Proathlete Wealth Management LLC Takes Position in AbbVie Inc. (NYSE:ABBV)

Proathlete Wealth Management LLC acquired a new stake in shares of AbbVie Inc. (NYSE:ABBV) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm acquired 964 shares of the company’s stock, valued at approximately $202,000.

Several other institutional investors and hedge funds have also recently modified their holdings of ABBV. EnRich Financial Partners LLC raised its position in shares of AbbVie by 196.4% during the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock valued at $29,000 after purchasing an additional 110 shares during the period. Promus Capital LLC bought a new stake in shares of AbbVie during the 4th quarter valued at $30,000. Bradley & Co. Private Wealth Management LLC bought a new stake in shares of AbbVie during the 4th quarter valued at $31,000. Prudent Man Investment Management Inc. bought a new stake in shares of AbbVie during the 4th quarter valued at $32,000. Finally, Siemens Fonds Invest GmbH raised its position in shares of AbbVie by 197.6% during the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock valued at $32,000 after purchasing an additional 119,141 shares during the period. 70.23% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $210.08, for a total transaction 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. The trade was a 52.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.25% of the stock is owned by corporate insiders.

AbbVie Stock Performance

AbbVie stock opened at $185.26 on Friday. The company’s 50-day moving average price is $184.98 and its 200-day moving average price is $187.60. AbbVie Inc. has a twelve month low of $163.52 and a twelve month high of $218.66. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. The company has a market cap of $327.24 billion, a PE ratio of 78.83, a price-to-earnings-growth ratio of 1.23 and a beta of 0.50.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.06. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The firm had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. During the same period in the previous year, the firm posted $2.31 EPS. The business’s quarterly revenue was up 8.4% on a year-over-year basis. On average, equities research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ABBV. The Goldman Sachs Group reiterated a “neutral” rating and issued a $194.00 price target on shares of AbbVie in a research note on Tuesday, April 8th. Guggenheim boosted their price target on shares of AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Bank of America boosted their price target on shares of AbbVie to $204.00 and gave the stock a “hold” rating in a research note on Monday, June 9th. Cantor Fitzgerald assumed coverage on AbbVie in a research note on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 price target for the company. Finally, Wells Fargo & Company increased their price target on AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, March 5th. Eight equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $211.29.

About AbbVie

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.