Sunday, June 26, 2022

Selling Buzz: AbbVie Inc. [ABBV] Vice Chairman SEVERINO MICHAEL sells 79,801 shares of the company

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. AbbVie Inc. shares valued at $12,041,780 were sold by SEVERINO MICHAEL on May 23. At $150.90 per share, SEVERINO MICHAEL sold 79,801 shares. The insider’s holdings dropped to 152,103 shares worth approximately $22.44 million following the completion of this transaction.


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Also, SEVERINO MICHAEL sold 100,000 shares, netting a total of over 15,404,400 in proceeds. Following the sale of shares at $154.04 each, the insider now holds 152,103 shares.

Before that, Gosebruch Henry O had sold 83,960 shares from its account. In a trade valued at $13,013,800, the EVP, Chief Strategy Officer traded AbbVie Inc. shares for $155.00 each. Upon closing the transaction, the insider’s holdings decreased to 83,960 shares, worth approximately $2.45 million.

As published in their initiating research note from SVB Leerink on May 23, 2022, AbbVie Inc. [ABBV] has been an Underperform and the price target has been revised to $140. This represents a -5.4% premium over Wednesday’s closing price. Analysts at Daiwa Securities downgraded the stock from ‘”an Outperform”‘ to ‘”a Neutral”‘ outlook in a report released in early May. Earlier on February 28, 2022, UBS downgraded its rating. Their new recommendation was “a Neutral” for ABBV stock which previously was a “a Buy”.

Analyzing ABBV’s Price Performance

On Wednesday, AbbVie Inc. [NYSE: ABBV] rose 2.85% to $147.56. The stock’s lowest price that day was $143.61, but it reached a high of $150.10 in the same session. During the last five days, there has been a surge of approximately 7.22%. Over the course of the year, AbbVie Inc. shares have jumped approximately 8.98%. Shares of the company reached a 52-week high of $175.91 on 04/08/22 and a 52-week low of $128.26 on 01/24/22. A 50-day SMA is recorded $151.08, while a 200-day SMA reached $135.31. Nevertheless, trading volume fell to 7.99 million shares from 7.16 million shares the previous day.

Support And Resistance Levels for AbbVie Inc. (ABBV)

According to the 24-hour chart, there is a support level at 144.08, which, if violated, would cause prices to drop to 140.60. In the upper region, resistance lies at 150.57. The next price resistance is at 153.58. RSI (Relative Strength Index) is 52.46 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.54, which suggests the price will decrease in the coming days. Percent R is at 20.05%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.

Which companies own the most shares of AbbVie Inc. (ABBV)?

According to The Vanguard Group, Inc. filings, the company currently owns 143,174,121 shares, which is about 8.10% of the total ABBV shares outstanding. The investor’s shares have appreciated by 4,345,381 from its previous 13-F filing of 138828740.0 shares. With the completion of the buy, BlackRock Fund Advisors’s stake is now worth $11,895,804,991. SSgA Funds Management, Inc. reduced a -1.66% interest valued at $11.5 billion while JPMorgan Investment Management, I purchased a 7,128,067 stake. A total of 4,146,214 shares of AbbVie Inc. were bought by T. Rowe Price Associates, Inc. during the quarter, and 18,882,699 were bought by Capital Research & Management Co. In its current portfolio, Geode Capital Management LLC holds 28,720,251 shares valued at $4.23 billion.

In terms of AbbVie Inc. share price expectations, FactSet research, analysts set an average price target of $164.50 in the next 12 months, up nearly 13.61% from the previous closing price of $143.47. Analysts anticipate AbbVie Inc. stock to reach $200.00 by 2022, with the lowest price target being $135.00. In spite of this, 24 analysts ranked AbbVie Inc. stock as an Overweight at the end of 2022. On February 03, 2022, Goldman assigned a price target of “a Neutral” to the stock and reiterated coverage with a $122.

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