AbbVie Inc. (NYSE:ABBV) Shares Acquired by Opal Wealth Advisors LLC

Opal Wealth Advisors LLC lifted its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,321 shares of the company’s stock after buying an additional 86 shares during the quarter. Opal Wealth Advisors LLC’s holdings in AbbVie were worth $1,115,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Viewpoint Investment Partners Corp acquired a new position in shares of AbbVie during the 1st quarter worth $1,308,000. Yoffe Investment Management LLC acquired a new position in AbbVie in the 1st quarter valued at about $213,000. Hennessy Advisors Inc. raised its stake in AbbVie by 6.0% in the 1st quarter. Hennessy Advisors Inc. now owns 31,900 shares of the company’s stock valued at $6,684,000 after purchasing an additional 1,800 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in AbbVie by 5.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 536,450 shares of the company’s stock valued at $112,398,000 after purchasing an additional 25,385 shares during the last quarter. Finally, Tritonpoint Wealth LLC raised its stake in AbbVie by 7.3% in the 1st quarter. Tritonpoint Wealth LLC now owns 12,203 shares of the company’s stock valued at $2,557,000 after purchasing an additional 830 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. The Goldman Sachs Group reissued a “neutral” rating and issued a $194.00 target price on shares of AbbVie in a research note on Tuesday, April 8th. BNP Paribas raised shares of AbbVie to a “hold” rating in a research note on Thursday, May 8th. Morgan Stanley boosted their target price on shares of AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, April 28th. Cantor Fitzgerald assumed coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 target price for the company. Finally, Wells Fargo & Company boosted their target price on shares of AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, March 5th. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $211.29.

Insiders Place Their Bets

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The stock was 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 owns 53,234 shares in the company, valued at $11,183,398.72. This represents a 52.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.25% of the stock is owned by company insiders.

AbbVie Stock Down 0.9%

Shares of NYSE:ABBV opened at $190.67 on Friday. 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 1 year low of $163.52 and a 1 year high of $218.66. The stock has a market capitalization of $336.80 billion, a P/E ratio of 79.45, a PEG ratio of 1.62 and a beta of 0.50. The stock has a 50-day simple moving average of $184.21 and a 200-day simple moving average of $187.49.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping 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%. AbbVie’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.31 EPS. Equities analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

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.