Contravisory Investment Management Inc. Has $1.03 Million Stake in AbbVie Inc. (NYSE:ABBV)

Contravisory Investment Management Inc. boosted its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 11,318.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,910 shares of the company's stock after buying an additional 4,867 shares during the quarter. Contravisory Investment Management Inc.'s holdings in AbbVie were worth $1,029,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of ABBV. Norges Bank bought a new stake in shares of AbbVie in the fourth quarter valued at about $4,459,385,000. GAMMA Investing LLC lifted its position in shares of AbbVie by 25,841.6% in the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock worth $2,144,382,000 after acquiring an additional 10,195,284 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of AbbVie during the 4th quarter worth approximately $1,190,951,000. FMR LLC increased its position in shares of AbbVie by 32.8% during the fourth quarter. FMR LLC now owns 18,097,375 shares of the company's stock valued at $3,215,903,000 after purchasing an additional 4,466,971 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of AbbVie by 15.1% in 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 purchasing an additional 3,599,336 shares in the last quarter. Institutional investors own 70.23% of the company's stock.

Insider Activity

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm's stock in a transaction dated 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 transaction, the executive vice president now owns 53,234 shares in the company, valued at approximately $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.25% of the stock is currently owned by insiders.

Analysts Set New Price Targets

ABBV has been the topic of several analyst reports. Erste Group Bank raised shares of AbbVie to a "strong-buy" rating in a report on Monday, March 17th. Wall Street Zen cut shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. The Goldman Sachs Group restated a "neutral" rating and set a $194.00 price target on shares of AbbVie in a research note on Tuesday, April 8th. Guggenheim upped 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. Finally, Cantor Fitzgerald initiated coverage on AbbVie in a research report on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 target price for the company. Eight investment 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. According to MarketBeat, AbbVie has a consensus rating of "Moderate Buy" and an average price target of $210.95.

AbbVie Price Performance

Shares of ABBV stock traded down $0.05 during trading hours on Thursday, reaching $187.29. 4,412,830 shares of the company were exchanged, compared to its average volume of 6,233,073. AbbVie Inc. has a fifty-two week low of $162.16 and a fifty-two week high of $218.66. 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 stock's fifty day moving average is $185.01 and its two-hundred day moving average is $186.65. The company has a market cap of $330.82 billion, a price-to-earnings ratio of 78.04, a P/E/G ratio of 1.62 and a beta of 0.56.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The business's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.31 EPS. Sell-side analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal 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.