KMG Fiduciary Partners LLC Has $15.27 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

KMG Fiduciary Partners LLC decreased its position in shares of AbbVie Inc. (NYSE:ABBV) by 12.5% during the 1st quarter, Holdings Channel reports. The institutional investor owned 72,874 shares of the company’s stock after selling 10,403 shares during the quarter. AbbVie makes up approximately 1.3% of KMG Fiduciary Partners LLC’s portfolio, making the stock its 13th largest position. KMG Fiduciary Partners LLC’s holdings in AbbVie were worth $15,268,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Wealthcare Capital Partners LLC bought a new position in AbbVie during the 1st quarter worth $263,000. Miracle Mile Advisors LLC increased its position in AbbVie by 4.2% during the 1st quarter. Miracle Mile Advisors LLC now owns 45,833 shares of the company’s stock worth $9,603,000 after buying an additional 1,831 shares during the period. RDA Financial Network increased its position in AbbVie by 16.6% during the 1st quarter. RDA Financial Network now owns 2,017 shares of the company’s stock worth $423,000 after buying an additional 287 shares during the period. Patriot Financial Group Insurance Agency LLC increased its position in AbbVie by 12.2% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 4,441 shares of the company’s stock worth $930,000 after buying an additional 484 shares during the period. Finally, Revolve Wealth Partners LLC increased its position in AbbVie by 3.7% during the 1st quarter. Revolve Wealth Partners LLC now owns 7,548 shares of the company’s stock worth $1,582,000 after buying an additional 269 shares during the period. Institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Bank of America raised their price target on AbbVie from $200.00 to $223.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 4th. Citigroup restated a “neutral” rating and issued a $205.00 price target (down previously from $210.00) on shares of AbbVie in a research report on Wednesday, May 14th. Wells Fargo & Company raised their price target on AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 5th. Wall Street Zen cut AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 22nd. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $194.00 price target on shares of AbbVie in a research report on Tuesday, April 8th. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and an average target price of $212.19.

AbbVie Stock Performance

AbbVie stock opened at $189.89 on Friday. 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 business’s 50-day moving average price is $184.24 and its two-hundred day moving average price is $187.09. The stock has a market cap of $335.42 billion, a PE ratio of 79.12, a P/E/G ratio of 1.62 and a beta of 0.50.

AbbVie (NYSE:ABBV) last released 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. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The firm 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. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. As a group, analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

Insider Transactions 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 sale, the executive vice president now directly owns 53,234 shares in the company, valued at approximately $11,183,398.72. The trade was a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.25% 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.