Opal Capital LLC Buys New Shares in AbbVie Inc. $ABBV

Opal Capital LLC bought a new stake in AbbVie Inc. (NYSE:ABBV) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 34,394 shares of the company’s stock, valued at approximately $7,841,000. AbbVie makes up 2.0% of Opal Capital LLC’s holdings, making the stock its 13th biggest position.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Thornburg Investment Management Inc. boosted its holdings in AbbVie by 25.5% in the 3rd quarter. Thornburg Investment Management Inc. now owns 401,760 shares of the company’s stock valued at $93,024,000 after purchasing an additional 81,625 shares during the period. Channing Capital Management LLC grew its position in shares of AbbVie by 10.5% during the 3rd quarter. Channing Capital Management LLC now owns 55,647 shares of the company’s stock worth $12,885,000 after purchasing an additional 5,302 shares in the last quarter. Procyon Advisors LLC grew its position in shares of AbbVie by 19.9% during the 4th quarter. Procyon Advisors LLC now owns 32,752 shares of the company’s stock worth $7,484,000 after purchasing an additional 5,427 shares in the last quarter. Woodley Farra Manion Portfolio Management Inc. grew its position in shares of AbbVie by 358.1% during the 3rd quarter. Woodley Farra Manion Portfolio Management Inc. now owns 14,746 shares of the company’s stock worth $3,414,000 after purchasing an additional 11,527 shares in the last quarter. Finally, Waycross Partners LLC grew its position in shares of AbbVie by 2.9% during the 4th quarter. Waycross Partners LLC now owns 182,476 shares of the company’s stock worth $41,694,000 after purchasing an additional 5,063 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $240.00 target price on shares of AbbVie in a research report on Thursday, April 30th. Royal Bank Of Canada assumed coverage on shares of AbbVie in a research report on Tuesday, February 24th. They set an “outperform” rating and a $260.00 target price on the stock. Bank of America upgraded shares of 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. BMO Capital Markets restated an “outperform” rating on shares of AbbVie in a research report on Monday, March 9th. Finally, Wall Street Zen cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Sunday, June 7th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $253.43.

AbbVie Trading Up 0.5%

ABBV stock opened at $222.62 on Wednesday. The stock has a market capitalization of $393.33 billion, a P/E ratio of 109.67, a price-to-earnings-growth ratio of 0.68 and a beta of 0.32. AbbVie Inc. has a 12 month low of $181.73 and a 12 month high of $244.81. The firm has a 50-day moving average price of $211.58 and a 200-day moving average price of $218.89.

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

About AbbVie

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.