Connecticut Capital Management Group LLC Purchases Shares of 3,202 AbbVie Inc. $ABBV

Connecticut Capital Management Group LLC purchased a new stake in AbbVie Inc. (NYSE:ABBV) in the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 3,202 shares of the company’s stock, valued at approximately $732,000.

Other large investors have also made changes to their positions in the company. Chelsea Counsel Co. acquired a new position in shares of AbbVie during the 3rd quarter worth approximately $26,000. Westend Capital Management LLC acquired a new position in shares of AbbVie during the 4th quarter worth approximately $29,000. Texas Capital Bancshares Inc TX acquired a new position in shares of AbbVie during the 3rd quarter worth approximately $31,000. Legacy Wealth Managment LLC ID raised 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 buying an additional 73 shares during the period. Finally, WestEnd Advisors LLC raised 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 buying an additional 85 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Performance

Shares of ABBV opened at $215.42 on Thursday. AbbVie Inc. has a one year low of $181.73 and a one year high of $244.81. The stock has a market capitalization of $380.61 billion, a price-to-earnings ratio of 106.12, a PEG ratio of 0.74 and a beta of 0.32. The stock has a 50 day moving average price of $208.27 and a 200 day moving average price of $219.68.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The firm had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.72 billion. During the same period in the previous year, the business earned $2.46 earnings per share. The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. On average, analysts predict that AbbVie Inc. will post 14.3 earnings per share for the current year.

Key Stories Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie received FDA approval for DECNUPAZ, its first ADC approved for blood cancer, creating a new revenue opportunity and boosting its oncology pipeline. US FDA approves AbbVie’s rare blood cancer drug
• Positive Sentiment: AbbVie and Ironwood won a U.S. label expansion for Linzess in pediatric constipation, expanding the drug’s addressable market. Ironwood, AbbVie win US label expansion for Linzess in pediatric constipation
• Positive Sentiment: Piper Sandler raised its price target on AbbVie and pointed to strong progress in the company’s inflammatory bowel disease pipeline. Piper Sandler Raises Price Target on AbbVie (ABBV) Amid Strong IBD Pipeline Progress
• Neutral Sentiment: AbbVie’s oncology revenue slipped in Q1 as Imbruvica sales declined, though newer drugs Venclexta, Elahere, and Epkinly continued to grow. How Did AbbVie’s Oncology Portfolio Perform in Q1 Despite Headwinds?

Analyst Ratings Changes

Several brokerages have recently weighed in on ABBV. DZ Bank raised AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Morgan Stanley lifted their price objective on AbbVie from $270.00 to $278.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Canaccord Genuity Group lifted their price objective on AbbVie from $262.00 to $265.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Evercore set a $235.00 price objective on AbbVie in a report on Friday, May 15th. Finally, UBS Group lowered their price objective on AbbVie from $240.00 to $230.00 and set a “neutral” rating on the stock in a report on Thursday, February 5th. Three 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. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $253.43.

Insider Transactions at AbbVie

In other AbbVie news, SVP David Ryan Purdue sold 5,230 shares of the company’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $233.56, for a total value of $1,221,518.80. Following the completion of the sale, the senior vice president directly owned 2,654 shares in the company, valued at $619,868.24. This represents a 66.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.06% of the stock is currently owned by insiders.

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.