71 West Capital Partners Buys New Position in AbbVie Inc. $ABBV

71 West Capital Partners bought a new stake in AbbVie Inc. (NYSE:ABBV) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 7,704 shares of the company’s stock, valued at approximately $1,760,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of ABBV. Brighton Jones LLC increased its position in shares of AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after acquiring an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC increased its position in shares of AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after acquiring an additional 3,064 shares during the last quarter. Schnieders Capital Management LLC. increased its position in shares of AbbVie by 5.0% in the second quarter. Schnieders Capital Management LLC. now owns 16,466 shares of the company’s stock valued at $3,056,000 after acquiring an additional 789 shares during the last quarter. Ieq Capital LLC increased its position in shares of AbbVie by 4.6% during the 2nd quarter. Ieq Capital LLC now owns 120,035 shares of the company’s stock worth $22,281,000 after purchasing an additional 5,274 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC increased its position in shares of AbbVie by 117.3% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 1,135,034 shares of the company’s stock worth $210,685,000 after purchasing an additional 612,702 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Trading Down 2.8%

ABBV stock opened at $221.42 on Tuesday. The firm has a market capitalization of $391.20 billion, a PE ratio of 109.07, a PEG ratio of 0.70 and a beta of 0.32. AbbVie Inc. has a 1-year low of $181.73 and a 1-year high of $244.81. The business’s 50 day simple moving average is $211.30 and its 200 day simple moving average is $218.93.

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on ABBV shares. Barclays started coverage on AbbVie in a research report on Thursday, February 19th. They set an “overweight” rating and a $275.00 price target on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $240.00 price target on shares of AbbVie in a research report on Thursday, April 30th. Royal Bank Of Canada started coverage on AbbVie in a research report on Tuesday, February 24th. They set an “outperform” rating and a $260.00 price target on the stock. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Sunday, June 7th. Finally, Canaccord Genuity Group boosted their price target on AbbVie from $262.00 to $265.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $253.43.

About AbbVie

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.