Connecticut Capital Management Group LLC Buys Shares of 3,202 AbbVie Inc. $ABBV

Connecticut Capital Management Group LLC bought a new stake in AbbVie Inc. (NYSE:ABBV) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 3,202 shares of the company’s stock, valued at approximately $732,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of AbbVie by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company’s stock worth $41,306,353,000 after acquiring an additional 3,032,438 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of AbbVie by 10.4% during the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock worth $10,179,099,000 after acquiring an additional 4,190,487 shares during the last quarter. Legal & General Group Plc grew its stake in shares of AbbVie by 1.1% during the fourth quarter. Legal & General Group Plc now owns 12,133,331 shares of the company’s stock worth $2,772,345,000 after acquiring an additional 129,247 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of AbbVie by 457.4% during the third quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company’s stock worth $2,439,714,000 after acquiring an additional 8,646,424 shares during the last quarter. Finally, Amundi grew its stake in shares of AbbVie by 15.6% during the third quarter. Amundi now owns 10,508,317 shares of the company’s stock worth $2,418,909,000 after acquiring an additional 1,414,621 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Transactions at AbbVie

In other AbbVie news, SVP David Ryan Purdue sold 5,230 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $233.56, for a total value of $1,221,518.80. Following the completion of the transaction, the senior vice president directly owned 2,654 shares of the company’s stock, valued at approximately $619,868.24. The trade was a 66.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Royal Bank Of Canada assumed coverage on AbbVie in a research note on Tuesday, February 24th. They set an “outperform” rating and a $260.00 price target on the stock. DZ Bank upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. William Blair reaffirmed an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of AbbVie in a report on Thursday, February 5th. Finally, Wall Street Zen downgraded AbbVie from a “strong-buy” rating to a “buy” rating in a report on Sunday, May 17th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $253.43.

Trending Headlines about AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie received FDA approval for DECNUPAZ, its first ADC approved for blood cancer, creating a new revenue opportunity and boosting its oncology pipeline. US FDA approves AbbVie’s rare blood cancer drug
• Positive Sentiment: AbbVie and Ironwood won a U.S. label expansion for Linzess in pediatric constipation, expanding the drug’s addressable market. Ironwood, AbbVie win US label expansion for Linzess in pediatric constipation
• Positive Sentiment: Piper Sandler raised its price target on AbbVie and pointed to strong progress in the company’s inflammatory bowel disease pipeline. Piper Sandler Raises Price Target on AbbVie (ABBV) Amid Strong IBD Pipeline Progress
• Neutral Sentiment: AbbVie’s oncology revenue slipped in Q1 as Imbruvica sales declined, though newer drugs Venclexta, Elahere, and Epkinly continued to grow. How Did AbbVie’s Oncology Portfolio Perform in Q1 Despite Headwinds?

AbbVie Stock Up 1.1%

AbbVie stock opened at $215.42 on Thursday. AbbVie Inc. has a 52 week low of $181.73 and a 52 week high of $244.81. The company has a market capitalization of $380.61 billion, a price-to-earnings ratio of 106.12, a price-to-earnings-growth ratio of 0.74 and a beta of 0.32. The stock has a 50-day moving average price of $208.27 and a 200 day moving average price of $219.68.

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

AbbVie Profile

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.