AbbVie Inc. (NYSE:ABBV) Shares Purchased by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC raised its stake in shares of AbbVie Inc. (NYSE:ABBV) by 4.2% during the first quarter, Holdings Channel.com reports. The institutional investor owned 45,833 shares of the company’s stock after buying an additional 1,831 shares during the period. Miracle Mile Advisors LLC’s holdings in AbbVie were worth $9,603,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. RDA Financial Network grew its holdings in AbbVie by 16.6% during the 1st quarter. RDA Financial Network now owns 2,017 shares of the company’s stock valued at $423,000 after buying an additional 287 shares during the last quarter. Patriot Financial Group Insurance Agency LLC lifted its stake in shares of AbbVie by 12.2% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 4,441 shares of the company’s stock worth $930,000 after purchasing an additional 484 shares during the period. Revolve Wealth Partners LLC lifted its stake in shares of AbbVie by 3.7% during the 1st quarter. Revolve Wealth Partners LLC now owns 7,548 shares of the company’s stock worth $1,582,000 after purchasing an additional 269 shares during the period. Charter Oak Capital Management LLC lifted its stake in shares of AbbVie by 0.9% during the 1st quarter. Charter Oak Capital Management LLC now owns 8,537 shares of the company’s stock worth $1,789,000 after purchasing an additional 78 shares during the period. Finally, Wedmont Private Capital lifted its stake in shares of AbbVie by 44.2% during the 1st quarter. Wedmont Private Capital now owns 37,245 shares of the company’s stock worth $7,804,000 after purchasing an additional 11,423 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of recent analyst reports. Citigroup reissued a “neutral” rating and set a $205.00 price target (down previously from $210.00) on shares of AbbVie in a research note on Wednesday, May 14th. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Cantor Fitzgerald initiated coverage on AbbVie in a research note on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 price target on the stock. The Goldman Sachs Group reissued a “neutral” rating and set a $194.00 price target on shares of AbbVie in a research note on Tuesday, April 8th. Finally, Evercore ISI increased their target price on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, April 28th. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $212.19.

Insider Activity

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm’s stock in a transaction dated 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 completion of the sale, the executive vice president now directly owns 53,234 shares in the company, valued at $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.25% of the company’s stock.

AbbVie Trading Up 1.3%

NYSE:ABBV opened at $189.89 on Friday. The business’s 50-day moving average is $184.24 and its two-hundred day moving average is $187.09. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55. AbbVie Inc. has a 12 month low of $163.52 and a 12 month high of $218.66. The firm has a market capitalization of $335.42 billion, a PE ratio of 79.12, a price-to-earnings-growth ratio of 1.62 and a beta of 0.50.

AbbVie (NYSE:ABBV) 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 company had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The company’s revenue was up 8.4% on a year-over-year basis. During the same period last year, the firm earned $2.31 earnings per share. Research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie 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.