Wealthcare Capital Partners LLC Purchases New Position in AbbVie Inc. (NYSE:ABBV)

Wealthcare Capital Partners LLC purchased a new stake in AbbVie Inc. (NYSE:ABBV) during the first quarter, according to its most recent filing with the SEC. The firm purchased 1,255 shares of the company’s stock, valued at approximately $263,000.

A number of other hedge funds have also modified their holdings of the company. Miracle Mile Advisors LLC raised its position in shares of AbbVie by 4.2% in the 1st quarter. Miracle Mile Advisors LLC now owns 45,833 shares of the company’s stock valued at $9,603,000 after acquiring an additional 1,831 shares during the period. RDA Financial Network raised its position in shares of AbbVie by 16.6% in the 1st quarter. RDA Financial Network now owns 2,017 shares of the company’s stock valued at $423,000 after acquiring an additional 287 shares during the period. Patriot Financial Group Insurance Agency LLC raised its position in shares of AbbVie by 12.2% in the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 4,441 shares of the company’s stock valued at $930,000 after acquiring an additional 484 shares during the period. Revolve Wealth Partners LLC raised its position in shares of AbbVie by 3.7% in the 1st quarter. Revolve Wealth Partners LLC now owns 7,548 shares of the company’s stock valued at $1,582,000 after acquiring an additional 269 shares during the period. Finally, Charter Oak Capital Management LLC raised its position in shares of AbbVie by 0.9% in the 1st quarter. Charter Oak Capital Management LLC now owns 8,537 shares of the company’s stock valued at $1,789,000 after acquiring an additional 78 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at AbbVie

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm’s stock in a transaction 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 directly owns 53,234 shares of the company’s stock, valued at approximately $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.25% of the stock is owned by company insiders.

AbbVie Price Performance

NYSE ABBV opened at $189.89 on Friday. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. AbbVie Inc. has a 12-month low of $163.52 and a 12-month high of $218.66. The company has a market capitalization of $335.42 billion, a PE ratio of 79.12, a price-to-earnings-growth ratio of 1.62 and a beta of 0.50. The firm’s 50 day moving average is $184.24 and its 200-day moving average is $187.09.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share (EPS) 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 company had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. During the same period last year, the company earned $2.31 earnings per share. The firm’s revenue was up 8.4% compared to the same quarter last year. Equities research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on ABBV shares. Bank of America increased their price target on shares of AbbVie from $200.00 to $223.00 and gave the company a “neutral” rating in a research report on Tuesday, March 4th. Citigroup restated a “neutral” rating and set a $205.00 target price (down from $210.00) on shares of AbbVie in a report on Wednesday, May 14th. Evercore ISI raised their target price on shares of AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, April 28th. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $194.00 target price on shares of AbbVie in a report on Tuesday, April 8th. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average target price 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.