Strait & Sound Wealth Management LLC Boosts Holdings in AbbVie Inc. (NYSE:ABBV)

Strait & Sound Wealth Management LLC grew its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.7% in the fourth quarter, Holdings Channel reports. The firm owned 10,031 shares of the company’s stock after purchasing an additional 172 shares during the period. AbbVie comprises approximately 0.8% of Strait & Sound Wealth Management LLC’s holdings, making the stock its 22nd biggest position. Strait & Sound Wealth Management LLC’s holdings in AbbVie were worth $1,782,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in AbbVie in the fourth quarter valued at approximately $4,459,385,000. Raymond James Financial Inc. purchased a new position in AbbVie in the 4th quarter worth approximately $1,190,951,000. FMR LLC increased its holdings in shares of AbbVie by 32.8% in the 4th quarter. FMR LLC now owns 18,097,375 shares of the company’s stock worth $3,215,903,000 after buying an additional 4,466,971 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of AbbVie by 15.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company’s stock worth $4,875,401,000 after acquiring an additional 3,599,336 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in AbbVie by 24.3% in the fourth quarter. Franklin Resources Inc. now owns 17,246,900 shares of the company’s stock worth $3,064,773,000 after acquiring an additional 3,373,156 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Up 0.3%

Shares of NYSE:ABBV opened at $182.32 on Friday. The stock’s 50-day moving average is $189.00 and its 200 day moving average is $186.55. The company has a market cap of $322.05 billion, a PE ratio of 75.97, a P/E/G ratio of 1.62 and a beta of 0.56. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55. AbbVie Inc. has a 1 year low of $153.58 and a 1 year high of $218.66.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data 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 return on equity of 296.28% and a net margin of 7.59%. The firm had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. During the same period last year, the company earned $2.31 EPS. The business’s quarterly revenue was up 8.4% compared to the same quarter last year. Sell-side analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

Insider Buying and Selling

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the stock in a transaction dated 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 $11,183,398.72. This represents a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Kevin K. Buckbee sold 18,944 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $203.41, for a total transaction of $3,853,399.04. Following the completion of the sale, the senior vice president now owns 11,496 shares of the company’s stock, valued at $2,338,401.36. This trade represents a 62.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 107,693 shares of company stock valued at $22,282,985 over the last quarter. 0.25% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ABBV shares. Truist Financial raised their price target on AbbVie from $211.00 to $217.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Wells Fargo & Company raised their price objective on AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. BNP Paribas raised AbbVie to a “hold” rating in a research note on Thursday, May 8th. Guggenheim increased their price target on shares of AbbVie from $214.00 to $216.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. Finally, Raymond James reissued an “outperform” rating and set a $220.00 price target (up from $218.00) on shares of AbbVie in a research note on Monday, February 3rd. Eight research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $210.95.

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.