Mach 1 Financial Group LLC Raises Stock Position in AbbVie Inc. $ABBV

Mach 1 Financial Group LLC lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 180.1% in the 4th quarter, Holdings Channel reports. The institutional investor owned 9,034 shares of the company’s stock after acquiring an additional 5,809 shares during the quarter. Mach 1 Financial Group LLC’s holdings in AbbVie were worth $2,064,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of ABBV. Wellington Management Group LLP lifted its position in shares of AbbVie by 457.4% during the 3rd quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company’s stock worth $2,439,714,000 after buying an additional 8,646,424 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of AbbVie by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company’s stock worth $41,306,353,000 after buying an additional 3,032,438 shares during the last quarter. Raymond James Financial Inc. lifted its position in shares of AbbVie by 41.8% during the 2nd quarter. Raymond James Financial Inc. now owns 9,337,480 shares of the company’s stock worth $1,733,222,000 after buying an additional 2,753,312 shares during the last quarter. Alliancebernstein L.P. lifted its position in shares of AbbVie by 31.8% during the 3rd quarter. Alliancebernstein L.P. now owns 7,281,327 shares of the company’s stock worth $1,685,918,000 after buying an additional 1,758,657 shares during the last quarter. Finally, Amundi lifted its position in shares of AbbVie by 15.6% during the 3rd quarter. Amundi now owns 10,508,317 shares of the company’s stock worth $2,418,909,000 after buying an additional 1,414,621 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 a number of recent research reports. Canaccord Genuity Group lifted their target price on shares of AbbVie from $262.00 to $265.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Wall Street Zen cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Sunday. William Blair reaffirmed an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of AbbVie in a report on Thursday, February 5th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $249.00 target price on shares of AbbVie in a report on Friday, May 1st. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $253.43.

Insiders Place Their Bets

In other news, SVP David Ryan Purdue sold 5,230 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $233.56, for a total transaction of $1,221,518.80. Following the transaction, the senior vice president directly owned 2,654 shares of the company’s stock, valued at $619,868.24. This represents a 66.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Perry C. Siatis sold 22,381 shares of the company’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $230.00, for a total transaction of $5,147,630.00. Following the transaction, the executive vice president directly owned 38,137 shares in the company, valued at approximately $8,771,510. This trade represents a 36.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.06% of the company’s stock.

AbbVie News Roundup

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie’s recent earnings call was described as upbeat, highlighting growth during a business transition and reinforcing investor confidence in the company’s earnings power. AbbVie Earnings Call Highlights Growth Amid Transition
• Positive Sentiment: AbbVie continues to screen as an undervalued dividend name in some market commentary, which may support sentiment among income-focused investors. 3 Stocks Estimated To Be Trading Below Intrinsic Value By 11.4% To 38.4%
• Neutral Sentiment: AbbVie has been showing up in stock-screening and “trending stock” coverage, suggesting elevated trader interest rather than a clear fundamental catalyst. Here is What to Know Beyond Why AbbVie Inc. (ABBV) is a Trending Stock
• Neutral Sentiment: Evercore ISI modestly lowered its price target on AbbVie, signaling slightly less enthusiasm, but the move was small and not a major negative revision. AbbVie (ABBV) Price Target Lowered to $235 at Evercore ISI
• Negative Sentiment: AbbVie’s patent effort for its hepatitis C treatment Mavyret was rejected in India, a setback that could limit protection for that product in a large market. AbbVie’s Patent Plea for Hepatitis C Therapy Mavyret Rejected in India
• Negative Sentiment: Coverage that Skyrizi lost ground to UCB’s Bimzelx in psoriatic arthritis raises a competitive concern for one of AbbVie’s key immunology growth drivers. AbbVie’s new immunology standard-bearer Skyrizi kneels to UCB’s Bimzelx in psoriatic arthritis

AbbVie Stock Down 0.6%

NYSE:ABBV opened at $212.51 on Thursday. AbbVie Inc. has a fifty-two week low of $180.25 and a fifty-two week high of $244.81. The stock has a market cap of $375.46 billion, a PE ratio of 104.69, a price-to-earnings-growth ratio of 0.74 and a beta of 0.32. The firm’s fifty day simple moving average is $209.19 and its 200-day simple moving average is $219.73.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The business had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.72 billion. During the same period in the prior year, the company posted $2.46 EPS. The business’s revenue for the quarter was up 12.4% on a year-over-year basis. Equities analysts anticipate that AbbVie Inc. will post 14.3 earnings per share for the current year.

AbbVie Company Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.