Retirement Planning Group LLC NY Takes $719,000 Position in AbbVie Inc. (NYSE:ABBV)

Retirement Planning Group LLC NY purchased a new position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,046 shares of the company's stock, valued at approximately $719,000. AbbVie makes up approximately 0.8% of Retirement Planning Group LLC NY's holdings, making the stock its 27th biggest holding.

A number of other hedge funds have also made changes to their positions in the stock. GF Fund Management CO. LTD. acquired a new stake in shares of AbbVie during the fourth quarter worth approximately $7,687,000. Pinney & Scofield Inc. bought a new position in AbbVie during the fourth quarter worth $36,000. Parr Mcknight Wealth Management Group LLC bought a new position in AbbVie during the fourth quarter worth $5,178,000. Vega Investment Solutions bought a new stake in shares of AbbVie in the 4th quarter worth approximately $221,000. Finally, Strait & Sound Wealth Management LLC lifted its holdings in shares of AbbVie by 1.7% in the 4th quarter. Strait & Sound Wealth Management LLC now owns 10,031 shares of the company's stock worth $1,782,000 after purchasing an additional 172 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Price Performance

AbbVie stock traded up $2.26 during midday trading on Tuesday, hitting $185.52. The company's stock had a trading volume of 5,720,849 shares, compared to its average volume of 6,252,208. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. The stock's 50-day moving average price is $187.82 and its 200-day moving average price is $186.11. AbbVie Inc. has a 12 month low of $153.58 and a 12 month high of $218.66. The company has a market capitalization of $327.70 billion, a PE ratio of 77.30, a price-to-earnings-growth ratio of 1.62 and a beta of 0.56.

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

Insider Buying and Selling

In related news, EVP Timothy J. Richmond sold 29,917 shares of AbbVie stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total value of $6,070,159.30. Following the transaction, the executive vice president now owns 44,284 shares of the company's stock, valued at approximately $8,985,223.60. This trade represents a 40.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Kevin K. Buckbee sold 18,944 shares of AbbVie stock in a transaction dated 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 completion of the transaction, the senior vice president now directly owns 11,496 shares in the company, valued at $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 quarter, insiders have sold 107,693 shares of company stock valued at $22,282,985. 0.08% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. BMO Capital Markets raised their target price on AbbVie from $208.00 to $215.00 and gave the company an "outperform" rating in a research note on Monday, February 3rd. Morgan Stanley upped their price target on shares of AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. Evercore ISI upped their price target on shares of AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. The Goldman Sachs Group restated a "neutral" rating and set a $194.00 price target on shares of AbbVie in a research report on Tuesday, April 8th. Finally, Wall Street Zen lowered shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Eight research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $210.95.

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.