Tower Bridge Advisors Increases Stake in AbbVie Inc. (NYSE:ABBV)

Tower Bridge Advisors increased its position in AbbVie Inc. (NYSE:ABBV) by 6.9% in the 1st quarter, HoldingsChannel reports. The fund owned 57,414 shares of the company’s stock after purchasing an additional 3,727 shares during the period. Tower Bridge Advisors’ holdings in AbbVie were worth $6,213,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Argent Trust Co increased its holdings in AbbVie by 3.8% in the 1st quarter. Argent Trust Co now owns 140,485 shares of the company’s stock worth $15,204,000 after acquiring an additional 5,127 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in AbbVie by 10.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 5,326 shares of the company’s stock worth $561,000 after purchasing an additional 504 shares during the period. Quilter Plc boosted its stake in AbbVie by 262.4% in the 1st quarter. Quilter Plc now owns 42,922 shares of the company’s stock worth $4,646,000 after purchasing an additional 31,077 shares during the period. Ropes Wealth Advisors LLC boosted its stake in AbbVie by 10.8% in the 1st quarter. Ropes Wealth Advisors LLC now owns 44,221 shares of the company’s stock worth $5,081,000 after purchasing an additional 4,293 shares during the period. Finally, MV Capital Management Inc. boosted its stake in AbbVie by 13.9% in the 1st quarter. MV Capital Management Inc. now owns 13,541 shares of the company’s stock worth $1,465,000 after purchasing an additional 1,657 shares during the period. 66.07% of the stock is owned by institutional investors.

Shares of NYSE ABBV traded down $1.26 during trading hours on Friday, reaching $114.98. 158,928 shares of the stock traded hands, compared to its average volume of 7,188,194. The stock has a market cap of $203.08 billion, a P/E ratio of 41.07, a P/E/G ratio of 1.68 and a beta of 0.83. The company has a debt-to-equity ratio of 5.40, a current ratio of 0.83 and a quick ratio of 0.73. AbbVie Inc. has a 52-week low of $79.11 and a 52-week high of $118.28. The business’s 50-day moving average is $112.18.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Thursday, April 29th. The company reported $2.95 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.83 by $0.12. The company had revenue of $13.01 billion for the quarter, compared to analysts’ expectations of $12.84 billion. AbbVie had a return on equity of 136.75% and a net margin of 10.28%. AbbVie’s revenue for the quarter was up 50.9% compared to the same quarter last year. During the same period last year, the firm posted $2.42 EPS. Analysts predict that AbbVie Inc. will post 12.6 earnings per share for the current year.

Several research analysts have commented on ABBV shares. SVB Leerink raised their target price on AbbVie from $140.00 to $144.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 30th. Piper Sandler raised their target price on AbbVie from $120.00 to $124.00 and gave the stock an “overweight” rating in a research note on Friday, April 30th. BMO Capital Markets raised their target price on AbbVie from $127.00 to $129.00 and gave the stock an “outperform” rating in a research note on Monday, May 3rd. Mizuho lifted their price target on AbbVie from $126.00 to $128.00 and gave the company a “buy” rating in a research report on Monday, May 3rd. Finally, Royal Bank of Canada initiated coverage on AbbVie in a research report on Wednesday, April 7th. They set a $135.00 price target for the company. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $119.07.

In other AbbVie news, SVP Carrie C. Strom sold 4,184 shares of AbbVie stock in a transaction that occurred on Monday, May 3rd. The stock was sold at an average price of $112.40, for a total value of $470,281.60. Following the transaction, the senior vice president now directly owns 63,409 shares of the company’s stock, valued at approximately $7,127,171.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.09% of the stock is owned by insiders.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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