Smithbridge Asset Management Inc. DE Invests $8.98 Million in AbbVie Inc. (NYSE:ABBV)

Smithbridge Asset Management Inc. DE bought a new stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 42,838 shares of the company's stock, valued at approximately $8,975,000. AbbVie comprises about 1.7% of Smithbridge Asset Management Inc. DE's investment portfolio, making the stock its 20th largest holding.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in AbbVie in the 4th quarter worth $4,459,385,000. GAMMA Investing LLC grew its holdings in 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 last quarter. Raymond James Financial Inc. bought a new stake in AbbVie in the 4th quarter worth $1,190,951,000. FMR LLC lifted its position in shares of 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. Finally, Charles Schwab Investment Management Inc. lifted its position 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 worth $4,875,401,000 after purchasing an additional 3,599,336 shares during the period. Institutional investors own 70.23% of the company's stock.

Insiders Place Their Bets

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 $11,183,398.72. The trade was a 52.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.25% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on ABBV. Wall Street Zen cut shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Citigroup raised their target price on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a research report on Wednesday. Bank of America raised their target price on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a research report on Monday. BNP Paribas raised shares of AbbVie to a "hold" rating in a research report on Thursday, May 8th. Finally, Cantor Fitzgerald began coverage on shares of AbbVie in a research report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 target price for the company. Eight analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie presently has an average rating of "Moderate Buy" and an average price target of $211.29.

AbbVie Stock Down 0.9%

AbbVie stock traded down $1.75 during trading hours on Friday, hitting $190.67. The stock had a trading volume of 4,965,464 shares, compared to its average volume of 6,243,959. 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 has a market capitalization of $336.80 billion, a P/E ratio of 79.45, a price-to-earnings-growth ratio of 1.62 and a beta of 0.50. AbbVie Inc. has a 12-month low of $163.52 and a 12-month high of $218.66. The stock's 50-day moving average price is $183.90 and its 200-day moving average price is $187.43.

AbbVie (NYSE:ABBV - Get Free Report) last issued its earnings results 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 business 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%. The business's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the previous year, the company earned $2.31 earnings per share. Equities research analysts anticipate that AbbVie Inc. will post 12.31 EPS 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.