Oak Harbor Wealth Partners LLC Cuts Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Oak Harbor Wealth Partners LLC cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,188 shares of the company’s stock after selling 100 shares during the period. Oak Harbor Wealth Partners LLC’s holdings in AbbVie were worth $649,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. DiNuzzo Private Wealth Inc. purchased a new position in shares of AbbVie in the 4th quarter valued at $44,000. Bourgeon Capital Management LLC increased its holdings in AbbVie by 240.0% in the 4th quarter. Bourgeon Capital Management LLC now owns 340 shares of the company’s stock valued at $53,000 after purchasing an additional 240 shares in the last quarter. Naples Money Management LLC purchased a new position in AbbVie in the fourth quarter valued at about $53,000. Core Wealth Advisors Inc. lifted its stake in shares of AbbVie by 459.7% during the third quarter. Core Wealth Advisors Inc. now owns 347 shares of the company’s stock worth $52,000 after purchasing an additional 285 shares in the last quarter. Finally, Rakuten Securities Inc. purchased a new stake in shares of AbbVie in the fourth quarter worth about $57,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Performance

Shares of NYSE:ABBV traded down $0.14 during trading on Thursday, reaching $159.47. 2,207,389 shares of the company’s stock traded hands, compared to its average volume of 5,493,125. The stock has a market capitalization of $281.60 billion, a P/E ratio of 47.29, a price-to-earnings-growth ratio of 2.09 and a beta of 0.61. AbbVie Inc. has a 12 month low of $130.96 and a 12 month high of $182.89. The company has a 50 day moving average of $168.81 and a 200-day moving average of $162.98. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.05. The business had revenue of $12.31 billion for the quarter, compared to the consensus estimate of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The business’s revenue was up .7% on a year-over-year basis. During the same quarter last year, the business posted $2.46 EPS. On average, equities analysts expect that AbbVie Inc. will post 11.26 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently commented on ABBV. Guggenheim raised their target price on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Barclays reduced their target price on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Cantor Fitzgerald started coverage on shares of AbbVie in a report on Friday, May 17th. They set an “overweight” rating and a $200.00 price target for the company. Raymond James lifted their price target on shares of AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Finally, BMO Capital Markets decreased their price objective on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, April 29th. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $176.14.

Insider Activity at AbbVie

In other news, SVP Kevin K. Buckbee sold 5,144 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $176.65, for a total transaction of $908,687.60. Following the completion of the transaction, the senior vice president now directly owns 6,983 shares in the company, valued at $1,233,546.95. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, SVP Kevin K. Buckbee sold 5,144 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $176.65, for a total value of $908,687.60. Following the completion of the sale, the senior vice president now owns 6,983 shares in the company, valued at $1,233,546.95. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Richard A. Gonzalez sold 138,616 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the transaction, the chief executive officer now owns 519,099 shares of the company’s stock, valued at approximately $92,020,679.73. The disclosure for this sale can be found here. Insiders have sold a total of 330,454 shares of company stock worth $58,595,955 in the last ninety days. 0.25% of the stock is owned by insiders.

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.