AbbVie Inc. $ABBV Shares Acquired by Mach 1 Financial Group LLC

Key Points

• Mach 1 Financial Group LLC boosted its AbbVie stake by 180.1% in the fourth quarter, buying 5,809 additional shares and bringing its total holdings to 9,034 shares valued at about $2.06 million.
• AbbVie’s latest quarterly results topped expectations, with EPS of $2.65 versus the $2.59 consensus and revenue of $15 billion, up 12.4% year over year. Analysts remain broadly positive, with a Moderate Buy rating and an average target price of $253.43.
• The stock was trading around $212.51, well below its 52-week high of $244.81, while recent insider activity showed two executives selling shares. Despite that, institutional ownership remains high at 70.23%.

Mach 1 Financial Group LLC grew its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 180.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,034 shares of the company's stock after buying an additional 5,809 shares during the period. Mach 1 Financial Group LLC's holdings in AbbVie were worth $2,064,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Brighton Jones LLC raised its stake in AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after purchasing an additional 3,401 shares during the period. Revolve Wealth Partners LLC raised its stake in AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock worth $1,294,000 after purchasing an additional 3,064 shares during the period. Schnieders Capital Management LLC. raised its stake in AbbVie by 5.0% during the second quarter. Schnieders Capital Management LLC. now owns 16,466 shares of the company's stock worth $3,056,000 after purchasing an additional 789 shares during the period. Ieq Capital LLC raised its stake in AbbVie by 4.6% during the second quarter. Ieq Capital LLC now owns 120,035 shares of the company's stock worth $22,281,000 after purchasing an additional 5,274 shares during the period. Finally, Worldquant Millennium Advisors LLC raised its stake in AbbVie by 117.3% during the second quarter. Worldquant Millennium Advisors LLC now owns 1,135,034 shares of the company's stock worth $210,685,000 after purchasing an additional 612,702 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ABBV shares. DZ Bank raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 30th. Guggenheim reaffirmed a "buy" rating and set a $249.00 target price on shares of AbbVie in a research note on Friday, May 1st. Wall Street Zen downgraded shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Sunday. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $240.00 target price on shares of AbbVie in a research note on Thursday, April 30th. Finally, Royal Bank Of Canada assumed coverage on shares of AbbVie in a research note on Tuesday, February 24th. They set an "outperform" rating and a $260.00 target price on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $253.43.

AbbVie Stock Down 0.6%

Shares of AbbVie stock opened at $212.51 on Thursday. AbbVie Inc. has a 52-week low of $180.25 and a 52-week high of $244.81. The company has a 50 day moving average of $209.19 and a 200 day moving average of $219.73. The company has a market capitalization of $375.46 billion, a P/E ratio of 104.69, a P/E/G ratio of 0.74 and a beta of 0.32.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.72 billion. During the same quarter in the previous year, the firm earned $2.46 earnings per share. The firm's quarterly revenue was up 12.4% on a year-over-year basis. As a group, research analysts anticipate that AbbVie Inc. will post 14.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP David Ryan Purdue sold 5,230 shares of AbbVie stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $233.56, for a total value of $1,221,518.80. Following the completion of the transaction, the senior vice president owned 2,654 shares in the company, valued at $619,868.24. The trade was a 66.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Perry C. Siatis sold 22,381 shares of AbbVie stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $230.00, for a total transaction of $5,147,630.00. Following the completion of the transaction, the executive vice president owned 38,137 shares of the company's stock, valued at $8,771,510. This represents a 36.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.06% of the stock is owned by insiders.

AbbVie News Summary

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie’s recent earnings call was described as upbeat, highlighting growth during a business transition and reinforcing investor confidence in the company’s earnings power. AbbVie Earnings Call Highlights Growth Amid Transition
• Positive Sentiment: AbbVie continues to screen as an undervalued dividend name in some market commentary, which may support sentiment among income-focused investors. 3 Stocks Estimated To Be Trading Below Intrinsic Value By 11.4% To 38.4%
• Neutral Sentiment: AbbVie has been showing up in stock-screening and “trending stock” coverage, suggesting elevated trader interest rather than a clear fundamental catalyst. Here is What to Know Beyond Why AbbVie Inc. (ABBV) is a Trending Stock
• Neutral Sentiment: Evercore ISI modestly lowered its price target on AbbVie, signaling slightly less enthusiasm, but the move was small and not a major negative revision. AbbVie (ABBV) Price Target Lowered to $235 at Evercore ISI
• Negative Sentiment: AbbVie’s patent effort for its hepatitis C treatment Mavyret was rejected in India, a setback that could limit protection for that product in a large market. AbbVie's Patent Plea for Hepatitis C Therapy Mavyret Rejected in India
• Negative Sentiment: Coverage that Skyrizi lost ground to UCB’s Bimzelx in psoriatic arthritis raises a competitive concern for one of AbbVie’s key immunology growth drivers. AbbVie’s new immunology standard-bearer Skyrizi kneels to UCB’s Bimzelx in psoriatic arthritis

About AbbVie

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie's product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women's health.

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