Redhawk Wealth Advisors Inc. Grows Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Redhawk Wealth Advisors Inc. raised its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 22.4% in the first quarter, Holdings Channel reports. The institutional investor owned 3,115 shares of the company’s stock after acquiring an additional 570 shares during the period. Redhawk Wealth Advisors Inc.’s holdings in AbbVie were worth $653,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ABBV. Tallon Kerry Patrick purchased a new stake in AbbVie during the fourth quarter valued at approximately $309,000. Capital & Planning LLC increased its holdings in AbbVie by 1.7% during the fourth quarter. Capital & Planning LLC now owns 6,239 shares of the company’s stock valued at $1,109,000 after buying an additional 105 shares during the last quarter. LaFleur & Godfrey LLC boosted its position in shares of AbbVie by 4.1% in the fourth quarter. LaFleur & Godfrey LLC now owns 79,396 shares of the company’s stock worth $14,109,000 after purchasing an additional 3,108 shares during the period. Brighton Jones LLC boosted its position in shares of AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after purchasing an additional 3,401 shares during the period. Finally, Revolve Wealth Partners LLC boosted its position in shares of AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after purchasing an additional 3,064 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on ABBV shares. Evercore ISI upped their price target on shares of AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, April 28th. BNP Paribas upgraded shares of AbbVie to a “hold” rating in a research report on Thursday, May 8th. Erste Group Bank upgraded shares of AbbVie to a “strong-buy” rating in a research report on Monday, March 17th. Morgan Stanley upped their price target on shares of AbbVie from $241.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, April 28th. Finally, Guggenheim upped their price target on shares of AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Eight investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $211.29.

Insider Activity

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the 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 sale, the executive vice president now 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.25% of the company’s stock.

AbbVie Price Performance

AbbVie stock opened at $191.27 on Thursday. The company has a market cap of $337.86 billion, a price-to-earnings ratio of 79.70, a PEG ratio of 1.62 and a beta of 0.50. The firm’s fifty day moving average is $183.78 and its 200 day moving average is $187.32. 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 52-week low of $163.52 and a 52-week high of $218.66.

AbbVie (NYSE:ABBV) last released its quarterly earnings results 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 quarter in the prior year, the firm earned $2.31 earnings per share. AbbVie’s revenue was up 8.4% on a year-over-year basis. Sell-side analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal 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.