Commonwealth Financial Services LLC Has $1.03 Million Position in AbbVie Inc. (NYSE:ABBV)

Commonwealth Financial Services LLC raised its holdings in AbbVie Inc. (NYSE:ABBV) by 7.8% during the 4th quarter, Holdings Channel reports. The institutional investor owned 5,808 shares of the company’s stock after acquiring an additional 422 shares during the quarter. Commonwealth Financial Services LLC’s holdings in AbbVie were worth $1,032,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Atlanta Consulting Group Advisors LLC acquired a new stake in AbbVie in the 3rd quarter valued at $999,000. Saturna Capital Corp increased its stake in AbbVie by 486.1% in the 3rd quarter. Saturna Capital Corp now owns 676,176 shares of the company’s stock valued at $133,531,000 after buying an additional 560,808 shares during the last quarter. Everence Capital Management Inc. increased its stake in AbbVie by 41.3% in the 4th quarter. Everence Capital Management Inc. now owns 53,171 shares of the company’s stock valued at $9,448,000 after buying an additional 15,550 shares during the last quarter. GAMMA Investing LLC grew its position in shares of AbbVie by 9.5% in the 4th quarter. GAMMA Investing LLC now owns 39,453 shares of the company’s stock valued at $7,011,000 after acquiring an additional 3,439 shares during the period. Finally, Avior Wealth Management LLC grew its position in shares of AbbVie by 23.5% in the 3rd quarter. Avior Wealth Management LLC now owns 56,556 shares of the company’s stock valued at $11,169,000 after acquiring an additional 10,768 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on ABBV. Citigroup lifted their price objective on shares of AbbVie from $205.00 to $215.00 and gave the company a “buy” rating in a research report on Monday. Bank of America reissued a “neutral” rating and issued a $191.00 price objective on shares of AbbVie in a research report on Tuesday, December 10th. Truist Financial lifted their price objective on shares of AbbVie from $211.00 to $217.00 and gave the company a “buy” rating in a research report on Monday. Daiwa America downgraded shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 5th. Finally, Piper Sandler lifted their price objective on shares of AbbVie from $212.00 to $220.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. Five research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus target price of $208.35.

Insider Activity

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $172.24, for a total transaction of $310,032.00. Following the transaction, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at $1,202,751.92. This represents a 20.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.25% of the company’s stock.

AbbVie Trading Up 3.4 %

ABBV opened at $190.20 on Tuesday. AbbVie Inc. has a fifty-two week low of $153.58 and a fifty-two week high of $207.32. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. The firm has a market capitalization of $336.12 billion, a price-to-earnings ratio of 79.25, a PEG ratio of 1.84 and a beta of 0.58. The company’s 50 day moving average price is $176.57 and its two-hundred day moving average price is $185.13.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, January 31st. The company reported $2.16 earnings per share for the quarter, missing analysts’ consensus estimates of $2.98 by ($0.82). AbbVie had a return on equity of 257.91% and a net margin of 7.59%. During the same quarter in the prior year, the business earned $2.79 EPS. As a group, research analysts predict that AbbVie Inc. will post 12.26 earnings per share for the current year.

AbbVie Company 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.