Sowell Financial Services LLC Raises Position in AbbVie Inc. (NYSE:ABBV)

Sowell Financial Services LLC raised its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 8.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 63,551 shares of the company's stock after buying an additional 4,979 shares during the period. AbbVie makes up approximately 0.6% of Sowell Financial Services LLC's portfolio, making the stock its 26th largest position. Sowell Financial Services LLC's holdings in AbbVie were worth $13,315,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ABBV. M.E. Allison & CO. Inc. acquired a new stake in shares of AbbVie in the 1st quarter valued at $293,000. Northstar Group Inc. boosted its holdings in shares of AbbVie by 0.7% in the first quarter. Northstar Group Inc. now owns 8,512 shares of the company's stock valued at $1,783,000 after acquiring an additional 58 shares in the last quarter. Mission Wealth Management LP boosted its holdings in AbbVie by 0.6% during the first quarter. Mission Wealth Management LP now owns 48,019 shares of the company's stock worth $10,061,000 after buying an additional 266 shares in the last quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH boosted its holdings in AbbVie by 32.4% during the first quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 5,618 shares of the company's stock worth $1,177,000 after buying an additional 1,376 shares in the last quarter. Finally, Brown Miller Wealth Management LLC boosted its holdings in AbbVie by 1.4% during the first quarter. Brown Miller Wealth Management LLC now owns 16,362 shares of the company's stock worth $3,428,000 after buying an additional 232 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on ABBV shares. Erste Group Bank upgraded shares of AbbVie to a "strong-buy" rating in a research report on Monday, March 17th. Wells Fargo & Company lifted their target price on shares of AbbVie from $210.00 to $240.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 5th. Bank of America lifted their target price on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a research report on Monday, June 9th. Citigroup lifted their target price on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a research report on Wednesday, June 11th. Finally, Evercore ISI boosted their price objective on shares of AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research report on Monday, April 28th. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, AbbVie has an average rating of "Moderate Buy" and a consensus target price of $211.29.

AbbVie Price Performance

ABBV opened at $190.67 on Monday. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. AbbVie Inc. has a 52-week low of $163.52 and a 52-week high of $218.66. The company has a 50 day moving average of $184.21 and a two-hundred day moving average of $187.55. The company has a market cap of $336.80 billion, a P/E ratio of 79.45, a P/E/G ratio of 1.62 and a beta of 0.50.

AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.06. The business had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The business's quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.31 earnings per share. On average, analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

Insider Activity at AbbVie

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company's stock in a transaction 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 sale, the executive vice president now directly owns 53,234 shares of the company's stock, valued at $11,183,398.72. This represents a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.25% of the stock is currently owned by corporate 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.

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.