Wealthcare Capital Management LLC Takes $204,000 Position in AbbVie Inc. (NYSE:ABBV)

Wealthcare Capital Management LLC purchased a new stake in shares of AbbVie Inc. (NYSE:ABBV) during the first quarter, HoldingsChannel reports. The institutional investor purchased 973 shares of the company’s stock, valued at approximately $204,000.

Other institutional investors have also recently made changes to their positions in the company. Tallon Kerry Patrick purchased a new stake in AbbVie in the fourth quarter worth approximately $309,000. Capital & Planning LLC boosted its holdings in AbbVie by 1.7% in the fourth quarter. Capital & Planning LLC now owns 6,239 shares of the company’s stock worth $1,109,000 after purchasing an additional 105 shares during the last quarter. LaFleur & Godfrey LLC boosted its holdings in AbbVie by 4.1% in the fourth quarter. LaFleur & Godfrey LLC now owns 79,396 shares of the company’s stock worth $14,109,000 after purchasing an additional 3,108 shares during the last quarter. Brighton Jones LLC boosted its holdings in AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after purchasing an additional 3,401 shares during the last quarter. Finally, Revolve Wealth Partners LLC boosted its holdings in AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after purchasing an additional 3,064 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the topic of several research reports. BNP Paribas upgraded shares of AbbVie to a “hold” rating in a report on Thursday, May 8th. 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. Cantor Fitzgerald started coverage on shares of AbbVie in a report on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 target price on the stock. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 22nd. Finally, Wells Fargo & Company increased 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. Eight equities research 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 company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $211.29.

Insider Activity at AbbVie

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm’s 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 approximately $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.25% of the stock is currently owned by corporate insiders.

AbbVie Stock Down 0.4%

Shares of ABBV stock opened at $189.13 on Tuesday. The company has a market capitalization of $334.09 billion, a price-to-earnings ratio of 78.81, a PEG ratio of 1.62 and a beta of 0.50. AbbVie Inc. has a one year low of $163.52 and a one year high of $218.66. The company’s fifty day moving average price is $183.92 and its 200-day moving average price is $187.28. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.06. The company had revenue of $13.34 billion during the quarter, compared to analysts’ expectations of $12.91 billion. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. AbbVie’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period last year, the company posted $2.31 earnings per share. Sell-side analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie 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.