Charis Legacy Partners LLC purchased a new position in AbbVie Inc. (NYSE:ABBV - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,848 shares of the company's stock, valued at approximately $387,000. AbbVie comprises about 0.7% of Charis Legacy Partners LLC's holdings, making the stock its 21st biggest position.
A number of other hedge funds and other institutional investors also recently made changes to their positions in ABBV. Norges Bank bought a new position in AbbVie during the fourth quarter valued at approximately $4,459,385,000. GAMMA Investing LLC boosted its holdings in AbbVie by 25,841.6% in the first quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock valued at $2,144,382,000 after acquiring an additional 10,195,284 shares in the last quarter. Raymond James Financial Inc. bought a new stake in AbbVie in the fourth quarter valued at $1,190,951,000. FMR LLC boosted its holdings in AbbVie by 32.8% in the fourth quarter. FMR LLC now owns 18,097,375 shares of the company's stock valued at $3,215,903,000 after acquiring an additional 4,466,971 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in AbbVie by 15.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company's stock valued at $4,875,401,000 after buying an additional 3,599,336 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several equities analysts have recently issued reports on ABBV shares. Morgan Stanley lifted their price target on AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. Bank of America boosted their price target on AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday. Guggenheim boosted their price objective on AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. The Goldman Sachs Group restated a "neutral" rating and issued a $194.00 price target on shares of AbbVie in a research note on Tuesday, April 8th. Finally, Erste Group Bank upgraded AbbVie to a "strong-buy" rating in a research note on Monday, March 17th. Eight research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, AbbVie currently has an average rating of "Moderate Buy" and a consensus price target of $211.29.
Check Out Our Latest Analysis on ABBV
AbbVie Trading Up 0.4%
Shares of AbbVie stock traded up $0.77 during trading hours on Thursday, reaching $192.27. The stock had a trading volume of 5,775,647 shares, compared to its average volume of 6,238,863. The firm has a 50 day simple moving average of $183.90 and a two-hundred day simple moving average of $187.43. The firm has a market capitalization of $339.63 billion, a price-to-earnings ratio of 80.11, a P/E/G ratio of 1.62 and a beta of 0.50. 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 1 year low of $163.52 and a 1 year high of $218.66.
AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results 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. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The business had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. During the same quarter last year, the firm earned $2.31 earnings per share. The company's revenue for the quarter was up 8.4% compared to the same quarter last year. As a group, equities research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.
Insider Buying and Selling
In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company'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 sale, the executive vice president now owns 53,234 shares in the company, valued at $11,183,398.72. This represents a 52.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.25% of the company's stock.
About AbbVie
(
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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