Goldstone Financial Group LLC Has $2.75 Million Position in AbbVie Inc. (NYSE:ABBV)

Goldstone Financial Group LLC boosted its holdings in AbbVie Inc. (NYSE:ABBV) by 49.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,133 shares of the company’s stock after purchasing an additional 4,347 shares during the quarter. Goldstone Financial Group LLC’s holdings in AbbVie were worth $2,752,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of ABBV. Norges Bank acquired a new stake in AbbVie in the 4th quarter valued at $4,459,385,000. GAMMA Investing LLC boosted its holdings in AbbVie by 25,841.6% during the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company’s stock worth $2,144,382,000 after acquiring an additional 10,195,284 shares during the last quarter. Raymond James Financial Inc. purchased a new position in AbbVie during the 4th quarter worth $1,190,951,000. FMR LLC boosted its holdings in AbbVie by 32.8% during the 4th quarter. FMR LLC now owns 18,097,375 shares of the company’s stock worth $3,215,903,000 after acquiring an additional 4,466,971 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in 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 and hedge funds own 70.23% of the company’s stock.

Insider Activity

In other 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 sale, the executive vice president now directly owns 53,234 shares in the company, valued at $11,183,398.72. This represents a 52.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of analyst reports. Erste Group Bank raised shares of AbbVie to a “strong-buy” rating in a report on Monday, March 17th. Cantor Fitzgerald initiated coverage on shares of AbbVie in a report on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 price objective on the stock. Morgan Stanley lifted their price objective on shares of AbbVie from $241.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, April 28th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $194.00 price objective on shares of AbbVie in a report on Tuesday, April 8th. Finally, Citigroup boosted their price target on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a report on Wednesday. Eight equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus price target of $211.29.

AbbVie Trading Down 0.9%

Shares of AbbVie stock opened at $190.67 on Friday. AbbVie Inc. has a 52-week low of $163.52 and a 52-week high of $218.66. The stock’s 50-day simple moving average is $184.21 and its 200 day simple moving average is $187.49. The stock has a market capitalization of $336.80 billion, a P/E ratio of 79.45, a P/E/G ratio of 1.62 and a beta of 0.50. 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 announced its quarterly earnings data 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 business had revenue of $13.34 billion for the quarter, compared to analysts’ expectations of $12.91 billion. During the same period in the previous year, the business posted $2.31 EPS. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. As a group, research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current 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.