Capital Asset Advisory Services LLC Boosts Holdings in AbbVie Inc. (NYSE:ABBV)

Capital Asset Advisory Services LLC increased its holdings in AbbVie Inc. (NYSE:ABBV) by 7.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,828 shares of the company’s stock after buying an additional 1,380 shares during the quarter. Capital Asset Advisory Services LLC’s holdings in AbbVie were worth $4,068,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of AbbVie by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company’s stock worth $30,754,908,000 after buying an additional 1,424,237 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of AbbVie by 2.7% in the fourth quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company’s stock worth $6,586,948,000 after buying an additional 983,888 shares during the last quarter. Capital Research Global Investors boosted its holdings in shares of AbbVie by 2.3% in the fourth quarter. Capital Research Global Investors now owns 33,983,707 shares of the company’s stock worth $6,038,898,000 after buying an additional 778,126 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of AbbVie by 15.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company’s stock worth $4,875,401,000 after buying an additional 3,599,336 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of AbbVie in the fourth quarter worth approximately $4,459,385,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 0.4%

Shares of ABBV opened at $186.78 on Tuesday. The company’s fifty day moving average is $185.68 and its 200 day moving average is $186.64. AbbVie Inc. has a fifty-two week low of $158.83 and a fifty-two week high of $218.66. The stock has a market capitalization of $329.92 billion, a PE ratio of 77.82, a P/E/G ratio of 1.62 and a beta of 0.56. 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 results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.06. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The company had revenue of $13.34 billion for the quarter, compared to analysts’ expectations of $12.91 billion. During the same quarter in the previous year, the business posted $2.31 earnings per share. AbbVie’s quarterly revenue was up 8.4% on a year-over-year basis. Sell-side analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on ABBV shares. Cantor Fitzgerald began coverage on shares of AbbVie in a report on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 price objective on the stock. Morgan Stanley raised their target price on shares of AbbVie from $241.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, April 28th. Truist Financial raised their target price on shares of AbbVie from $211.00 to $217.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Erste Group Bank upgraded shares of AbbVie to a “strong-buy” rating in a research note on Monday, March 17th. Finally, Wells Fargo & Company raised their target price on shares of AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 5th. Eight analysts have rated the stock with a hold rating, eighteen have issued a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $210.95.

Insider Buying and Selling

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie stock in a transaction on Monday, March 31st. The shares were 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 $11,183,398.72. The trade was a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.25% of the stock is currently owned by company 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.