AbbVie Inc. (NYSE:ABBV) Shares Bought by Morton Capital Management LLC CA

Morton Capital Management LLC CA grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,447 shares of the company’s stock after acquiring an additional 92 shares during the period. AbbVie comprises about 0.4% of Morton Capital Management LLC CA’s holdings, making the stock its 24th biggest position. Morton Capital Management LLC CA’s holdings in AbbVie were worth $1,979,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. EnRich Financial Partners LLC lifted its stake in AbbVie by 196.4% in the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock valued at $29,000 after buying an additional 110 shares in the last quarter. Promus Capital LLC purchased a new stake in AbbVie in the 4th quarter valued at approximately $30,000. Bradley & Co. Private Wealth Management LLC purchased a new stake in AbbVie in the 4th quarter valued at approximately $31,000. Prudent Man Investment Management Inc. purchased a new stake in AbbVie in the 4th quarter valued at approximately $32,000. Finally, Pinney & Scofield Inc. purchased a new stake in AbbVie in the 4th quarter valued at approximately $36,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ABBV shares. Citigroup boosted their price target on AbbVie to $205.00 and gave the company a “hold” rating in a report on Wednesday. Erste Group Bank raised AbbVie to a “strong-buy” rating in a research note on Monday, March 17th. BNP Paribas raised AbbVie to a “hold” rating in a research note on Thursday, May 8th. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Finally, Evercore ISI increased their price target on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, April 28th. 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $211.29.

Insider Activity

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm’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 sale, the executive vice president now directly owns 53,234 shares in the company, valued at $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.25% of the company’s stock.

AbbVie Stock Down 0.9%

Shares of NYSE ABBV opened at $190.67 on Friday. The stock has a fifty day moving average price of $184.21 and a 200 day moving average price of $187.52. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94. The company has a market cap of $336.80 billion, a P/E ratio of 79.45, a P/E/G ratio of 1.62 and a beta of 0.50. AbbVie Inc. has a 12-month low of $163.52 and a 12-month high of $218.66.

AbbVie (NYSE:ABBV) last announced 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 296.28% and a net margin of 7.59%. The company’s revenue was up 8.4% on a year-over-year basis. During the same period last year, the firm earned $2.31 earnings per share. Research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal 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.