Independent Advisor Alliance Acquires 2,966 Shares of AbbVie Inc. $ABBV

Independent Advisor Alliance lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 116,871 shares of the company’s stock after buying an additional 2,966 shares during the quarter. AbbVie comprises approximately 0.7% of Independent Advisor Alliance’s investment portfolio, making the stock its 22nd largest holding. Independent Advisor Alliance’s holdings in AbbVie were worth $27,060,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Brighton Jones LLC lifted its stake in shares of AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after buying an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC lifted its holdings in AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after acquiring an additional 3,064 shares during the period. Patriot Financial Group Insurance Agency LLC raised its stake in shares of AbbVie by 12.7% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 5,007 shares of the company’s stock worth $929,000 after purchasing an additional 566 shares during the period. Greenwood Capital Associates LLC bought a new stake in AbbVie in the second quarter worth about $844,000. Finally, Stock Yards Bank & Trust Co. raised its holdings in shares of AbbVie by 0.9% in the 2nd quarter. Stock Yards Bank & Trust Co. now owns 62,815 shares of the company’s stock worth $11,660,000 after purchasing an additional 572 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on ABBV shares. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and boosted their price objective for the company from $225.00 to $265.00 in a research note on Wednesday, December 10th. Hsbc Global Res upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 10th. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 3rd. UBS Group reiterated a “neutral” rating on shares of AbbVie in a research report on Tuesday, January 13th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $289.00 target price (up previously from $284.00) on shares of AbbVie in a research note on Wednesday, November 5th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $249.37.

AbbVie Stock Performance

ABBV opened at $223.02 on Friday. The stock’s 50 day moving average price is $224.40 and its 200-day moving average price is $218.46. The stock has a market capitalization of $394.15 billion, a PE ratio of 168.95, a price-to-earnings-growth ratio of 0.91 and a beta of 0.36. AbbVie Inc. has a 52-week low of $164.39 and a 52-week high of $244.81.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, October 31st. The company reported $1.86 EPS for the quarter, topping the consensus estimate of $1.77 by $0.09. AbbVie had a net margin of 4.00% and a return on equity of 3,216.47%. The firm had revenue of $15.78 billion during the quarter, compared to analysts’ expectations of $15.58 billion. During the same period last year, the company posted $3.00 EPS. The company’s quarterly revenue was up 9.1% compared to the same quarter last year. Research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.