Stonebridge Financial Group LLC Buys New Position in AbbVie Inc. (NYSE:ABBV)

Stonebridge Financial Group LLC purchased a new position in shares of AbbVie Inc. (NYSE:ABBV) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 1,564 shares of the company’s stock, valued at approximately $278,000.

Several other hedge funds also recently made changes to their positions in the business. AMF Tjanstepension AB bought a new position in AbbVie in the third quarter valued at $8,777,000. Redhawk Wealth Advisors Inc. boosted its stake in shares of AbbVie by 3.1% during the 3rd quarter. Redhawk Wealth Advisors Inc. now owns 2,609 shares of the company’s stock worth $515,000 after buying an additional 78 shares during the last quarter. Grove Bank & Trust grew its holdings in shares of AbbVie by 1.2% in the 3rd quarter. Grove Bank & Trust now owns 12,859 shares of the company’s stock valued at $2,539,000 after acquiring an additional 149 shares in the last quarter. Sivia Capital Partners LLC increased its position in shares of AbbVie by 2.2% in the third quarter. Sivia Capital Partners LLC now owns 4,493 shares of the company’s stock valued at $887,000 after acquiring an additional 98 shares during the last quarter. Finally, Kathleen S. Wright Associates Inc. acquired a new stake in shares of AbbVie in the third quarter valued at about $46,000. 70.23% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ABBV shares. Wells Fargo & Company raised their price target on AbbVie from $195.00 to $210.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Guggenheim raised their target price on shares of AbbVie from $212.00 to $214.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Piper Sandler Companies reaffirmed an “overweight” rating and set a $220.00 price target on shares of AbbVie in a research report on Tuesday, December 17th. Leerink Partnrs upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. Finally, Raymond James restated an “outperform” rating and set a $220.00 price objective (up from $218.00) on shares of AbbVie in a research note on Monday, February 3rd. Five equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $208.35.

Insider Buying and Selling

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $172.24, for a total transaction of $310,032.00. Following the sale, the senior vice president now owns 6,983 shares in the company, valued at approximately $1,202,751.92. This trade represents a 20.49 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.25% of the stock is owned by company insiders.

AbbVie Stock Performance

NYSE ABBV opened at $191.81 on Wednesday. The firm has a 50-day moving average price of $177.71 and a two-hundred day moving average price of $185.81. AbbVie Inc. has a 12-month low of $153.58 and a 12-month high of $207.32. The company has a market capitalization of $338.96 billion, a P/E ratio of 79.92, a P/E/G ratio of 1.53 and a beta of 0.58. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, January 31st. The company reported $2.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 257.91%. During the same period in the prior year, the firm earned $2.79 earnings per share. Analysts anticipate that AbbVie Inc. will post 12.32 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.