Wright Investors Service Inc. Purchases 3,826 Shares of AbbVie Inc. (NYSE:ABBV)

Wright Investors Service Inc. lifted its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 11.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,306 shares of the company's stock after purchasing an additional 3,826 shares during the period. AbbVie comprises about 2.7% of Wright Investors Service Inc.'s portfolio, making the stock its 7th biggest holding. Wright Investors Service Inc.'s holdings in AbbVie were worth $8,026,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in ABBV. EnRich Financial Partners LLC raised its position in AbbVie by 196.4% during the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock worth $29,000 after acquiring an additional 110 shares during the period. Promus Capital LLC acquired a new position in AbbVie during the fourth quarter worth $30,000. Bradley & Co. Private Wealth Management LLC acquired a new position in AbbVie during the fourth quarter worth $31,000. Prudent Man Investment Management Inc. acquired a new position in AbbVie during the fourth quarter worth $32,000. Finally, Pinney & Scofield Inc. acquired a new position in AbbVie during the fourth quarter worth $36,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at AbbVie

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company's stock in a transaction on Monday, March 31st. The stock was sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the sale, the executive vice president now owns 53,234 shares of the company's stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ABBV shares. BMO Capital Markets upped their price objective on shares of AbbVie from $208.00 to $215.00 and gave the stock an "outperform" rating in a research report on Monday, February 3rd. UBS Group increased their target price on shares of AbbVie from $181.00 to $190.00 and gave the company a "neutral" rating in a research report on Monday, February 3rd. Bank of America increased their target price on shares of AbbVie from $200.00 to $223.00 and gave the company a "neutral" rating in a research report on Tuesday, March 4th. Wall Street Zen cut shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Finally, Evercore ISI increased their target price 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 research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $210.95.

AbbVie Trading Up 0.4%

ABBV stock traded up $0.67 during mid-day trading on Monday, hitting $186.78. 4,433,291 shares of the company were exchanged, compared to its average volume of 6,236,161. 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 firm has a market capitalization of $329.92 billion, a P/E ratio of 77.82, a PEG ratio of 1.62 and a beta of 0.56. The business has a fifty day simple moving average of $185.97 and a 200-day simple moving average of $186.49. AbbVie Inc. has a 12-month low of $158.83 and a 12-month high of $218.66.

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, topping the consensus estimate of $2.40 by $0.06. The company had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. AbbVie's revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the firm posted $2.31 earnings per share. On average, equities research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

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.