Joule Financial LLC Purchases 599 Shares of AbbVie Inc. (NYSE:ABBV)

Joule Financial LLC lifted its holdings in AbbVie Inc. (NYSE:ABBV) by 35.5% during the first quarter, Holdings Channel.com reports. The institutional investor owned 2,285 shares of the company’s stock after acquiring an additional 599 shares during the quarter. Joule Financial LLC’s holdings in AbbVie were worth $479,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of ABBV. Vanguard Group Inc. grew its position in AbbVie by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company’s stock valued at $30,754,908,000 after buying an additional 1,424,237 shares during the period. Geode Capital Management LLC grew its position in shares of AbbVie by 2.7% during the 4th quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company’s stock valued at $6,586,948,000 after acquiring an additional 983,888 shares during the period. Capital Research Global Investors grew its position in shares of AbbVie by 2.3% during the 4th quarter. Capital Research Global Investors now owns 33,983,707 shares of the company’s stock valued at $6,038,898,000 after acquiring an additional 778,126 shares during the period. Charles Schwab Investment Management Inc. increased 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 purchasing an additional 3,599,336 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of AbbVie in the 4th quarter worth approximately $4,459,385,000. 70.23% of the stock is owned by institutional investors.

AbbVie Stock Performance

NYSE ABBV opened at $189.89 on Friday. The company’s 50 day simple moving average is $184.24 and its two-hundred day simple moving average is $186.96. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55. AbbVie Inc. has a 1 year low of $163.52 and a 1 year high of $218.66. The stock has a market capitalization of $335.42 billion, a PE ratio of 79.12, a P/E/G ratio of 1.62 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, topping the consensus estimate of $2.40 by $0.06. The firm had revenue of $13.34 billion for the quarter, compared to analysts’ expectations of $12.91 billion. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The business’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.31 earnings per share. Analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Citigroup reiterated a “neutral” rating and issued a $205.00 price objective (down previously from $210.00) on shares of AbbVie in a research note on Wednesday, May 14th. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Evercore ISI increased their price target on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, April 28th. Morgan Stanley lifted their price objective on AbbVie from $241.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, April 28th. Finally, Bank of America upped their price objective on shares of AbbVie from $200.00 to $223.00 and gave the company a “neutral” rating in a report on Tuesday, March 4th. Eight analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, AbbVie has an average rating of “Moderate Buy” and a consensus price target of $212.19.

Insiders Place Their Bets

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 53,234 shares of the company’s stock, valued at $11,183,398.72. The trade was a 52.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.25% of the company’s stock.

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.