Capital LLC bought a new stake in AbbVie in the 4th quarter worth approximately $30,000. Bradley & Co. Private Wealth Management LLC bought a new stake in AbbVie in the 4th quarter worth approximately $31,000. Prudent Man Investment Management Inc. bought a new position in shares of AbbVie during the 4th quarter valued at $32,000. Finally, Pinney & Scofield Inc. purchased a new position in shares of AbbVie in the 4th quarter worth $36,000. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Up 1.3%

ABBV opened at $189.89 on Monday. The company has a market capitalization of $335.42 billion, a PE ratio of 79.12, a price-to-earnings-growth ratio of 1.62 and a beta of 0.50. The firm has a 50-day simple moving average of $184.24 and a two-hundred day simple moving average of $187.19. 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 Inc. has a 52 week low of $163.52 and a 52 week high of $218.66.

AbbVie (NYSE:ABBV) last posted its 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. The company had revenue of $13.34 billion for the quarter, compared to the consensus estimate 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 period in the previous year, the business earned $2.31 earnings per share. Analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $11,183,398.72. This trade represents a 52.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on ABBV shares. Morgan Stanley upped their price objective on AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a research report on Monday, April 28th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $194.00 price target on shares of AbbVie in a research report on Tuesday, April 8th. Guggenheim increased their price objective on shares of AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Wells Fargo & Company upped their target price on shares of AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. Finally, Cantor Fitzgerald initiated coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 price target on the stock. Eight analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $212.19.

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.