Avanza Fonder AB Has $1.40 Million Stake in AbbVie Inc. (NYSE:ABBV)

Avanza Fonder AB decreased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 19.2% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 6,825 shares of the company’s stock after selling 1,618 shares during the period. Avanza Fonder AB’s holdings in AbbVie were worth $1,400,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Blue Bell Private Wealth Management LLC grew its holdings in AbbVie by 30.4% in the 4th quarter. Blue Bell Private Wealth Management LLC now owns 223 shares of the company’s stock valued at $40,000 after buying an additional 52 shares during the last quarter. Steel Grove Capital Advisors LLC lifted its position in shares of AbbVie by 1.7% during the 4th quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company’s stock worth $553,000 after buying an additional 52 shares during the period. Peninsula Wealth LLC lifted its position in shares of AbbVie by 4.1% during the 4th quarter. Peninsula Wealth LLC now owns 1,360 shares of the company’s stock worth $242,000 after buying an additional 54 shares during the period. Physicians Financial Services Inc. lifted its position in shares of AbbVie by 0.5% during the 4th quarter. Physicians Financial Services Inc. now owns 12,150 shares of the company’s stock worth $2,159,000 after buying an additional 55 shares during the period. Finally, Connecticut Wealth Management LLC lifted its position in shares of AbbVie by 1.6% during the 4th quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company’s stock worth $660,000 after buying an additional 57 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm’s stock in a transaction on Monday, March 31st. The shares were sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the sale, the executive vice president now directly owns 53,234 shares in the company, valued at $11,183,398.72. This trade represents a 52.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on ABBV. Evercore ISI lifted their price objective on AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a research report on Monday, April 28th. Morgan Stanley lifted their price objective on AbbVie from $241.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, April 28th. Cantor Fitzgerald began coverage on AbbVie in a research note on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 target price for the company. BNP Paribas raised AbbVie to a “hold” rating in a research report on Thursday, May 8th. Finally, Erste Group Bank upgraded AbbVie to a “strong-buy” rating in a research note on Monday, March 17th. Eight investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $211.29.

AbbVie Stock Performance

Shares of NYSE:ABBV opened at $191.27 on Thursday. The company has a market cap of $337.86 billion, a price-to-earnings ratio of 79.70, a price-to-earnings-growth ratio of 1.62 and a beta of 0.50. The company has a 50-day moving average price of $183.78 and a 200-day moving average price of $187.32. The company has a current ratio of 0.66, a quick ratio of 0.55 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, beating 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 business had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. During the same quarter last year, the firm earned $2.31 earnings per share. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. As a group, equities analysts anticipate that AbbVie Inc. will post 12.31 EPS 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.