Charis Legacy Partners LLC Takes Position in AbbVie Inc. (NYSE:ABBV)

Charis Legacy Partners LLC purchased a new stake in shares of AbbVie Inc. (NYSE:ABBV) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 1,848 shares of the company’s stock, valued at approximately $387,000. AbbVie accounts for about 0.7% of Charis Legacy Partners LLC’s investment portfolio, making the stock its 21st biggest position.

Several other hedge funds also recently modified their holdings of ABBV. Vanguard Group Inc. boosted its stake in shares of AbbVie by 0.8% during the 4th 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 in the last quarter. Geode Capital Management LLC boosted its stake in shares of AbbVie by 2.7% during the 4th quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company’s stock worth $6,586,948,000 after acquiring an additional 983,888 shares in the last quarter. Capital Research Global Investors boosted its stake in shares of AbbVie by 2.3% during the 4th quarter. Capital Research Global Investors now owns 33,983,707 shares of the company’s stock worth $6,038,898,000 after acquiring an additional 778,126 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of AbbVie by 15.1% during 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 acquiring an additional 3,599,336 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of AbbVie in the fourth quarter worth $4,459,385,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at AbbVie

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business’s stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the transaction, the executive vice president now directly owns 53,234 shares in the company, valued at $11,183,398.72. The trade was a 52.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Citigroup reaffirmed a “neutral” rating and issued a $205.00 target price (down previously from $210.00) on shares of AbbVie in a research report on Wednesday, May 14th. Guggenheim raised their target price on AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. The Goldman Sachs Group reiterated a “neutral” rating and set a $194.00 price objective on shares of AbbVie in a report on Tuesday, April 8th. Finally, Bank of America increased their price objective on AbbVie to $204.00 and gave the stock a “hold” rating in a report on Monday. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $211.29.

AbbVie Trading Up 0.1%

AbbVie stock opened at $189.31 on Wednesday. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66. The business’s 50-day simple moving average is $183.68 and its 200-day simple moving average is $187.29. The firm has a market capitalization of $334.40 billion, a PE ratio of 78.88, a PEG ratio of 1.62 and a beta of 0.50. AbbVie Inc. has a 52 week low of $163.52 and a 52 week high of $218.66.

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

AbbVie 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.