Fifth Third Wealth Advisors LLC Purchases 7,387 Shares of AbbVie Inc. (NYSE:ABBV)

Fifth Third Wealth Advisors LLC grew its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 16.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 51,158 shares of the company's stock after acquiring an additional 7,387 shares during the period. Fifth Third Wealth Advisors LLC's holdings in AbbVie were worth $10,719,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. EnRich Financial Partners LLC boosted its stake in shares of AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock worth $29,000 after buying an additional 110 shares during the last quarter. Promus Capital LLC acquired a new position in shares of AbbVie in the 4th quarter valued at $30,000. Bradley & Co. Private Wealth Management LLC purchased a new stake in AbbVie during the fourth quarter worth $31,000. Prudent Man Investment Management Inc. acquired a new stake in AbbVie during the fourth quarter valued at $32,000. Finally, Pinney & Scofield Inc. purchased a new position in AbbVie in the fourth quarter valued at $36,000. Institutional investors and hedge funds own 70.23% of the company's stock.

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 stock was sold at an average price of $210.08, for a total transaction 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. This trade represents a 52.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.25% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on ABBV shares. Cantor Fitzgerald began coverage on AbbVie in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price target for the company. Bank of America increased their target price on AbbVie from $200.00 to $223.00 and gave the company a "neutral" rating in a report on Tuesday, March 4th. Guggenheim increased their price target on AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Erste Group Bank raised AbbVie to a "strong-buy" rating in a report on Monday, March 17th. Finally, Evercore ISI raised their target price on AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a research note on Monday, April 28th. Eight equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $210.95.

AbbVie Price Performance

Shares of AbbVie stock traded up $1.52 on Wednesday, hitting $188.77. The company had a trading volume of 1,416,941 shares, compared to its average volume of 6,220,880. The business has a 50-day simple moving average of $185.37 and a 200-day simple moving average of $186.65. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55. The company has a market cap of $333.44 billion, a PE ratio of 78.65, a PEG ratio of 1.62 and a beta of 0.56. AbbVie Inc. has a 52 week low of $159.77 and a 52 week high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, beating 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 business had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. During the same quarter in the prior year, the firm earned $2.31 EPS. The firm's quarterly revenue was up 8.4% on a year-over-year basis. Research analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

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.