Abacus Planning Group Inc. Purchases 364 Shares of AbbVie Inc. (NYSE:ABBV)

Abacus Planning Group Inc. boosted its position in AbbVie Inc. (NYSE:ABBV) by 16.9% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 2,520 shares of the company’s stock after purchasing an additional 364 shares during the period. Abacus Planning Group Inc.’s holdings in AbbVie were worth $528,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of AbbVie in the 4th quarter worth approximately $4,459,385,000. GAMMA Investing LLC increased its position in AbbVie by 25,841.6% in the first 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 last quarter. Raymond James Financial Inc. bought a new stake in shares of AbbVie in the fourth quarter valued at $1,190,951,000. FMR LLC lifted its position in shares of AbbVie by 32.8% during the 4th quarter. FMR LLC now owns 18,097,375 shares of the company’s stock valued at $3,215,903,000 after buying an additional 4,466,971 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of AbbVie by 15.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company’s stock valued at $4,875,401,000 after buying an additional 3,599,336 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Evercore ISI increased their target price on shares of AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, April 28th. Wells Fargo & Company raised their price objective on shares of AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a report on Wednesday, March 5th. Erste Group Bank upgraded shares of AbbVie to a “strong-buy” rating in a research note on Monday, March 17th. Citigroup restated a “neutral” rating and set a $205.00 target price (down previously from $210.00) on shares of AbbVie in a research report on Wednesday, May 14th. Finally, Bank of America lifted their price target on AbbVie from $200.00 to $223.00 and gave the company a “neutral” rating in a research report on Tuesday, March 4th. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $212.19.

Insiders Place Their Bets

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business’s stock in a transaction that occurred on Monday, March 31st. The stock was 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 directly owns 53,234 shares of the company’s stock, valued at $11,183,398.72. The trade was a 52.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.25% of the stock is owned by corporate insiders.

AbbVie Stock Up 1.3%

Shares of NYSE:ABBV opened at $189.89 on Friday. The stock’s 50-day moving average is $184.24 and its 200 day moving average is $187.09. The company has a market cap of $335.42 billion, a PE ratio of 79.12, 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 current ratio of 0.66 and a quick ratio of 0.55. AbbVie Inc. has a 1 year low of $163.52 and a 1 year high of $218.66.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.06. The firm had revenue of $13.34 billion for the quarter, compared to analysts’ expectations of $12.91 billion. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The business’s revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.31 earnings per share. Sell-side analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

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.