CWA Asset Management Group LLC Raises Holdings in AbbVie Inc. (NYSE:ABBV)

CWA Asset Management Group LLC increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 2.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,605 shares of the company’s stock after buying an additional 1,222 shares during the period. CWA Asset Management Group LLC’s holdings in AbbVie were worth $10,393,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ABBV. Analyst IMS Investment Management Services Ltd. lifted its stake in AbbVie by 69.1% in the first quarter. Analyst IMS Investment Management Services Ltd. now owns 5,594 shares of the company’s stock worth $1,172,000 after acquiring an additional 2,286 shares during the period. MFA Wealth Advisors LLC bought a new stake in shares of AbbVie in the 1st quarter valued at about $208,000. LifeWealth Investments LLC purchased a new stake in shares of AbbVie in the 1st quarter worth approximately $375,000. PUREfi Wealth LLC lifted its position in shares of AbbVie by 67.5% in the 1st quarter. PUREfi Wealth LLC now owns 4,951 shares of the company’s stock worth $1,037,000 after purchasing an additional 1,995 shares during the period. Finally, Kingswood Wealth Advisors LLC boosted its stake in shares of AbbVie by 114.9% during the first quarter. Kingswood Wealth Advisors LLC now owns 26,507 shares of the company’s stock valued at $5,506,000 after purchasing an additional 14,174 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of recent research reports. Guggenheim boosted their price objective on shares of AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Evercore ISI boosted their price target on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, April 28th. Wall Street Zen downgraded AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 22nd. Citigroup lifted their target price on AbbVie to $205.00 and gave the company a “hold” rating in a research note on Wednesday, June 11th. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $194.00 price target on shares of AbbVie in a research report on Tuesday, April 8th. Eight equities research 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 company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $211.29.

Insider Buying and Selling

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company’s stock in a transaction 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 sale, the executive vice president now directly owns 53,234 shares of the company’s stock, valued at approximately $11,183,398.72. This represents a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.08% of the stock is owned by corporate insiders.

AbbVie Price Performance

NYSE ABBV opened at $185.41 on Wednesday. The stock’s fifty day moving average price is $184.64 and its 200 day moving average price is $187.59. AbbVie Inc. has a 1 year low of $163.52 and a 1 year high of $218.66. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64. The company has a market cap of $327.51 billion, a price-to-earnings ratio of 78.90, a PEG ratio of 1.27 and a beta of 0.50.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data 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 return on equity of 412.03% and a net margin of 7.31%. The business had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. During the same period in the prior year, the company earned $2.31 earnings per share. The company’s revenue was up 8.4% on a year-over-year basis. As a group, 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.