David Wealth Management LLC Buys New Stake in AbbVie Inc. (NYSE:ABBV)

David Wealth Management LLC purchased a new position in shares of AbbVie Inc. (NYSE:ABBV) during the 1st quarter, Holdings Channel.com reports. The fund purchased 1,123 shares of the company’s stock, valued at approximately $235,000.

Several other institutional investors and hedge funds have also modified their holdings of ABBV. Norges Bank acquired a new position in AbbVie in the 4th quarter worth about $4,459,385,000. GAMMA Investing LLC raised its stake in shares of AbbVie by 25,841.6% during the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company’s stock worth $2,144,382,000 after buying an additional 10,195,284 shares during the period. Raymond James Financial Inc. purchased a new position in shares of AbbVie during the 4th quarter valued at approximately $1,190,951,000. FMR LLC grew its stake in AbbVie by 32.8% in the 4th quarter. FMR LLC now owns 18,097,375 shares of the company’s stock valued at $3,215,903,000 after acquiring an additional 4,466,971 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in AbbVie by 15.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company’s stock worth $4,875,401,000 after acquiring an additional 3,599,336 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Trading Up 0.9%

NYSE:ABBV opened at $191.27 on Thursday. AbbVie Inc. has a 1 year low of $163.52 and a 1 year high of $218.66. The stock has a market cap of $337.86 billion, a P/E ratio of 79.70, a P/E/G ratio of 1.62 and a beta of 0.50. 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 50-day simple moving average of $183.78 and a 200-day simple moving average of $187.32.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, beating 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 firm had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. During the same period last year, the firm posted $2.31 EPS. The company’s revenue was up 8.4% on a year-over-year basis. As a group, analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

Insider Transactions at AbbVie

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company’s stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the completion of the sale, the executive vice president now directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on ABBV. Wells Fargo & Company lifted their price objective on AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a report on Wednesday, March 5th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $194.00 price target on shares of AbbVie in a research note on Tuesday, April 8th. Morgan Stanley raised their price target on shares of AbbVie from $241.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, April 28th. BNP Paribas upgraded shares of AbbVie to a “hold” rating in a research report on Thursday, May 8th. Finally, Citigroup increased their price objective on shares of AbbVie to $205.00 and gave the company a “hold” rating in a report on Wednesday. Eight research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $211.29.

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.