Allen Investment Management LLC Acquires 5,933 Shares of AbbVie Inc. $ABBV

Allen Investment Management LLC raised its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 73.6% during the 4th quarter, HoldingsChannel reports. The fund owned 13,993 shares of the company’s stock after acquiring an additional 5,933 shares during the quarter. Allen Investment Management LLC’s holdings in AbbVie were worth $3,197,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Eclectic Associates Inc. ADV raised its position in shares of AbbVie by 0.8% during the 4th quarter. Eclectic Associates Inc. ADV now owns 5,852 shares of the company’s stock valued at $1,337,000 after purchasing an additional 45 shares during the period. Weil Company Inc. raised its holdings in AbbVie by 2.3% during the third quarter. Weil Company Inc. now owns 2,026 shares of the company’s stock valued at $469,000 after acquiring an additional 46 shares during the period. Hardin Capital Partners LLC lifted its position in shares of AbbVie by 1.4% in the fourth quarter. Hardin Capital Partners LLC now owns 3,321 shares of the company’s stock valued at $759,000 after acquiring an additional 46 shares in the last quarter. Dogwood Wealth Management LLC lifted its position in shares of AbbVie by 10.8% in the fourth quarter. Dogwood Wealth Management LLC now owns 473 shares of the company’s stock valued at $108,000 after acquiring an additional 46 shares in the last quarter. Finally, Quantum Private Wealth LLC boosted its stake in shares of AbbVie by 2.0% in the fourth quarter. Quantum Private Wealth LLC now owns 2,376 shares of the company’s stock worth $543,000 after acquiring an additional 46 shares during the period. Institutional investors own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ABBV. Canaccord Genuity Group lifted their target price on AbbVie from $262.00 to $265.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. BMO Capital Markets restated an “outperform” rating on shares of AbbVie in a research note on Monday, March 9th. Morgan Stanley increased their price objective on shares of AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Royal Bank Of Canada started coverage on shares of AbbVie in a report on Tuesday, February 24th. They issued an “outperform” rating and a $260.00 target price on the stock. Finally, UBS Group dropped their target price on shares of AbbVie from $240.00 to $230.00 and set a “neutral” rating for the company in a research report on Thursday, February 5th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $253.43.

Insider Activity at AbbVie

In related news, SVP David Ryan Purdue sold 5,230 shares of the stock in a transaction dated Wednesday, March 4th. The shares were 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 owned 2,654 shares of the company’s stock, valued at approximately $619,868.24. This trade represents a 66.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.06% of the company’s stock.

AbbVie Stock Performance

ABBV stock opened at $212.63 on Tuesday. The firm has a fifty day moving average price of $208.56 and a 200 day moving average price of $219.58. AbbVie Inc. has a fifty-two week low of $181.73 and a fifty-two week high of $244.81. The firm has a market cap of $375.67 billion, a PE ratio of 104.74, a price-to-earnings-growth ratio of 0.75 and a beta of 0.32.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.72 billion. During the same quarter in the prior year, the firm earned $2.46 earnings per share. AbbVie’s revenue was up 12.4% on a year-over-year basis. On average, equities analysts predict that AbbVie Inc. will post 14.3 EPS for the current year.

AbbVie Company 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.