TrustBank Invests $7.02 Million in AbbVie Inc. $ABBV

TrustBank purchased a new position in AbbVie Inc. (NYSE:ABBV) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 30,729 shares of the company’s stock, valued at approximately $7,021,000. AbbVie makes up about 2.9% of TrustBank’s holdings, making the stock its 9th largest position.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Chelsea Counsel Co. purchased a new position in shares of AbbVie in the third quarter worth about $26,000. Westend Capital Management LLC purchased a new position in shares of AbbVie in the fourth quarter worth about $29,000. Texas Capital Bancshares Inc TX purchased a new position in shares of AbbVie in the third quarter worth about $31,000. Legacy Wealth Managment LLC ID lifted its stake in shares of AbbVie by 115.9% in the fourth quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock worth $31,000 after buying an additional 73 shares in the last quarter. Finally, WestEnd Advisors LLC lifted its stake in shares of AbbVie by 160.4% in the fourth quarter. WestEnd Advisors LLC now owns 138 shares of the company’s stock worth $32,000 after buying an additional 85 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ABBV shares. Morgan Stanley raised their price target on shares of AbbVie from $270.00 to $278.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Piper Sandler raised their price target on shares of AbbVie from $294.00 to $298.00 and gave the stock an “overweight” rating in a research note on Thursday, May 14th. DZ Bank raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Citigroup decreased their price target on shares of AbbVie from $235.00 to $230.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 27th. Finally, Sanford C. Bernstein reissued a “market perform” rating on shares of AbbVie in a research note on Thursday, February 5th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $253.43.

Insider Transactions at AbbVie

In related news, SVP David Ryan Purdue sold 5,230 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $233.56, for a total transaction of $1,221,518.80. Following the completion of the sale, the senior vice president directly owned 2,654 shares in the company, valued at approximately $619,868.24. This trade represents a 66.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.06% of the company’s stock.

AbbVie Trading Down 1.3%

AbbVie stock opened at $212.79 on Wednesday. AbbVie Inc. has a 12-month low of $181.73 and a 12-month high of $244.81. The stock has a market cap of $375.96 billion, a P/E ratio of 104.82, a PEG ratio of 0.74 and a beta of 0.32. The company has a 50-day moving average price of $208.39 and a 200 day moving average price of $219.70.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The firm had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.72 billion. During the same period last year, the business earned $2.46 earnings per share. AbbVie’s revenue was up 12.4% compared to the same quarter last year. As a group, analysts forecast that AbbVie Inc. will post 14.3 EPS for the current year.

AbbVie Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.