Novem Group Takes Position in AbbVie Inc. (NYSE:ABBV)

Novem Group purchased a new stake in shares of AbbVie Inc. (NYSE:ABBV) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 6,580 shares of the company’s stock, valued at approximately $1,169,000.

Several other institutional investors have also recently made changes to their positions in the company. Fiduciary Advisors Inc. acquired a new position in shares of AbbVie in the 4th quarter worth approximately $29,000. EnRich Financial Partners LLC raised its position in AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock valued at $29,000 after purchasing an additional 110 shares during the period. Promus Capital LLC acquired a new position in AbbVie during the fourth quarter worth $30,000. Bradley & Co. Private Wealth Management LLC acquired a new position in AbbVie during the fourth quarter worth $31,000. Finally, Prudent Man Investment Management Inc. purchased a new position in shares of AbbVie during the fourth quarter worth $32,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Down 0.5%

ABBV stock opened at $184.75 on Wednesday. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94. The company’s 50 day moving average is $190.24 and its two-hundred day moving average is $186.71. The stock has a market cap of $326.34 billion, a P/E ratio of 76.98, a PEG ratio of 1.62 and a beta of 0.56. AbbVie Inc. has a twelve month low of $153.58 and a twelve month high of $218.66.

AbbVie (NYSE:ABBV) last announced 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 7.59% and a return on equity of 296.28%. The firm had revenue of $13.34 billion during the quarter, compared to analysts’ expectations of $12.91 billion. During the same period in the previous year, the company earned $2.31 earnings per share. AbbVie’s quarterly revenue was up 8.4% compared to the same quarter last year. Research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ABBV has been the topic of several research analyst reports. Cantor Fitzgerald started coverage on AbbVie in a report on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 price objective on the stock. Truist Financial boosted their price target on shares of AbbVie from $211.00 to $217.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. StockNews.com raised shares of AbbVie from a “buy” rating to a “strong-buy” rating in a research note on Monday, April 28th. Wells Fargo & Company lifted their price objective on shares of AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. Finally, Bank of America increased their target price on shares of AbbVie from $200.00 to $223.00 and gave the stock 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 four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $210.95.

Insider Buying and Selling

In other news, SVP Kevin K. Buckbee sold 18,944 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $203.41, for a total transaction of $3,853,399.04. Following the completion of the sale, the senior vice president now owns 11,496 shares in the company, valued at $2,338,401.36. This represents a 62.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of the stock in a transaction on Monday, March 31st. The stock was sold at an average price of $210.08, for a total value of $12,359,426.56. Following the sale, the executive vice president now directly owns 53,234 shares of the company’s stock, valued at approximately $11,183,398.72. This represents a 52.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,471 shares of company stock worth $23,426,451 in the last quarter. 0.25% of the stock is owned by insiders.

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.