Pineridge Advisors LLC Takes Position in AbbVie Inc. (NYSE:ABBV)

Pineridge Advisors LLC purchased a new stake in shares of AbbVie Inc. (NYSE:ABBV) during the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 1,167 shares of the company’s stock, valued at approximately $181,000.

A number of other hedge funds also recently made changes to their positions in ABBV. Vermillion & White Wealth Management Group LLC bought a new stake in AbbVie during the fourth quarter worth approximately $26,000. Able Wealth Management LLC purchased a new position in AbbVie during the 4th quarter worth approximately $33,000. Clarity Asset Management Inc. purchased a new position in AbbVie during the 4th quarter worth approximately $42,000. DiNuzzo Private Wealth Inc. purchased a new position in AbbVie during the 4th quarter worth approximately $44,000. Finally, Clear Investment Research LLC purchased a new position in shares of AbbVie during the 4th quarter valued at $48,000. Institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ABBV shares. Cantor Fitzgerald started coverage on shares of AbbVie in a report on Friday, May 17th. They set an “overweight” rating and a $200.00 price target on the stock. BMO Capital Markets lowered their price target on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. Barclays reduced their price objective on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research note on Monday, April 29th. Guggenheim lifted their price objective on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Finally, HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a research report on Wednesday, June 5th. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $178.21.

Insiders Place Their Bets

In other news, EVP Nicholas Donoghoe sold 21,082 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $176.30, for a total transaction of $3,716,756.60. Following the transaction, the executive vice president now directly owns 55,903 shares in the company, valued at $9,855,698.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,949 shares of the stock in a transaction on Monday, March 18th. The shares were sold at an average price of $178.79, for a total value of $10,539,491.71. Following the sale, the executive vice president now directly owns 60,941 shares in the company, valued at $10,895,641.39. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Nicholas Donoghoe sold 21,082 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $176.30, for a total transaction of $3,716,756.60. Following the completion of the sale, the executive vice president now owns 55,903 shares in the company, valued at $9,855,698.90. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

AbbVie Price Performance

NYSE ABBV traded up $2.03 on Friday, reaching $168.59. The company’s stock had a trading volume of 4,377,638 shares, compared to its average volume of 4,854,812. The firm has a market cap of $297.71 billion, a PE ratio of 50.03, a price-to-earnings-growth ratio of 2.13 and a beta of 0.60. The business has a 50-day moving average price of $163.56 and a 200 day moving average price of $165.60. AbbVie Inc. has a 52 week low of $130.96 and a 52 week high of $182.89. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.05. The firm had revenue of $12.31 billion for the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.46 earnings per share. Sell-side analysts expect that AbbVie Inc. will post 11.26 EPS for the current year.

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.