Mutual of America Capital Management LLC raised its position in AbbVie Inc (NYSE:ABBV) by 4.5% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 302,822 shares of the company’s stock after acquiring an additional 13,048 shares during the period. Mutual of America Capital Management LLC’s holdings in AbbVie were worth $23,072,000 as of its most recent filing with the SEC.
Other institutional investors have also recently made changes to their positions in the company. Efficient Wealth Management LLC purchased a new position in shares of AbbVie during the first quarter valued at approximately $27,000. Altshuler Shaham Ltd boosted its position in shares of AbbVie by 8,825.0% during the fourth quarter. Altshuler Shaham Ltd now owns 357 shares of the company’s stock valued at $32,000 after buying an additional 353 shares during the last quarter. Solstein Capital LLC purchased a new position in shares of AbbVie during the fourth quarter valued at approximately $32,000. Americana Partners LLC purchased a new position in shares of AbbVie during the fourth quarter valued at approximately $32,000. Finally, Virtus ETF Advisers LLC purchased a new position in shares of AbbVie during the fourth quarter valued at approximately $33,000. 72.17% of the stock is owned by hedge funds and other institutional investors.
Shares of ABBV traded down $0.92 during mid-day trading on Friday, hitting $92.10. The stock had a trading volume of 5,505,076 shares, compared to its average volume of 13,435,240. The firm has a market cap of $137.37 billion, a P/E ratio of 16.30, a PEG ratio of 1.97 and a beta of 0.82. The business has a fifty day moving average price of $83.08 and a 200-day moving average price of $85.44. AbbVie Inc has a 52 week low of $62.55 and a 52 week high of $97.86.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, May 1st. The company reported $2.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.25 by $0.17. The firm had revenue of $8.62 billion for the quarter, compared to analyst estimates of $8.31 billion. AbbVie had a negative return on equity of 169.80% and a net margin of 24.77%. The business’s revenue was up 10.1% on a year-over-year basis. During the same period in the previous year, the company posted $2.14 earnings per share. As a group, research analysts predict that AbbVie Inc will post 10.7 earnings per share for the current year.
In related news, EVP Timothy J. Richmond sold 19,445 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $85.00, for a total transaction of $1,652,825.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 value of $2,072,160.00. Following the sale, the senior vice president now owns 52,760 shares in the company, valued at $4,748,400. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 8,825 shares of company stock worth $671,852. 0.09% of the stock is currently owned by corporate insiders.
Several research analysts recently issued reports on ABBV shares. UBS Group cut their target price on AbbVie from $106.00 to $96.00 and set a “buy” rating on the stock in a research report on Monday, April 13th. Bank of America started coverage on AbbVie in a research report on Monday, May 18th. They issued a “neutral” rating and a $95.00 price objective on the stock. Piper Sandler boosted their price objective on AbbVie from $95.00 to $97.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Royal Bank of Canada raised AbbVie from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $79.00 to $93.00 in a research report on Monday, April 20th. Finally, SVB Leerink boosted their price objective on AbbVie from $107.00 to $122.00 and gave the stock an “outperform” rating in a research report on Monday, May 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the company’s stock. AbbVie has a consensus rating of “Buy” and an average price target of $98.23.
AbbVie Company 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.
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