Ferguson Wellman Capital Management Inc. Sells 536,494 Shares of AbbVie Inc (NYSE:ABBV)

Ferguson Wellman Capital Management Inc. decreased its holdings in AbbVie Inc (NYSE:ABBV) by 66.0% during the 1st quarter, Holdings Channel reports. The institutional investor owned 276,603 shares of the company’s stock after selling 536,494 shares during the quarter. Ferguson Wellman Capital Management Inc.’s holdings in AbbVie were worth $22,292,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ABBV. Prime Capital Investment Advisors LLC acquired a new stake in shares of AbbVie during the 4th quarter valued at $27,000. Penserra Capital Management LLC acquired a new stake in shares of AbbVie during the 4th quarter valued at $32,000. Larson Financial Group LLC acquired a new stake in shares of AbbVie during the 4th quarter valued at $37,000. Horrell Capital Management Inc. acquired a new stake in shares of AbbVie during the 4th quarter valued at $41,000. Finally, Capital Financial Planning LLC acquired a new stake in shares of AbbVie during the 4th quarter valued at $41,000. Hedge funds and other institutional investors own 68.33% of the company’s stock.

ABBV stock opened at $78.69 on Friday. AbbVie Inc has a 1 year low of $73.81 and a 1 year high of $100.23. The firm has a market capitalization of $116.71 billion, a P/E ratio of 9.95, a price-to-earnings-growth ratio of 1.61 and a beta of 1.10.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, April 25th. The company reported $2.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.06 by $0.08. AbbVie had a net margin of 16.42% and a negative return on equity of 221.09%. The business had revenue of $7.83 billion during the quarter, compared to analyst estimates of $7.81 billion. During the same quarter in the previous year, the business earned $1.87 EPS. AbbVie’s quarterly revenue was down 1.3% compared to the same quarter last year. Research analysts forecast that AbbVie Inc will post 8.81 earnings per share for the current year.

In related news, VP Brian L. Durkin sold 475 shares of AbbVie stock in a transaction on Monday, March 25th. The shares were sold at an average price of $79.69, for a total value of $37,852.75. Following the completion of the sale, the vice president now owns 9,121 shares of the company’s stock, valued at approximately $726,852.49. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.08% of the stock is currently owned by insiders.

A number of equities research analysts have issued reports on ABBV shares. ValuEngine raised shares of AbbVie from a “strong sell” rating to a “sell” rating in a research note on Friday, March 15th. Zacks Investment Research lowered shares of AbbVie from a “hold” rating to a “sell” rating in a research note on Friday, April 5th. Goldman Sachs Group started coverage on shares of AbbVie in a research note on Tuesday, May 28th. They set a “neutral” rating and a $84.00 target price for the company. BMO Capital Markets raised shares of AbbVie from an “underperform” rating to a “market perform” rating and lifted their target price for the company from $71.00 to $79.00 in a research note on Sunday, April 28th. Finally, Credit Suisse Group set a $78.00 target price on shares of AbbVie and gave the company a “sell” rating in a research note on Friday, April 26th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $98.36.

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AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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