Bowling Portfolio Management LLC Reduces Its Stake in AbbVie Inc. (NYSE:ABBV)

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Bowling Portfolio Management LLC reduced its holdings of AbbVie Inc. (NYSE: ABBV – Get Rating) stock by 5.7% in Q1, HoldingsChannel reports. The fund held 27,636 shares of the company after selling 1,678 shares during the quarter. AbbVie represents 1.0% of Bowling Portfolio Management LLC’s investment portfolio, making the stock its 20th-largest position. Bowling Portfolio Management LLC’s holdings in AbbVie were worth $4,480,000 at the end of last quarter.

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

In other news, Executive Vice Chairman Henry O. Gosebruch sold 83,960 shares of AbbVie in a trade dated Monday, May 16. The stock was sold at an average price of $155.00, for a total value of $13,013,800.00. Following completion of the transaction, the executive vice president now owns 16,623 shares of the company, valued at approximately $2,576,565. The transaction was disclosed in a legal filing with the SEC, which is available on the SEC’s website. Additionally, Vice Chairman Michael Severino sold 79,801 shares of AbbVie in a trade dated Monday, May 23. 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, valued at approximately $22,952,342.70. The disclosure of this sale can be found here. In the past ninety days, insiders have sold 463,761 shares of the company valued at $70,609,771. 0.08% of the shares are held by insiders.

ABBV shares 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 capitalization of $260.75 billion, a PE ratio of 21.17, a growth price-earnings 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 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 reported results on Friday, April 29. The company reported EPS of $3.16 for the quarter, beating consensus analyst estimates of $3.15 by $0.01. AbbVie had a net margin of 22.00% and a return on equity of 159.31%. The company posted revenue of $13.36 billion for the quarter, versus $13.61 billion expected by analysts. In the same quarter a year earlier, the company posted EPS of $2.95. The company’s quarterly revenue increased 2.7% year over year. On average, sell-side analysts expect AbbVie Inc. to post earnings per share of 14.02 for the current fiscal year.

Several research analysts have recently published reports on ABBV shares. Barclays raised its price target on AbbVie shares from $150.00 to $174.00 and gave the stock an “equal weight” rating in a Tuesday, April 12 report. UBS Group moved AbbVie shares from a ‘buy’ rating to a ‘neutral’ rating and raised its price target for the company from $129.00 to $147.00 in a report on Monday 28 february. Morgan Stanley raised its price target on AbbVie shares from $142.00 to $192.00 and gave the company an “overweight” rating in a Wednesday, April 6 report. Wells Fargo & Company raised its price target on AbbVie shares from $165.00 to $200.00 in a Monday, May 2 report. Finally, BMO Capital Markets raised its price target on AbbVie shares from $161.00 to $174.00 and gave the company an “outperform” rating in a Monday, April 25 report. One research analyst rated the stock with a sell rating, five gave the company a hold rating, ten gave the company a buy rating, and one gave the company a strong buy rating. 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 a rating)

AbbVie Inc discovers, develops, manufactures and sells pharmaceutical products worldwide. The Company offers HUMIRA, an injection therapy for autoimmune and intestinal Behçet’s disease; 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 to 6 infection.

Further reading

Want to see which other hedge funds own ABBV? Visit HoldingsChannel.com for the latest 13F filings and insider trading for AbbVie Inc. (NYSE:ABBV – Get Rating).

Institutional ownership by quarter for AbbVie (NYSE: ABBV)



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