Bleakley Financial Group LLC Increases Stock Position in AbbVie Inc. (NYSE:ABBV)

Bleakley Financial Group LLC grew its position in shares of AbbVie Inc. (NYSE:ABBV) by 19.8% in the fourth quarter, HoldingsChannel reports. The firm owned 59,682 shares of the company’s stock after buying an additional 9,879 shares during the quarter. Bleakley Financial Group LLC’s holdings in AbbVie were worth $10,606,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Kercheville Advisors LLC purchased a new position in AbbVie in the fourth quarter worth about $217,000. Trilogy Capital Inc. boosted its holdings in shares of AbbVie by 248.3% in the 4th quarter. Trilogy Capital Inc. now owns 15,824 shares of the company’s stock worth $2,812,000 after purchasing an additional 11,281 shares during the period. Robertson Stephens Wealth Management LLC raised its holdings in AbbVie by 3.3% during the 4th quarter. Robertson Stephens Wealth Management LLC now owns 33,063 shares of the company’s stock valued at $5,875,000 after buying an additional 1,045 shares during the period. Benchmark Financial Wealth Advisors LLC lifted its position in AbbVie by 9.7% in the fourth quarter. Benchmark Financial Wealth Advisors LLC now owns 3,071 shares of the company’s stock worth $546,000 after buying an additional 272 shares during the last quarter. Finally, Onyx Bridge Wealth Group LLC raised its stake in shares of AbbVie by 7.8% in the fourth quarter. Onyx Bridge Wealth Group LLC now owns 5,523 shares of the company’s stock valued at $981,000 after acquiring an additional 399 shares during the period. 70.23% of the stock is owned by institutional investors.

Insider Activity at AbbVie

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $172.24, for a total value of $310,032.00. Following the completion of the sale, the senior vice president now owns 6,983 shares of the company’s stock, valued at approximately $1,202,751.92. This represents a 20.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.25% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Raymond James reissued an “outperform” rating and issued a $220.00 price objective (up from $218.00) on shares of AbbVie in a research report on Monday. Piper Sandler Companies restated an “overweight” rating and set a $220.00 price target on shares of AbbVie in a research note on Tuesday, December 17th. Truist Financial raised their price target on shares of AbbVie from $211.00 to $217.00 and gave the company a “buy” rating in a report on Monday. Leerink Partners upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 target price for the company in a research note on Friday, November 22nd. Finally, Wolfe Research assumed coverage on AbbVie in a research report on Friday, November 15th. They set an “outperform” rating and a $205.00 price target on the stock. Five analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $208.35.

AbbVie Stock Performance

Shares of ABBV stock opened at $191.74 on Thursday. The company has a market capitalization of $338.82 billion, a P/E ratio of 79.89, a P/E/G ratio of 1.84 and a beta of 0.58. AbbVie Inc. has a 12-month low of $153.58 and a 12-month high of $207.32. The business’s 50 day moving average is $177.01 and its two-hundred day moving average is $185.38. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, January 31st. The company reported $2.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 257.91%. During the same quarter last year, the firm posted $2.79 earnings per share. Analysts expect that AbbVie Inc. will post 12.26 EPS 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.