AbbVie Inc. (NYSE:ABBV) Shares Acquired by Abacus FCF Advisors LLC

Abacus FCF Advisors LLC increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 2.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 108,132 shares of the company’s stock after purchasing an additional 2,959 shares during the quarter. AbbVie makes up approximately 3.6% of Abacus FCF Advisors LLC’s holdings, making the stock its 2nd biggest holding. Abacus FCF Advisors LLC’s holdings in AbbVie were worth $22,656,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in ABBV. Ibex Wealth Advisors raised its position in shares of AbbVie by 2.3% in the 1st quarter. Ibex Wealth Advisors now owns 56,816 shares of the company’s stock valued at $11,904,000 after acquiring an additional 1,272 shares during the period. SJS Investment Consulting Inc. raised its position in shares of AbbVie by 56.5% in the 1st quarter. SJS Investment Consulting Inc. now owns 2,497 shares of the company’s stock valued at $523,000 after acquiring an additional 901 shares during the period. Sonora Investment Management Group LLC raised its position in shares of AbbVie by 2.4% in the 1st quarter. Sonora Investment Management Group LLC now owns 9,240 shares of the company’s stock valued at $1,936,000 after acquiring an additional 214 shares during the period. Accurate Wealth Management LLC raised its position in shares of AbbVie by 27.2% in the 1st quarter. Accurate Wealth Management LLC now owns 17,066 shares of the company’s stock valued at $3,576,000 after acquiring an additional 3,653 shares during the period. Finally, Prairie Sky Financial Group LLC raised its position in shares of AbbVie by 14.6% in the 1st quarter. Prairie Sky Financial Group LLC now owns 93,511 shares of the company’s stock valued at $19,592,000 after acquiring an additional 11,931 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on ABBV. 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 report on Monday, April 28th. Evercore ISI raised their target price on shares of AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, April 28th. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. Cantor Fitzgerald initiated 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. Finally, Wells Fargo & Company lifted their price objective on shares of AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. Eight equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $211.29.

AbbVie Trading Down 0.4%

AbbVie stock opened at $189.13 on Tuesday. 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 business’s fifty day simple moving average is $183.92 and its two-hundred day simple moving average is $187.28. AbbVie Inc. has a 12 month low of $163.52 and a 12 month high of $218.66. The company has a market capitalization of $334.09 billion, a price-to-earnings ratio of 78.81, a price-to-earnings-growth ratio of 1.62 and a beta of 0.50.

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 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 business had revenue of $13.34 billion for the quarter, compared to analysts’ expectations of $12.91 billion. During the same quarter in the prior year, the business earned $2.31 EPS. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. As a group, equities analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the 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 owns 53,234 shares in the company, valued at approximately $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.25% of the company’s stock.

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.