Smithbridge Asset Management Inc. DE Invests $8.98 Million in AbbVie Inc. (NYSE:ABBV)

Smithbridge Asset Management Inc. DE bought a new position in shares of AbbVie Inc. (NYSE:ABBV) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 42,838 shares of the company’s stock, valued at approximately $8,975,000. AbbVie makes up approximately 1.7% of Smithbridge Asset Management Inc. DE’s portfolio, making the stock its 20th largest position.

Several other institutional investors have also recently added to or reduced their stakes in ABBV. EnRich Financial Partners LLC increased its position in AbbVie by 196.4% during the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after buying an additional 110 shares during the period. Promus Capital LLC acquired a new position in shares of AbbVie in the 4th quarter valued at $30,000. Bradley & Co. Private Wealth Management LLC purchased a new stake in AbbVie in the 4th quarter valued at $31,000. Prudent Man Investment Management Inc. purchased a new stake in AbbVie in the 4th quarter valued at $32,000. Finally, Siemens Fonds Invest GmbH boosted its stake in AbbVie by 197.6% during the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock worth $32,000 after purchasing an additional 119,141 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of research reports. Bank of America upped their target price on shares of AbbVie to $204.00 and gave the company a “hold” rating in a report on Monday. Evercore ISI boosted their price target on AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a research report on Monday, April 28th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $194.00 price objective on shares of AbbVie in a research report on Tuesday, April 8th. Cantor Fitzgerald initiated coverage on AbbVie in a report on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 target price on the stock. Finally, Wells Fargo & Company upped their price target on AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 5th. Eight investment 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’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $211.29.

Insider Activity at AbbVie

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.25% of the stock is owned by corporate insiders.

AbbVie Stock Up 0.4%

AbbVie stock opened at $192.27 on Friday. The firm has a market capitalization of $339.63 billion, a price-to-earnings ratio of 80.11, a price-to-earnings-growth ratio of 1.62 and a beta of 0.50. 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 Inc. has a fifty-two week low of $163.52 and a fifty-two week high of $218.66. The stock’s fifty day moving average is $183.90 and its two-hundred day moving average is $187.43.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, April 25th. The company reported $2.46 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.06. The firm had revenue of $13.34 billion for 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%. The firm’s revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the company earned $2.31 EPS. Analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal 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.