Royal Palms Capital LLC Invests $4.03 Million in AbbVie Inc. $ABBV

Royal Palms Capital LLC acquired a new position in shares of AbbVie Inc. (NYSE:ABBV) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 17,644 shares of the company’s stock, valued at approximately $4,031,000. AbbVie accounts for approximately 4.8% of Royal Palms Capital LLC’s investment portfolio, making the stock its 5th biggest position.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Chelsea Counsel Co. acquired a new stake in shares of AbbVie during the 3rd quarter worth approximately $26,000. Westend Capital Management LLC acquired a new stake in shares of AbbVie during the 4th quarter worth approximately $29,000. Texas Capital Bancshares Inc TX acquired a new stake in shares of AbbVie during the 3rd quarter worth approximately $31,000. Legacy Wealth Managment LLC ID grew its stake in shares of AbbVie by 115.9% during the 4th quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock worth $31,000 after purchasing an additional 73 shares during the period. Finally, WestEnd Advisors LLC grew its stake in shares of AbbVie by 160.4% during the 4th quarter. WestEnd Advisors LLC now owns 138 shares of the company’s stock worth $32,000 after purchasing an additional 85 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $212.79 on Wednesday. AbbVie Inc. has a 1 year low of $181.73 and a 1 year high of $244.81. The firm has a market capitalization of $375.96 billion, a price-to-earnings ratio of 104.82, a price-to-earnings-growth ratio of 0.74 and a beta of 0.32. The business’s 50 day moving average price is $208.39 and its 200-day moving average price is $219.70.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.59 by $0.06. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter last year, the firm posted $2.46 EPS. On average, sell-side analysts expect that AbbVie Inc. will post 14.3 earnings per share for the current year.

Analyst Ratings Changes

ABBV has been the topic of a number of recent analyst reports. William Blair reiterated an “outperform” rating on shares of AbbVie in a research report on Monday, March 9th. Bank of America upgraded AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 target price on the stock in a research report on Thursday, April 30th. Sanford C. Bernstein reiterated a “market perform” rating on shares of AbbVie in a research report on Thursday, February 5th. DZ Bank upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Finally, UBS Group decreased their target price on AbbVie from $240.00 to $230.00 and set a “neutral” rating on the stock in a research report on Thursday, February 5th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and a consensus price target of $253.43.

Insiders Place Their Bets

In other AbbVie news, SVP David Ryan Purdue sold 5,230 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $233.56, for a total value of $1,221,518.80. Following the transaction, the senior vice president directly owned 2,654 shares of the company’s stock, valued at $619,868.24. This trade represents a 66.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.06% of the company’s stock.

AbbVie Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.