Bleakley Financial Group LLC Purchases 5,367 Shares of AbbVie Inc. $ABBV

Bleakley Financial Group LLC boosted its position in shares of AbbVie Inc. (NYSE:ABBV) by 7.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 75,414 shares of the company’s stock after acquiring an additional 5,367 shares during the quarter. Bleakley Financial Group LLC’s holdings in AbbVie were worth $17,231,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Chelsea Counsel Co. bought a new stake in AbbVie during the 3rd quarter valued at $26,000. Westend Capital Management LLC bought a new stake in AbbVie during the 4th quarter valued at $29,000. Texas Capital Bancshares Inc TX bought a new stake in AbbVie during the 3rd quarter valued at $31,000. Legacy Wealth Managment LLC ID raised its holdings in AbbVie by 115.9% during the 4th quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock valued at $31,000 after buying an additional 73 shares during the last quarter. Finally, WestEnd Advisors LLC raised its holdings in AbbVie by 160.4% during the 4th quarter. WestEnd Advisors LLC now owns 138 shares of the company’s stock valued at $32,000 after buying an additional 85 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

Insider Transactions at AbbVie

In other news, EVP Perry C. Siatis sold 22,381 shares of the company’s stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $230.00, for a total value of $5,147,630.00. Following the sale, the executive vice president directly owned 38,137 shares of the company’s stock, valued at $8,771,510. This represents a 36.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP David Ryan Purdue sold 5,230 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $233.56, for a total transaction of $1,221,518.80. Following the completion of the sale, the senior vice president directly owned 2,654 shares in the company, valued at $619,868.24. This represents a 66.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.06% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently commented on ABBV. Barclays began coverage on shares of AbbVie in a report on Thursday, February 19th. They set an “overweight” rating and a $275.00 price target for the company. Piper Sandler upped their price target on shares of AbbVie from $294.00 to $298.00 and gave the company an “overweight” rating in a report on Thursday, May 14th. The Goldman Sachs Group restated a “neutral” rating and issued a $223.00 price objective on shares of AbbVie in a report on Wednesday, January 28th. Sanford C. Bernstein restated a “market perform” rating on shares of AbbVie in a report on Thursday, February 5th. Finally, BMO Capital Markets restated an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Three analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus target price of $253.43.

AbbVie Trading Up 0.1%

Shares of NYSE ABBV opened at $216.02 on Tuesday. The firm has a fifty day simple moving average of $208.53 and a two-hundred day simple moving average of $219.73. The firm has a market capitalization of $381.65 billion, a PE ratio of 106.41, a price-to-earnings-growth ratio of 0.74 and a beta of 0.32. AbbVie Inc. has a 12 month low of $181.71 and a 12 month high of $244.81.

AbbVie (NYSE:ABBV) last released its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.59 by $0.06. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The company’s revenue was up 12.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.46 EPS. On average, sell-side analysts predict that AbbVie Inc. will post 14.3 earnings per share for the current year.

About AbbVie

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.