AbbVie Inc. (NYSE:ABBV) Position Boosted by Pines Wealth Management LLC

Pines Wealth Management LLC lifted its stake in AbbVie Inc. (NYSE:ABBV) by 2.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,780 shares of the company’s stock after purchasing an additional 117 shares during the quarter. Pines Wealth Management LLC’s holdings in AbbVie were worth $1,211,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in AbbVie during the fourth quarter valued at $4,459,385,000. GAMMA Investing LLC lifted its holdings 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 valued at $2,144,382,000 after buying an additional 10,195,284 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of AbbVie in the 4th quarter valued at approximately $1,190,951,000. FMR LLC increased its holdings in AbbVie by 32.8% in the fourth quarter. FMR LLC now owns 18,097,375 shares of the company’s stock worth $3,215,903,000 after buying an additional 4,466,971 shares during the last quarter. 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 valued at $4,875,401,000 after acquiring an additional 3,599,336 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ABBV has been the subject of several recent research reports. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 22nd. Citigroup reiterated a “neutral” rating and issued a $205.00 price objective (down from $210.00) on shares of AbbVie in a report on Wednesday, May 14th. Erste Group Bank raised shares of AbbVie to a “strong-buy” rating in a research report on Monday, March 17th. BNP Paribas raised AbbVie to a “hold” rating in a research report on Thursday, May 8th. Finally, Bank of America boosted their target price on AbbVie from $200.00 to $223.00 and gave the stock a “neutral” rating in a report on Tuesday, March 4th. 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $212.19.

AbbVie Stock Up 1.3%

NYSE ABBV opened at $189.89 on Friday. AbbVie Inc. has a twelve month low of $163.52 and a twelve month high of $218.66. The stock has a market cap of $335.42 billion, a PE ratio of 79.12, a PEG ratio of 1.62 and a beta of 0.50. The firm has a 50-day simple moving average of $184.24 and a 200 day simple moving average of $186.96. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, April 25th. The company reported $2.46 EPS for the quarter, topping analysts’ consensus estimates of $2.40 by $0.06. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The company had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. During the same quarter last year, the company earned $2.31 EPS. The company’s quarterly revenue was up 8.4% on a year-over-year basis. On average, research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

Insider Activity at AbbVie

In related 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 sale, the executive vice president now owns 53,234 shares of the company’s stock, valued at $11,183,398.72. The trade was a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.25% of the stock is currently owned by corporate insiders.

About AbbVie

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.