Portside Wealth Group LLC lifted its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 19.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,119 shares of the company's stock after purchasing an additional 2,973 shares during the quarter. Portside Wealth Group LLC's holdings in AbbVie were worth $3,796,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. EnRich Financial Partners LLC boosted its position in shares of AbbVie by 196.4% during the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock worth $29,000 after purchasing an additional 110 shares in the last quarter. Promus Capital LLC bought a new position in shares of AbbVie during the 4th quarter worth about $30,000. Bradley & Co. Private Wealth Management LLC bought a new position in shares of AbbVie during the 4th quarter worth about $31,000. Prudent Man Investment Management Inc. bought a new position in shares of AbbVie during the 4th quarter worth about $32,000. Finally, Pinney & Scofield Inc. bought a new position in shares of AbbVie during the 4th quarter worth about $36,000. Institutional investors own 70.23% of the company's stock.
Analyst Ratings Changes
A number of equities analysts have recently issued reports on the stock. Morgan Stanley increased their price objective on shares of AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. Guggenheim upped their target price on shares of AbbVie from $214.00 to $216.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Citigroup upped their target price on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a report on Wednesday. Cantor Fitzgerald initiated coverage on shares of AbbVie in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 target price on the stock. Finally, Erste Group Bank upgraded shares of AbbVie to a "strong-buy" rating in a report on Monday, March 17th. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $211.29.
View Our Latest Analysis on ABBV
Insider Transactions at AbbVie
In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm's stock in a transaction that occurred on Monday, March 31st. The shares were 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 directly owns 53,234 shares of the company's stock, valued at approximately $11,183,398.72. This trade represents a 52.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.25% of the stock is currently owned by company insiders.
AbbVie Stock Performance
Shares of ABBV stock traded up $1.77 during trading hours on Wednesday, hitting $191.27. 3,907,359 shares of the company were exchanged, compared to its average volume of 6,234,640. The firm has a fifty day simple moving average of $183.78 and a 200 day simple moving average of $187.32. 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 Inc. has a 52-week low of $163.52 and a 52-week high of $218.66. The stock has a market capitalization of $337.86 billion, a price-to-earnings ratio of 79.70, a P/E/G ratio of 1.62 and a beta of 0.50.
AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.06. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The company had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. During the same quarter last year, the business posted $2.31 EPS. AbbVie's quarterly revenue was up 8.4% compared to the same quarter last year. Research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.
AbbVie Company Profile
(
Free Report)
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.
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