Tritonpoint Wealth LLC Raises Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Tritonpoint Wealth LLC increased its position in AbbVie Inc. (NYSE:ABBV) by 7.3% during the 1st quarter, Holdings Channel reports. The institutional investor owned 12,203 shares of the company’s stock after purchasing an additional 830 shares during the period. Tritonpoint Wealth LLC’s holdings in AbbVie were worth $2,557,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. EnRich Financial Partners LLC raised its position in shares of AbbVie by 196.4% in the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after purchasing an additional 110 shares during the last quarter. Promus Capital LLC purchased a new position in AbbVie in the 4th quarter worth about $30,000. Bradley & Co. Private Wealth Management LLC purchased a new position in AbbVie in the 4th quarter worth about $31,000. Prudent Man Investment Management Inc. purchased a new position in AbbVie in the 4th quarter worth about $32,000. Finally, Siemens Fonds Invest GmbH raised its position in AbbVie by 197.6% in the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock worth $32,000 after buying an additional 119,141 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Down 0.9%

ABBV opened at $190.67 on Friday. AbbVie Inc. has a one year low of $163.52 and a one year high of $218.66. The company has a market cap of $336.80 billion, a price-to-earnings ratio of 79.45, a PEG ratio of 1.62 and a beta of 0.50. The business’s fifty day moving average is $184.21 and its two-hundred day moving average is $187.49. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66.

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

Insider Transactions at AbbVie

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie stock in a transaction that occurred on 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 sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of recent analyst reports. Erste Group Bank raised AbbVie to a “strong-buy” rating in a research report on Monday, March 17th. Cantor Fitzgerald initiated coverage on shares of AbbVie in a research report on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 price target for the company. Wells Fargo & Company boosted their price objective on AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, March 5th. BNP Paribas raised shares of AbbVie to a “hold” rating in a report on Thursday, May 8th. Finally, Morgan Stanley increased their price objective on shares of AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, April 28th. Eight 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 company’s stock. According to MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus price target of $211.29.

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.