Nicholas Hoffman & Company LLC. Boosts Holdings in AbbVie Inc (NYSE:ABBV)

Nicholas Hoffman & Company LLC. grew its holdings in shares of AbbVie Inc (NYSE:ABBV) by 12.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,252 shares of the company’s stock after acquiring an additional 1,058 shares during the quarter. Nicholas Hoffman & Company LLC.’s holdings in AbbVie were worth $705,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of ABBV. Norges Bank purchased a new position in shares of AbbVie during the fourth quarter worth approximately $1,352,805,000. Renaissance Technologies LLC raised its stake in shares of AbbVie by 61.5% during the fourth quarter. Renaissance Technologies LLC now owns 11,796,744 shares of the company’s stock worth $1,044,484,000 after acquiring an additional 4,490,046 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of AbbVie by 23.0% during the first quarter. Bank of New York Mellon Corp now owns 18,590,115 shares of the company’s stock worth $1,416,380,000 after acquiring an additional 3,480,190 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of AbbVie by 580.6% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,055,609 shares of the company’s stock worth $359,006,000 after acquiring an additional 3,459,683 shares in the last quarter. Finally, FMR LLC increased its stake in shares of AbbVie by 7.8% in the fourth quarter. FMR LLC now owns 40,238,885 shares of the company’s stock worth $3,562,751,000 after buying an additional 2,928,045 shares during the period. 72.17% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:ABBV traded down $1.04 during trading hours on Friday, hitting $91.98. The company had a trading volume of 2,255,686 shares, compared to its average volume of 13,309,068. The company has a market capitalization of $134.66 billion, a PE ratio of 16.35, a price-to-earnings-growth ratio of 1.93 and a beta of 0.82. The stock has a 50-day moving average price of $82.74 and a 200 day moving average price of $85.37. AbbVie Inc has a 52 week low of $62.55 and a 52 week high of $97.86.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, May 1st. The company reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.25 by $0.17. AbbVie had a net margin of 24.77% and a negative return on equity of 169.80%. The business had revenue of $8.62 billion for the quarter, compared to analysts’ expectations of $8.31 billion. During the same quarter in the previous year, the business posted $2.14 earnings per share. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. On average, sell-side analysts forecast that AbbVie Inc will post 10.7 EPS for the current fiscal year.

Several research analysts recently commented on ABBV shares. UBS Group decreased their target price on shares of AbbVie from $106.00 to $96.00 and set a “buy” rating on the stock in a research note on Monday, April 13th. Piper Sandler lifted their target price on shares of AbbVie from $95.00 to $97.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Bank of America started coverage on shares of AbbVie in a research note on Monday. They issued a “neutral” rating and a $95.00 target price on the stock. Societe Generale downgraded shares of AbbVie from a “buy” rating to a “hold” rating in a research note on Monday, March 23rd. Finally, Mizuho reaffirmed a “buy” rating and issued a $100.00 target price on shares of AbbVie in a research note on Friday, May 1st. One analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $98.23.

In other AbbVie news, Director Edward J. Rapp bought 2,875 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The shares were purchased at an average price of $91.75 per share, for a total transaction of $263,781.25. Also, SVP Jeffrey Ryan Stewart sold 23,024 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $90.00, for a total transaction of $2,072,160.00. Following the sale, the senior vice president now owns 52,760 shares in the company, valued at approximately $4,748,400. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 8,825 shares of company stock worth $671,852. Company insiders own 0.09% of the company’s stock.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

Further Reading: Beta

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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