Slocum Gordon & Co LLP Adjusts AbbVie Inc. Stake

Slocum Gordon & Co LLP has recently reported a reduction in its investment in AbbVie Inc. (NYSE: ABBV) by 4.6% during the fourth quarter, according to their latest filing with the Securities and Exchange Commission. After this adjustment, the firm now holds 38,317 shares of AbbVie, having sold off 1,857 shares throughout the quarter. This adjustment positions AbbVie as approximately 5.6% of Slocum Gordon & Co LLP's total holdings, placing it as their 5th largest investment. As of the end of the reporting period, the firm's stake in AbbVie was valued at about $6,809,000.

Investors in AbbVie

In addition to Slocum Gordon & Co LLP, several other institutional investors have also made changes to their positions in AbbVie recently. For instance, AMF Tjanstepension AB added a new stake in AbbVie worth approximately $8,777,000 during the third quarter. Meanwhile, West Financial Advisors LLC increased its stake in AbbVie by 16.6%, now owning 766 shares valued at $151,000 after acquiring an additional 109 shares. CWM LLC also adjusted its holdings, increasing by 6.7%, and now holds 245,019 shares worth around $48,386,000 following a purchase of 15,388 shares. Furthermore, Wedmont Private Capital raised its position in AbbVie by 5.0%, owning 22,168 shares valued at $4,292,000 after acquiring an additional 1,051 shares. Adirondack Trust Co. saw a more modest growth of 1.9%, holding 16,240 shares valued at $3,207,000 after buying an extra 301 shares. It's notable that about 70.23% of AbbVie shares are owned by hedge funds and institutional investors.

Performance of AbbVie Shares

As of the latest trading session, AbbVie shares opened at $192.95. The stock has demonstrated a 50-day moving average of $177.38 and a 200-day moving average of $185.48. AbbVie currently holds a market capitalization of $340.96 billion, with a price-to-earnings (P/E) ratio of 80.39 and a price-to-earnings growth (P/E/G) ratio of 1.84. The company's beta stands at 0.58, indicating relatively lower volatility than the market. AbbVie has recorded a 52-week low of $153.58 and a high of $207.32.

Recent Earnings Report

AbbVie released its latest earnings results on January 31st, where it reported earnings per share (EPS) of $2.16, which fell short of analysts' expectations of $2.98 by $0.82. The company also reported a net margin of 7.59% and an impressive return on equity of 257.91%. Last year during the same quarter, AbbVie had earnings of $2.79 EPS. Analysts currently forecast an average of 12.26 EPS for AbbVie for the ongoing year.

New Price Predictions from Analysts

AbbVie has recently been the subject of various analyst reports. UBS Group upgraded their price target for AbbVie shares from $181.00 to $190.00 and assigned a "neutral" rating. On the other hand, Leerink Partners raised their rating from "market perform" to "outperform" with a target of $206.00 per share. Citigroup also increased their price target from $205.00 to $215.00 with a "buy" rating. However, Daiwa Capital Markets lowered their rating from "outperform" to "neutral" with a set target price of $180.00. Guggenheim similarly lifted their price target to $214.00 while maintaining a "buy" rating. The stock currently holds five analysts rating it as "hold," seventeen with a "buy" rating, and two designating it as a "strong buy." The general consensus suggests a moderate buy rating with an average target price set at $208.35.

Insider Activity in AbbVie

On a related note, SVP Kevin K. Buckbee sold 1,800 shares of AbbVie on December 16th at an average price of $172.24, accumulating a total of $310,032. After this transaction, Buckbee holds 6,983 shares of AbbVie, valued at approximately $1,202,751.92, marking a decrease of 20.49% in his position. This transaction was documented in a filing with the SEC.

Understanding AbbVie

AbbVie Inc. is a global pharmaceutical company engaged in the discovery, development, manufacturing, and sale of various pharmaceutical products. The company’s portfolio includes well-known medications such as Humira, which is used to treat several autoimmune and intestinal diseases, as well as Skyrizi for plaque psoriasis and Rinvoq for multiple other conditions. Other treatments include Imbruvica for blood cancers and Elahere aimed at cancer therapies. The company continues to focus on developing innovative treatments for various medical conditions.

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