Pitti Group Wealth Management LLC Invests $213,000 in AbbVie Inc. (NYSE:ABBV)

Pitti Group Wealth Management LLC purchased a new stake in shares of AbbVie Inc. (NYSE:ABBV) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 1,018 shares of the company’s stock, valued at approximately $213,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. EnRich Financial Partners LLC grew its holdings in shares of AbbVie by 196.4% during the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after purchasing an additional 110 shares during the last quarter. Promus Capital LLC bought a new stake in AbbVie during the 4th quarter worth about $30,000. Bradley & Co. Private Wealth Management LLC acquired a new stake in AbbVie in the 4th quarter valued at about $31,000. Prudent Man Investment Management Inc. bought a new position in shares of AbbVie in the fourth quarter worth about $32,000. Finally, Siemens Fonds Invest GmbH raised its stake in shares of AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock worth $32,000 after acquiring an additional 119,141 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company’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 in the company, valued at $11,183,398.72. This represents a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.25% of the company’s stock.

AbbVie Stock Up 1.3%

Shares of NYSE:ABBV opened at $189.89 on Friday. The company has a 50 day moving average price of $184.24 and a two-hundred day moving average price of $186.96. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66. The company has a market capitalization of $335.42 billion, a PE ratio of 79.12, a PEG ratio of 1.62 and a beta of 0.50. AbbVie Inc. has a 52 week low of $163.52 and a 52 week high of $218.66.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, April 25th. The company reported $2.46 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.06. The business had revenue of $13.34 billion during 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 firm’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.31 EPS. Analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently commented on ABBV. Cantor Fitzgerald began coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 price target on the stock. Citigroup reiterated a “neutral” rating and issued a $205.00 price objective (down from $210.00) on shares of AbbVie in a research report on Wednesday, May 14th. Wall Street Zen downgraded AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 22nd. Evercore ISI raised their price target on AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a report on Monday, April 28th. Finally, Erste Group Bank raised AbbVie to a “strong-buy” rating in a report on Monday, March 17th. Eight investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus price target of $212.19.

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.