Kingswood Wealth Advisors LLC Increases Stake in AbbVie Inc. (NYSE:ABBV)

Kingswood Wealth Advisors LLC raised its position in AbbVie Inc. (NYSE:ABBV) by 114.9% during the first quarter, HoldingsChannel reports. The firm owned 26,507 shares of the company’s stock after purchasing an additional 14,174 shares during the period. Kingswood Wealth Advisors LLC’s holdings in AbbVie were worth $5,506,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. EnRich Financial Partners LLC raised its holdings in shares of AbbVie by 196.4% during the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after acquiring an additional 110 shares during the period. Promus Capital LLC purchased a new position in shares of AbbVie during the 4th quarter worth $30,000. Bradley & Co. Private Wealth Management LLC purchased a new position in shares of AbbVie during the 4th quarter worth $31,000. Prudent Man Investment Management Inc. purchased a new position in shares of AbbVie during the 4th quarter worth $32,000. Finally, Pinney & Scofield Inc. purchased a new position in shares of AbbVie during the 4th quarter worth $36,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling at AbbVie

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business’s stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the completion of the transaction, the executive vice president now directly owns 53,234 shares of the company’s stock, valued at approximately $11,183,398.72. The trade was a 52.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.08% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

ABBV has been the topic of several analyst reports. Guggenheim lifted their price target on AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Erste Group Bank upgraded AbbVie to a “strong-buy” rating in a report on Monday, March 17th. Wells Fargo & Company lifted their price target on AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a report on Wednesday, March 5th. Cantor Fitzgerald began coverage on AbbVie in a research report on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 price objective for the company. Finally, Evercore ISI raised their price objective on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, April 28th. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned 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 an average target price of $211.29.

AbbVie Stock Performance

NYSE ABBV opened at $185.41 on Wednesday. The company has a market cap of $327.51 billion, a P/E ratio of 78.90, a P/E/G ratio of 1.27 and a beta of 0.50. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64. The stock has a 50-day moving average of $184.64 and a two-hundred day moving average of $187.59. AbbVie Inc. has a 1-year low of $163.52 and a 1-year high of $218.66.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.06. The company had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. AbbVie’s revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the company posted $2.31 EPS. As a group, analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Company 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.