Old North State Trust LLC Acquires 130 Shares of AbbVie Inc. (NYSE:ABBV)

Old North State Trust LLC boosted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.7% in the fourth quarter, HoldingsChannel reports. The firm owned 7,562 shares of the company’s stock after purchasing an additional 130 shares during the quarter. AbbVie accounts for about 0.9% of Old North State Trust LLC’s holdings, making the stock its 26th largest holding. Old North State Trust LLC’s holdings in AbbVie were worth $1,344,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Elite Financial Inc. acquired a new stake in AbbVie during the 4th quarter worth approximately $632,000. Wood Tarver Financial Group LLC bought a new position in AbbVie during the 4th quarter worth $281,000. TFR Capital LLC. acquired a new stake in shares of AbbVie during the fourth quarter worth $2,343,000. AG Asset Advisory LLC bought a new stake in shares of AbbVie in the fourth quarter valued at about $201,000. Finally, Castle Rock Wealth Management LLC boosted its position in shares of AbbVie by 5.0% in the fourth quarter. Castle Rock Wealth Management LLC now owns 7,138 shares of the company’s stock valued at $1,377,000 after acquiring an additional 341 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ABBV. Wells Fargo & Company raised their price target on shares of AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 5th. Citigroup reaffirmed a “neutral” rating and set a $205.00 target price (down from $210.00) on shares of AbbVie in a report on Wednesday, May 14th. BMO Capital Markets lifted their price target on shares of AbbVie from $208.00 to $215.00 and gave the company an “outperform” rating in a research report on Monday, February 3rd. Evercore ISI increased their price target on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, April 28th. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $194.00 price objective on shares of AbbVie in a research note on Tuesday, April 8th. Eight research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $210.95.

AbbVie Stock Up 1.2%

Shares of NYSE ABBV opened at $185.52 on Wednesday. The company has a market cap of $327.70 billion, a price-to-earnings ratio of 77.30, a PEG ratio of 1.62 and a beta of 0.56. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94. AbbVie Inc. has a 12 month low of $153.58 and a 12 month high of $218.66. The stock has a 50-day moving average price of $187.30 and a two-hundred day moving average price of $186.11.

AbbVie (NYSE:ABBV) last announced its quarterly 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 company had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The firm’s revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.31 EPS. As a group, analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company’s stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 53,234 shares of the company’s stock, valued at $11,183,398.72. This represents a 52.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.08% of the company’s stock.

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.