Cypress Asset Management Inc. TX Acquires Shares of 3,748 AbbVie Inc. (NYSE:ABBV)

Cypress Asset Management Inc. TX acquired a new position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 3,748 shares of the company's stock, valued at approximately $666,000.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of AbbVie by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company's stock valued at $30,754,908,000 after purchasing an additional 1,424,237 shares during the period. Geode Capital Management LLC raised its stake in shares of AbbVie by 2.7% in the 4th quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company's stock valued at $6,586,948,000 after purchasing an additional 983,888 shares during the period. Capital Research Global Investors raised its stake in shares of AbbVie by 2.3% in the 4th quarter. Capital Research Global Investors now owns 33,983,707 shares of the company's stock valued at $6,038,898,000 after purchasing an additional 778,126 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of AbbVie by 15.1% in 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 purchasing an additional 3,599,336 shares during the period. Finally, Norges Bank acquired a new stake in shares of AbbVie in the 4th quarter valued at about $4,459,385,000. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Stock Performance

NYSE ABBV traded up $2.31 on Thursday, reaching $185.40. The stock had a trading volume of 4,921,471 shares, compared to its average volume of 6,243,951. 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 firm has a fifty day moving average of $186.76 and a two-hundred day moving average of $186.09. AbbVie Inc. has a 1-year low of $153.58 and a 1-year high of $218.66. The company has a market cap of $327.49 billion, a P/E ratio of 77.25, a price-to-earnings-growth ratio of 1.62 and a beta of 0.56.

AbbVie (NYSE:ABBV - Get Free Report) last announced 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. The company had revenue of $13.34 billion during the quarter, compared to analysts' expectations of $12.91 billion. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. AbbVie's quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.31 earnings per share. On average, equities research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

Analysts Set New Price Targets

ABBV has been the topic of several recent research reports. Morgan Stanley lifted their price target on AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a research note on Monday, April 28th. Guggenheim lifted their price target on AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Erste Group Bank raised AbbVie to a "strong-buy" rating in a research report on Monday, March 17th. Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Finally, BNP Paribas raised AbbVie to a "hold" rating in a research report on Thursday, May 8th. Eight research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $210.95.

Insider Activity

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie stock in a transaction that occurred 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 directly owns 53,234 shares in the company, valued at approximately $11,183,398.72. The trade was a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.08% of the stock is currently owned by company insiders.

AbbVie Company 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.