Highland Capital Management LLC Sells 2,670 Shares of AbbVie Inc. (NYSE:ABBV)

Highland Capital Management LLC trimmed its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 5.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,061 shares of the company's stock after selling 2,670 shares during the period. Highland Capital Management LLC's holdings in AbbVie were worth $7,830,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in ABBV. Gries Financial LLC grew its position in AbbVie by 0.4% in the 4th quarter. Gries Financial LLC now owns 16,040 shares of the company's stock worth $2,850,000 after purchasing an additional 62 shares during the last quarter. New England Research & Management Inc. increased its stake in AbbVie by 63.2% during the fourth quarter. New England Research & Management Inc. now owns 21,372 shares of the company's stock valued at $3,798,000 after acquiring an additional 8,280 shares during the period. Milestone Asset Management LLC raised its holdings in AbbVie by 25.1% in the 4th quarter. Milestone Asset Management LLC now owns 7,675 shares of the company's stock valued at $1,364,000 after acquiring an additional 1,539 shares in the last quarter. Kaufman Rossin Wealth LLC bought a new stake in shares of AbbVie in the 4th quarter worth approximately $209,000. Finally, Hanson & Doremus Investment Management grew its holdings in shares of AbbVie by 21.0% during the 4th quarter. Hanson & Doremus Investment Management now owns 8,855 shares of the company's stock worth $1,574,000 after purchasing an additional 1,536 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently commented on ABBV shares. Argus upgraded AbbVie from a "hold" rating to a "buy" rating in a research note on Monday, November 4th. UBS Group raised their price objective on shares of AbbVie from $195.00 to $200.00 and gave the stock a "neutral" rating in a report on Thursday, October 31st. Leerink Partners raised shares of AbbVie from a "market perform" rating to an "outperform" rating and set a $206.00 price target for the company in a research report on Friday, November 22nd. Piper Sandler Companies reaffirmed an "overweight" rating and set a $220.00 price objective on shares of AbbVie in a report on Tuesday, December 17th. Finally, Leerink Partnrs raised AbbVie from a "hold" rating to a "strong-buy" rating in a report on Friday, November 22nd. Five analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $205.00.

AbbVie Trading Down 0.1 %

ABBV traded down $0.13 during mid-day trading on Thursday, reaching $175.13. The stock had a trading volume of 3,106,517 shares, compared to its average volume of 5,792,512. The firm's fifty day simple moving average is $176.37 and its two-hundred day simple moving average is $184.90. The stock has a market capitalization of $309.48 billion, a P/E ratio of 60.96, a P/E/G ratio of 1.68 and a beta of 0.58. AbbVie Inc. has a 52 week low of $153.58 and a 52 week high of $207.32. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analysts' expectations of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company's quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business posted $2.95 EPS. On average, equities analysts predict that AbbVie Inc. will post 10.06 EPS for the current year.

Insider Activity at AbbVie

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the company's stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $172.24, for a total value of $310,032.00. Following the completion of the sale, the senior vice president now owns 6,983 shares in the company, valued at approximately $1,202,751.92. This represents a 20.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.25% of the stock is currently owned by company 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.