Daymark Wealth Partners LLC Has $16.67 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Daymark Wealth Partners LLC lifted its position in AbbVie Inc. (NYSE:ABBV) by 1.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 79,538 shares of the company’s stock after buying an additional 1,145 shares during the quarter. Daymark Wealth Partners LLC’s holdings in AbbVie were worth $16,665,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of AbbVie by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company’s stock worth $30,754,908,000 after acquiring an additional 1,424,237 shares during the last quarter. Geode Capital Management LLC boosted its holdings in AbbVie by 2.7% in the 4th quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company’s stock valued at $6,586,948,000 after purchasing an additional 983,888 shares during the period. Capital Research Global Investors grew its position in AbbVie by 2.3% in the 4th quarter. Capital Research Global Investors now owns 33,983,707 shares of the company’s stock worth $6,038,898,000 after purchasing an additional 778,126 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in AbbVie by 15.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company’s stock worth $4,875,401,000 after purchasing an additional 3,599,336 shares during the last quarter. Finally, Norges Bank bought a new position in shares of AbbVie during the 4th quarter worth about $4,459,385,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Performance

AbbVie stock opened at $189.89 on Monday. The stock has a 50-day simple moving average of $184.24 and a 200 day simple moving average of $187.19. The stock has a market capitalization of $335.42 billion, a price-to-earnings ratio of 79.12, 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 Inc. has a 12-month low of $163.52 and a 12-month high of $218.66.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.06. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The company had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. During the same period in the previous year, the firm posted $2.31 earnings per share. The company’s revenue was up 8.4% on a year-over-year basis. On average, research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

Insider Activity

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the transaction, the executive vice president now directly owns 53,234 shares of the company’s stock, valued at approximately $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.25% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ABBV. Wells Fargo & Company increased their target price on shares of AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, March 5th. Cantor Fitzgerald initiated coverage on AbbVie in a research report on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 price objective for the company. Bank of America lifted their price objective on AbbVie from $200.00 to $223.00 and gave the stock a “neutral” rating in a report on Tuesday, March 4th. Citigroup restated a “neutral” rating and issued a $205.00 target price (down from $210.00) on shares of AbbVie in a research note on Wednesday, May 14th. Finally, BNP Paribas raised AbbVie to a “hold” rating in a research report on Thursday, May 8th. Eight equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $212.19.

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.