AbbVie Inc. (NYSE:ABBV) is Private Wealth Partners LLC’s 9th Largest Position

Private Wealth Partners LLC lowered its position in AbbVie Inc. (NYSE:ABBV) by 0.7% during the 1st quarter, HoldingsChannel reports. The fund owned 155,707 shares of the company’s stock after selling 1,087 shares during the period. AbbVie comprises about 2.7% of Private Wealth Partners LLC’s investment portfolio, making the stock its 9th largest holding. Private Wealth Partners LLC’s holdings in AbbVie were worth $32,624,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in AbbVie in the 4th quarter worth about $4,459,385,000. GAMMA Investing LLC grew its stake in shares of AbbVie by 25,841.6% during the first quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company’s stock valued at $2,144,382,000 after buying an additional 10,195,284 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of AbbVie in the fourth quarter worth approximately $1,190,951,000. FMR LLC raised its holdings in shares of AbbVie by 32.8% in the fourth quarter. FMR LLC now owns 18,097,375 shares of the company’s stock worth $3,215,903,000 after buying an additional 4,466,971 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted 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 during the last quarter. Institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling at AbbVie

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company’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 of the company’s stock, valued at $11,183,398.72. This represents a 52.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.25% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on ABBV. BNP Paribas raised AbbVie to a “hold” rating in a research report on Thursday, May 8th. Wall Street Zen cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. Bank of America raised their price target on shares of AbbVie to $204.00 and gave the stock a “hold” rating in a research note on Monday, June 9th. Citigroup boosted their price objective on shares of AbbVie to $205.00 and gave the company a “hold” rating in a research report on Wednesday, June 11th. Finally, Guggenheim raised their target price on shares of AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Eight 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. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $211.29.

AbbVie Price Performance

Shares of ABBV stock opened at $185.26 on Friday. The stock’s 50-day moving average is $184.98 and its 200 day moving average is $187.60. 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 $327.24 billion, a P/E ratio of 78.83, a PEG ratio of 1.23 and a beta of 0.50.

AbbVie (NYSE:ABBV) last released its quarterly 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 7.31% 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 period last year, the business earned $2.31 EPS. The company’s revenue was up 8.4% compared to the same quarter last year. Research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

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.