Putney Financial Group LLC Acquires New Stake in AbbVie Inc. (NYSE:ABBV)

Putney Financial Group LLC purchased a new stake in AbbVie Inc. (NYSE:ABBV - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 4,412 shares of the company's stock, valued at approximately $784,000. AbbVie makes up about 0.5% of Putney Financial Group LLC's portfolio, making the stock its 24th largest holding.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of AbbVie by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company's stock valued at $30,754,908,000 after buying an additional 1,424,237 shares in the last quarter. Geode Capital Management LLC grew its position in AbbVie by 2.7% during the 4th quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company's stock worth $6,586,948,000 after acquiring an additional 983,888 shares during the last quarter. Capital Research Global Investors grew its position in AbbVie by 2.3% during the 4th quarter. Capital Research Global Investors now owns 33,983,707 shares of the company's stock worth $6,038,898,000 after acquiring an additional 778,126 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in AbbVie by 15.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company's stock worth $4,875,401,000 after acquiring an additional 3,599,336 shares during the last quarter. Finally, Norges Bank bought a new position in AbbVie during the 4th quarter worth approximately $4,459,385,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

Insider Transactions at AbbVie

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business's stock in a transaction on Monday, March 31st. The stock was sold at an average price of $210.08, for a total value of $12,359,426.56. Following the completion of the transaction, the executive vice president now owns 53,234 shares in the company, valued at $11,183,398.72. The trade was a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.08% of the company's stock.

AbbVie Stock Down 1.5%

NYSE:ABBV traded down $2.74 during trading hours on Wednesday, reaching $182.98. 4,783,938 shares of the company traded hands, compared to its average volume of 6,249,225. The business's 50-day moving average price is $187.30 and its two-hundred day moving average price is $186.11. The stock has a market capitalization of $323.22 billion, a P/E ratio of 76.24, a P/E/G ratio of 1.62 and a beta of 0.56. AbbVie Inc. has a 1 year low of $153.58 and a 1 year high of $218.66. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.40 by $0.06. The business had revenue of $13.34 billion during the quarter, compared to analysts' expectations of $12.91 billion. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The firm's quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.31 earnings per share. Analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ABBV has been the topic of several recent research reports. Cantor Fitzgerald initiated coverage on AbbVie in a research report on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 price target on the stock. Evercore ISI raised their price target on AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. BNP Paribas upgraded AbbVie to a "hold" rating in a research report on Thursday, May 8th. Morgan Stanley lifted their price objective on AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. Finally, Wall Street Zen lowered AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Eight research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, AbbVie has an average rating of "Moderate Buy" and an average target price of $210.95.

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.