Orrstown Financial Services Inc. Cuts Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Orrstown Financial Services Inc. lowered its stake in AbbVie Inc. (NYSE:ABBV) by 4.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,912 shares of the company’s stock after selling 210 shares during the quarter. Orrstown Financial Services Inc.’s holdings in AbbVie were worth $873,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Atlanta Consulting Group Advisors LLC purchased a new position in AbbVie during the third quarter worth $999,000. Saturna Capital Corp boosted its stake in shares of AbbVie by 486.1% during the 3rd quarter. Saturna Capital Corp now owns 676,176 shares of the company’s stock worth $133,531,000 after purchasing an additional 560,808 shares during the period. Everence Capital Management Inc. raised its position in AbbVie by 41.3% in the 4th quarter. Everence Capital Management Inc. now owns 53,171 shares of the company’s stock worth $9,448,000 after purchasing an additional 15,550 shares during the period. GAMMA Investing LLC raised its position in AbbVie by 9.5% in the 4th quarter. GAMMA Investing LLC now owns 39,453 shares of the company’s stock worth $7,011,000 after purchasing an additional 3,439 shares during the period. Finally, Avior Wealth Management LLC lifted its stake in AbbVie by 23.5% in the third quarter. Avior Wealth Management LLC now owns 56,556 shares of the company’s stock worth $11,169,000 after purchasing an additional 10,768 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of ABBV opened at $175.21 on Thursday. The company has a 50 day moving average of $176.22 and a two-hundred day moving average of $184.97. The company has a market cap of $309.62 billion, a price-to-earnings ratio of 60.84, a price-to-earnings-growth ratio of 1.68 and a beta of 0.58. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. AbbVie Inc. has a twelve month low of $153.58 and a twelve month high of $207.32.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.08. The firm had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.95 earnings per share. As a group, analysts predict that AbbVie Inc. will post 10.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Kevin K. Buckbee sold 1,800 shares of the 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 transaction, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at approximately $1,202,751.92. This represents a 20.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.25% of the stock is owned by insiders.

Analysts Set New Price Targets

ABBV has been the topic of a number of analyst reports. Truist Financial cut their target price on AbbVie from $215.00 to $211.00 and set a “buy” rating on the stock in a research note on Wednesday, January 8th. Argus upgraded AbbVie from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Daiwa America lowered shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 5th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $220.00 price target on shares of AbbVie in a research note on Tuesday, December 17th. Finally, UBS Group boosted their price objective on shares of AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Five equities research 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 company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $205.00.

AbbVie Company Profile

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.