Princeton Global Asset Management LLC Has $6.03 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Princeton Global Asset Management LLC cut its position in AbbVie Inc. (NYSE:ABBV) by 3.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,778 shares of the company’s stock after selling 1,154 shares during the period. AbbVie accounts for about 1.2% of Princeton Global Asset Management LLC’s investment portfolio, making the stock its 24th biggest position. Princeton Global Asset Management LLC’s holdings in AbbVie were worth $6,030,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Blue Bell Private Wealth Management LLC raised its holdings in shares of AbbVie by 30.4% in the fourth quarter. Blue Bell Private Wealth Management LLC now owns 223 shares of the company’s stock valued at $40,000 after buying an additional 52 shares during the last quarter. Steel Grove Capital Advisors LLC raised its stake in shares of AbbVie by 1.7% in the fourth quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company’s stock worth $553,000 after acquiring an additional 52 shares during the last quarter. Peninsula Wealth LLC raised its stake in shares of AbbVie by 4.1% in the fourth quarter. Peninsula Wealth LLC now owns 1,360 shares of the company’s stock worth $242,000 after acquiring an additional 54 shares during the last quarter. Physicians Financial Services Inc. lifted its position in shares of AbbVie by 0.5% during the fourth quarter. Physicians Financial Services Inc. now owns 12,150 shares of the company’s stock worth $2,159,000 after purchasing an additional 55 shares in the last quarter. Finally, Connecticut Wealth Management LLC grew its stake in shares of AbbVie by 1.6% during the fourth quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company’s stock valued at $660,000 after purchasing an additional 57 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company’s stock in a transaction on Monday, March 31st. The shares were 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 directly owns 53,234 shares of the company’s stock, valued at approximately $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 accessible through this link. 0.25% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ABBV. Bank of America boosted their price objective on shares of AbbVie from $200.00 to $223.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 4th. Cantor Fitzgerald began coverage on AbbVie in a research report on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 target price for the company. Citigroup reaffirmed a “neutral” rating and set a $205.00 price target (down previously from $210.00) on shares of AbbVie in a research note on Wednesday, May 14th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $194.00 price objective on shares of AbbVie in a research report on Tuesday, April 8th. Finally, Erste Group Bank upgraded shares of AbbVie to a “strong-buy” rating in a research report on Monday, March 17th. Eight investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and an average target price of $212.19.

AbbVie Price Performance

ABBV opened at $189.89 on Friday. The stock has a market cap of $335.42 billion, a P/E ratio of 79.12, 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. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. The company has a fifty day simple moving average of $184.24 and a 200 day simple moving average of $186.96.

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 analysts’ consensus estimates of $2.40 by $0.06. The firm had revenue of $13.34 billion during 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 company’s revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.31 earnings per share. On average, research analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

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.