Wealth Enhancement Advisory Services LLC Grows Stake in AbbVie Inc. (NYSE:ABBV)

Wealth Enhancement Advisory Services LLC lifted its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 5.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 536,450 shares of the company's stock after purchasing an additional 25,385 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in AbbVie were worth $112,398,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Blue Bell Private Wealth Management LLC boosted its stake in shares of AbbVie by 30.4% in the fourth quarter. Blue Bell Private Wealth Management LLC now owns 223 shares of the company's stock valued at $40,000 after purchasing an additional 52 shares during the period. Steel Grove Capital Advisors LLC boosted its stake in shares of AbbVie by 1.7% in the fourth quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company's stock valued at $553,000 after purchasing an additional 52 shares during the period. Peninsula Wealth LLC boosted its stake in shares of AbbVie by 4.1% in the fourth quarter. Peninsula Wealth LLC now owns 1,360 shares of the company's stock valued at $242,000 after purchasing an additional 54 shares during the period. Physicians Financial Services Inc. boosted its stake in shares of AbbVie by 0.5% in the fourth quarter. Physicians Financial Services Inc. now owns 12,150 shares of the company's stock valued at $2,159,000 after purchasing an additional 55 shares during the period. Finally, Connecticut Wealth Management LLC boosted its stake in shares of AbbVie by 1.6% in the fourth quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock valued at $660,000 after purchasing an additional 57 shares during the period. Hedge funds and other institutional investors own 70.23% of the company's stock.

Analysts Set New Price Targets

ABBV has been the subject of several analyst reports. Evercore ISI upped their target price on shares of AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Wall Street Zen downgraded shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Citigroup increased their price objective on shares of AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Erste Group Bank upgraded shares of AbbVie to a "strong-buy" rating in a research note on Monday, March 17th. Finally, Cantor Fitzgerald assumed coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 price objective on the stock. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $211.29.

AbbVie Stock Down 0.1%

ABBV stock opened at $185.26 on Friday. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a fifty-two week low of $163.52 and a fifty-two week high of $218.66. The firm's 50-day simple moving average is $184.98 and its 200 day simple moving average is $187.60. The stock has a market cap of $327.24 billion, a PE ratio of 78.83, a price-to-earnings-growth ratio of 1.23 and a beta of 0.50.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data 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 7.31% and a return on equity of 412.03%. The business had revenue of $13.34 billion for the quarter, compared to analysts' expectations of $12.91 billion. During the same quarter last year, the company earned $2.31 EPS. The company's revenue for the quarter was up 8.4% compared to the same quarter last year. As a group, sell-side analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

Insider Buying and Selling

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm's stock in a transaction dated 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 owns 53,234 shares of the company's stock, valued at approximately $11,183,398.72. This trade represents a 52.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.25% 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.

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