Ball & Co Wealth Management Inc. Makes New Investment in AbbVie Inc. (NYSE:ABBV)

Ball & Co Wealth Management Inc. bought a new position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 2,214 shares of the company's stock, valued at approximately $393,000. AbbVie accounts for 0.3% of Ball & Co Wealth Management Inc.'s portfolio, making the stock its 14th largest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in ABBV. Norges Bank acquired a new position in AbbVie in the fourth quarter valued at about $4,459,385,000. Raymond James Financial Inc. bought a new position in shares of AbbVie during the 4th quarter valued at about $1,190,951,000. FMR LLC increased its stake in AbbVie by 32.8% during the 4th quarter. FMR LLC now owns 18,097,375 shares of the company's stock worth $3,215,903,000 after purchasing an additional 4,466,971 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake 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 purchasing an additional 3,599,336 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in AbbVie by 24.3% during the 4th quarter. Franklin Resources Inc. now owns 17,246,900 shares of the company's stock worth $3,064,773,000 after buying an additional 3,373,156 shares during the period. Institutional investors own 70.23% of the company's stock.

Insider Transactions at AbbVie

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie stock in a transaction 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 sale, the executive vice president now 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 document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.08% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ABBV shares. 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. 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 for the company. BMO Capital Markets raised their target price on shares of AbbVie from $208.00 to $215.00 and gave the company an "outperform" rating in a research note on Monday, February 3rd. Truist Financial increased their price target on shares of AbbVie from $211.00 to $217.00 and gave the company a "buy" rating in a research note on Monday, February 3rd. Finally, Citigroup reaffirmed a "neutral" rating and issued a $205.00 target price (down from $210.00) on shares of AbbVie in a report on Wednesday, May 14th. Eight 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $210.95.

AbbVie Trading Up 1.2%

AbbVie stock traded up $2.20 during mid-day trading on Thursday, hitting $185.29. 2,190,866 shares of the stock were exchanged, compared to its average volume of 6,233,385. The firm's fifty day simple moving average is $186.76 and its two-hundred day simple moving average is $186.09. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. AbbVie Inc. has a 12 month low of $153.58 and a 12 month high of $218.66. The stock has a market capitalization of $327.30 billion, a price-to-earnings ratio of 77.20, a PEG ratio of 1.62 and a beta of 0.56.

AbbVie (NYSE:ABBV - Get Free Report) last released its earnings results on Friday, April 25th. The company reported $2.46 earnings per share (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 for the quarter, compared to analyst estimates of $12.91 billion. During the same quarter in the previous year, the business earned $2.31 earnings per share. AbbVie's revenue for the quarter was up 8.4% on a year-over-year basis. Analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Profile

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.