City National Bank of Florida MSD Invests $296,000 in AbbVie Inc. (NYSE:ABBV)

City National Bank of Florida MSD bought a new stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,663 shares of the company's stock, valued at approximately $296,000.

A number of other large investors also recently modified their holdings of ABBV. Norges Bank bought a new position in shares of AbbVie in the fourth quarter worth about $4,459,385,000. Raymond James Financial Inc. bought a new position in AbbVie in the 4th quarter worth approximately $1,190,951,000. FMR LLC boosted its stake in AbbVie by 32.8% in 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 during the period. Charles Schwab Investment Management Inc. grew its holdings 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 valued at $4,875,401,000 after buying an additional 3,599,336 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in shares of AbbVie by 24.3% during the fourth quarter. Franklin Resources Inc. now owns 17,246,900 shares of the company's stock valued at $3,064,773,000 after buying an additional 3,373,156 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Trading Down 1.7%

Shares of NYSE ABBV opened at $181.74 on Thursday. AbbVie Inc. has a fifty-two week low of $153.58 and a fifty-two week high of $218.66. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66. The company has a market cap of $321.02 billion, a price-to-earnings ratio of 75.72, a PEG ratio of 1.62 and a beta of 0.56. The business's 50 day moving average price is $189.64 and its 200-day moving average price is $186.68.

AbbVie (NYSE:ABBV - Get Free Report) last released its earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping analysts' consensus estimates of $2.40 by $0.06. The business had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The business's revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the firm posted $2.31 earnings per share. On average, sell-side analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

Analyst Ratings Changes

ABBV has been the subject of a number of research reports. Citigroup restated a "neutral" rating and set a $205.00 target price (down previously from $210.00) on shares of AbbVie in a research report on Wednesday, May 14th. BMO Capital Markets increased their price objective on shares of AbbVie from $208.00 to $215.00 and gave the company an "outperform" rating in a report on Monday, February 3rd. Erste Group Bank upgraded AbbVie to a "strong-buy" rating in a research report on Monday, March 17th. StockNews.com upgraded AbbVie from a "buy" rating to a "strong-buy" rating in a research report on Monday, April 28th. Finally, Bank of America raised their price target on AbbVie from $200.00 to $223.00 and gave the company a "neutral" rating in a report on Tuesday, March 4th. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $210.95.

Insiders Place Their Bets

In related news, EVP Timothy J. Richmond sold 29,917 shares of AbbVie stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $202.90, for a total transaction of $6,070,159.30. Following the transaction, the executive vice president now directly owns 44,284 shares of the company's stock, valued at $8,985,223.60. This trade represents a 40.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Kevin K. Buckbee sold 18,944 shares of the company's stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $203.41, for a total value of $3,853,399.04. Following the sale, the senior vice president now owns 11,496 shares of the company's stock, valued at approximately $2,338,401.36. This represents a 62.23% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 107,693 shares of company stock worth $22,282,985. 0.25% of the stock is currently owned by company insiders.

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.

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.