Sunbeam Capital Management LLC Makes New Investment in AbbVie Inc. (NYSE:ABBV)

Sunbeam Capital Management LLC purchased a new stake in AbbVie Inc. (NYSE:ABBV - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 3,678 shares of the company's stock, valued at approximately $692,000. AbbVie comprises approximately 1.5% of Sunbeam Capital Management LLC's investment portfolio, making the stock its 19th largest position.

Several other large investors have also modified their holdings of the business. Fiduciary Advisors Inc. acquired a new stake in shares of AbbVie during the 4th quarter worth about $29,000. EnRich Financial Partners LLC grew its stake in AbbVie by 196.4% during the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock worth $29,000 after buying an additional 110 shares during the last quarter. Promus Capital LLC purchased a new position in shares of AbbVie in the 4th quarter valued at approximately $30,000. Bradley & Co. Private Wealth Management LLC purchased a new position in shares of AbbVie in the 4th quarter valued at approximately $31,000. Finally, Prudent Man Investment Management Inc. acquired a new stake in shares of AbbVie in the 4th quarter valued at approximately $32,000. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Stock Down 1.5%

Shares of NYSE ABBV traded down $2.74 during mid-day trading on Wednesday, reaching $182.98. The company had a trading volume of 4,783,938 shares, compared to its average volume of 6,246,369. AbbVie Inc. has a twelve month low of $153.58 and a twelve month high of $218.66. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66. The stock has a market capitalization of $323.22 billion, a PE ratio of 76.24, a price-to-earnings-growth ratio of 1.62 and a beta of 0.56. The stock's 50 day moving average is $187.30 and its 200-day moving average is $186.11.

AbbVie (NYSE:ABBV - Get Free Report) last posted 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. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The business had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. AbbVie's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the prior year, the business posted $2.31 earnings per share. As a group, equities analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ABBV. Truist Financial raised their price target on AbbVie from $211.00 to $217.00 and gave the company a "buy" rating in a report on Monday, February 3rd. Cantor Fitzgerald initiated coverage on AbbVie in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price target for the company. Bank of America lifted their price objective on AbbVie from $200.00 to $223.00 and gave the company a "neutral" rating in a research report on Tuesday, March 4th. UBS Group lifted their price objective on AbbVie from $181.00 to $190.00 and gave the company a "neutral" rating in a research report on Monday, February 3rd. Finally, Raymond James reaffirmed an "outperform" rating and issued a $220.00 target price (up previously from $218.00) on shares of AbbVie in a research report on Monday, February 3rd. Eight equities 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's stock. According to MarketBeat.com, AbbVie currently has a consensus rating of "Moderate Buy" and an average target price of $210.95.

Insiders Place Their Bets

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the stock in a transaction on Monday, March 31st. The shares were sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the transaction, 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 filing with the SEC, which is available through the SEC website. Company insiders own 0.08% of the company's stock.

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.