Kingswood Wealth Advisors LLC Buys 14,174 Shares of AbbVie Inc. (NYSE:ABBV)

Kingswood Wealth Advisors LLC increased its holdings in AbbVie Inc. (NYSE:ABBV) by 114.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 26,507 shares of the company’s stock after acquiring an additional 14,174 shares during the quarter. Kingswood Wealth Advisors LLC’s holdings in AbbVie were worth $5,506,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Tallon Kerry Patrick purchased a new stake in shares of AbbVie during the fourth quarter valued at about $309,000. Capital & Planning LLC raised its position in shares of AbbVie by 1.7% in the 4th quarter. Capital & Planning LLC now owns 6,239 shares of the company’s stock valued at $1,109,000 after purchasing an additional 105 shares during the last quarter. LaFleur & Godfrey LLC raised its position in shares of AbbVie by 4.1% in the 4th quarter. LaFleur & Godfrey LLC now owns 79,396 shares of the company’s stock valued at $14,109,000 after purchasing an additional 3,108 shares during the last quarter. Brighton Jones LLC raised its position in shares of AbbVie by 17.4% in the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after purchasing an additional 3,401 shares during the last quarter. Finally, Revolve Wealth Partners LLC raised its position in shares of AbbVie by 72.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after purchasing an additional 3,064 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Price Performance

Shares of NYSE ABBV opened at $185.41 on Wednesday. The stock has a market capitalization 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 Inc. has a 12 month low of $163.52 and a 12 month high of $218.66. The firm’s 50 day simple moving average is $184.64 and its 200-day simple moving average is $187.59. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64.

AbbVie (NYSE:ABBV) last issued 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. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The business had revenue of $13.34 billion for the quarter, compared to analysts’ expectations of $12.91 billion. During the same quarter last year, the company earned $2.31 EPS. The business’s revenue was up 8.4% on a year-over-year basis. Analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on ABBV shares. Evercore ISI increased their price objective on shares of AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a research report on Monday, April 28th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $194.00 price objective on shares of AbbVie in a research report on Tuesday, April 8th. Wells Fargo & Company increased their price objective on shares of AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a research report on Wednesday, March 5th. Morgan Stanley increased their price target on shares of AbbVie from $241.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, April 28th. Finally, Citigroup increased their price target on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a report on Wednesday, June 11th. 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. Based on data from MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and an average target price of $211.29.

Insider Activity

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the 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 transaction, the executive vice president now 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 filing with the SEC, which is available at the SEC website. Insiders own 0.08% of the company’s stock.

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.