Procyon Advisors LLC Boosts Stake in AbbVie Inc. (NYSE:ABBV)

Procyon Advisors LLC grew its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 15.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 32,163 shares of the company's stock after buying an additional 4,302 shares during the period. Procyon Advisors LLC's holdings in AbbVie were worth $6,739,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Tallon Kerry Patrick purchased a new stake in shares of AbbVie during the fourth quarter worth about $309,000. Capital & Planning LLC boosted its position in AbbVie by 1.7% during the fourth quarter. Capital & Planning LLC now owns 6,239 shares of the company's stock worth $1,109,000 after acquiring an additional 105 shares during the last quarter. LaFleur & Godfrey LLC grew its stake in AbbVie by 4.1% in the 4th quarter. LaFleur & Godfrey LLC now owns 79,396 shares of the company's stock worth $14,109,000 after acquiring an additional 3,108 shares during the period. Brighton Jones LLC grew its stake in AbbVie by 17.4% in the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after acquiring an additional 3,401 shares during the period. Finally, Revolve Wealth Partners LLC lifted its stake in shares of AbbVie by 72.7% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock worth $1,294,000 after purchasing an additional 3,064 shares during the period. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Stock Performance

NYSE:ABBV opened at $187.29 on Friday. The firm has a 50-day moving average of $184.56 and a two-hundred day moving average of $186.80. 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 has a market cap of $330.82 billion, a P/E ratio of 78.04, a PEG ratio of 1.62 and a beta of 0.56. 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 issued its quarterly earnings results on Friday, April 25th. The company reported $2.46 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 firm had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. During the same quarter in the prior year, the business posted $2.31 earnings per share. AbbVie's revenue for the quarter was up 8.4% on a year-over-year basis. On average, research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Erste Group Bank raised AbbVie to a "strong-buy" rating in a research report on Monday, March 17th. The Goldman Sachs Group restated a "neutral" rating and issued a $194.00 target price on shares of AbbVie in a report on Tuesday, April 8th. Citigroup reaffirmed a "neutral" rating and set a $205.00 price target (down previously from $210.00) on shares of AbbVie in a research note on Wednesday, May 14th. Morgan Stanley lifted their price target on shares of AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a report on Monday, April 28th. Finally, Evercore ISI increased their target price on AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. Eight equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $212.19.

Insider Buying and Selling at AbbVie

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business's stock in a transaction dated 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 directly owns 53,234 shares of the company's stock, valued at $11,183,398.72. The trade was a 52.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.25% of the stock is currently owned by insiders.

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.

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