Sagespring Wealth Partners LLC Has $4.98 Million Position in AbbVie Inc. (NYSE:ABBV)

Sagespring Wealth Partners LLC boosted its holdings in AbbVie Inc. (NYSE:ABBV) by 21.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 23,754 shares of the company’s stock after purchasing an additional 4,138 shares during the quarter. Sagespring Wealth Partners LLC’s holdings in AbbVie were worth $4,977,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Crestline Management LP boosted its holdings in AbbVie by 438.4% during the 4th quarter. Crestline Management LP now owns 35,311 shares of the company’s stock worth $6,275,000 after acquiring an additional 28,753 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in AbbVie by 1.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,367,162 shares of the company’s stock worth $1,664,489,000 after acquiring an additional 108,993 shares during the last quarter. Quantbot Technologies LP boosted its holdings in AbbVie by 35.8% during the 4th quarter. Quantbot Technologies LP now owns 1,047 shares of the company’s stock worth $186,000 after acquiring an additional 276 shares during the last quarter. AXA S.A. boosted its holdings in AbbVie by 14.8% during the 4th quarter. AXA S.A. now owns 971,893 shares of the company’s stock worth $172,705,000 after acquiring an additional 125,568 shares during the last quarter. Finally, Keystone Financial Group boosted its holdings in AbbVie by 0.9% during the 4th quarter. Keystone Financial Group now owns 17,952 shares of the company’s stock worth $3,190,000 after acquiring an additional 161 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on ABBV shares. Morgan Stanley lifted their price objective on shares of AbbVie from $241.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, April 28th. Guggenheim lifted their price objective on shares of AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Wells Fargo & Company lifted their target price on AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 5th. Cantor Fitzgerald initiated coverage on AbbVie in a research note on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 target price on the stock. Finally, Bank of America lifted their target price on AbbVie to $204.00 and gave the stock a “hold” rating in a research note on Monday, June 9th. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $211.29.

AbbVie Trading Down 0.9%

Shares of ABBV opened at $190.67 on Monday. The business’s 50-day moving average price is $184.21 and its 200-day moving average price is $187.55. AbbVie Inc. has a twelve month low of $163.52 and a twelve month high of $218.66. The stock has a market cap of $336.80 billion, a PE ratio of 79.45, a P/E/G ratio of 1.62 and a beta of 0.50. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94.

AbbVie (NYSE:ABBV) last announced its quarterly 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. 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 period in the prior year, the business posted $2.31 earnings per share. The company’s revenue was up 8.4% on a year-over-year basis. On average, equities analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

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 sale, the executive vice president now owns 53,234 shares of the company’s stock, valued at $11,183,398.72. This represents a 52.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.25% of the stock is owned by insiders.

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.