Moors & Cabot Inc. boosted its stake in AbbVie Inc (NYSE:ABBV) by 2.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,389 shares of the company’s stock after purchasing an additional 1,018 shares during the period. Moors & Cabot Inc.’s holdings in AbbVie were worth $3,297,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Doyle Wealth Management increased its stake in shares of AbbVie by 2.2% during the fourth quarter. Doyle Wealth Management now owns 4,948 shares of the company’s stock valued at $438,000 after acquiring an additional 108 shares during the period. Roosevelt Investment Group Inc. grew its position in AbbVie by 2.7% in the fourth quarter. Roosevelt Investment Group Inc. now owns 4,201 shares of the company’s stock worth $372,000 after buying an additional 110 shares during the last quarter. Waldron Private Wealth LLC grew its position in AbbVie by 0.4% in the fourth quarter. Waldron Private Wealth LLC now owns 32,475 shares of the company’s stock worth $2,875,000 after buying an additional 114 shares during the last quarter. Dividend Assets Capital LLC grew its position in AbbVie by 4.2% in the fourth quarter. Dividend Assets Capital LLC now owns 2,929 shares of the company’s stock worth $259,000 after buying an additional 117 shares during the last quarter. Finally, Halbert Hargrove Global Advisors LLC grew its position in AbbVie by 4.7% in the first quarter. Halbert Hargrove Global Advisors LLC now owns 2,789 shares of the company’s stock worth $212,000 after buying an additional 125 shares during the last quarter. Hedge funds and other institutional investors own 72.44% of the company’s stock.
Shares of NYSE:ABBV traded down $1.12 during trading on Monday, reaching $91.55. 3,400,970 shares of the company traded hands, compared to its average volume of 13,018,193. The firm has a fifty day simple moving average of $85.47 and a 200 day simple moving average of $85.77. The firm has a market cap of $136.85 billion, a P/E ratio of 16.14, a price-to-earnings-growth ratio of 1.96 and a beta of 0.85. AbbVie Inc has a 1-year low of $62.55 and a 1-year high of $97.86.
In related news, EVP Timothy J. Richmond sold 19,445 shares of AbbVie stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $85.00, for a total value of $1,652,825.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Edward J. Rapp acquired 2,875 shares of AbbVie stock in a transaction that occurred on Tuesday, March 3rd. The stock was acquired at an average cost of $91.75 per share, with a total value of $263,781.25. Insiders have acquired a total of 8,825 shares of company stock valued at $671,852 in the last three months. Company insiders own 0.09% of the company’s stock.
Several research firms have issued reports on ABBV. Cowen lifted their price target on shares of AbbVie from $98.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 18th. Bank of America began coverage on shares of AbbVie in a research report on Monday, May 18th. They issued a “neutral” rating and a $95.00 price target on the stock. Morgan Stanley restated an “overweight” rating and issued a $95.00 price target on shares of AbbVie in a research report on Monday, May 11th. Barclays started coverage on shares of AbbVie in a research report on Thursday, February 27th. They set an “equal weight” rating and a $97.00 price objective on the stock. Finally, UBS Group lowered their price objective on shares of AbbVie from $106.00 to $96.00 and set a “buy” rating on the stock in a research report on Monday, April 13th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $100.17.
AbbVie Company Profile
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.
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