Bowling Portfolio Management LLC Decreases Holdings in AbbVie Inc. (NYSE:ABBV)



Bowling Portfolio Management LLC cut its holdings in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 5.7% during the 1st quarter, HoldingsChannel reports. The fund owned 27,636 shares of the company’s stock after selling 1,678 shares during the quarter. AbbVie makes up 1.0% of Bowling Portfolio Management LLC’s investment portfolio, making the stock its 20th biggest position. Bowling Portfolio Management LLC’s holdings in AbbVie were worth $4,480,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Castle Financial & Retirement Planning Associates Inc. bought a new position in shares of AbbVie in the fourth quarter worth approximately $25,000. Intelligent Financial Strategies bought a new position in shares of AbbVie in the fourth quarter worth approximately $27,000. Steward Financial Group LLC bought a new position in shares of AbbVie in the fourth quarter worth approximately $30,000. Maryland Capital Advisors Inc. bought a new position in shares of AbbVie in the fourth quarter worth approximately $41,000. Finally, West Bancorporation Inc. bought a new position in shares of AbbVie in the fourth quarter worth approximately $44,000. 67.03% of the stock is currently owned by hedge funds and other institutional investors.

In other news, EVP Henry O. Gosebruch sold 83,960 shares of AbbVie stock in a transaction dated Monday, May 16th. The stock was sold at an average price of $155.00, for a total value of $13,013,800.00. Following the completion of the transaction, the executive vice president now owns 16,623 shares of the company’s stock, valued at approximately $2,576,565. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Vice Chairman Michael Severino sold 79,801 shares of AbbVie stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $150.90, for a total value of $12,041,970.90. Following the completion of the transaction, the insider now directly owns 152,103 shares of the company’s stock, valued at approximately $22,952,342.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 463,761 shares of company stock valued at $70,609,771. 0.08% of the stock is owned by insiders.

Shares of ABBV stock opened at $147.56 on Thursday. AbbVie Inc. has a 12 month low of $105.56 and a 12 month high of $175.91. The stock has a market cap of $260.75 billion, a PE ratio of 21.17, a price-to-earnings-growth ratio of 4.04 and a beta of 0.83. The company has a current ratio of 0.82, a quick ratio of 0.71 and a debt-to-equity ratio of 3.89. The company’s fifty day moving average price is $150.17 and its 200-day moving average price is $146.18.

AbbVie (NYSE:ABBV – Get Rating) last announced its earnings results on Friday, April 29th. The company reported $3.16 EPS for the quarter, beating analysts’ consensus estimates of $3.15 by $0.01. AbbVie had a net margin of 22.00% and a return on equity of 159.31%. The firm had revenue of $13.36 billion for the quarter, compared to analysts’ expectations of $13.61 billion. During the same quarter in the previous year, the business posted $2.95 EPS. The company’s quarterly revenue was up 2.7% on a year-over-year basis. On average, sell-side analysts forecast that AbbVie Inc. will post 14.02 earnings per share for the current fiscal year.

Several research analysts have recently issued reports on ABBV shares. Barclays raised their target price on shares of AbbVie from $150.00 to $174.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 12th. UBS Group cut shares of AbbVie from a “buy” rating to a “neutral” rating and lifted their price target for the company from $129.00 to $147.00 in a report on Monday, February 28th. Morgan Stanley lifted their price target on shares of AbbVie from $142.00 to $192.00 and gave the company an “overweight” rating in a report on Wednesday, April 6th. Wells Fargo & Company lifted their price target on shares of AbbVie from $165.00 to $200.00 in a report on Monday, May 2nd. Finally, BMO Capital Markets lifted their price target on shares of AbbVie from $161.00 to $174.00 and gave the company an “outperform” rating in a report on Monday, April 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $159.75.

About AbbVie (Get Rating)

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet’s diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), and VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

Further reading

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV – Get Rating).

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)



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