Beacon Financial Advisory LLC Cuts Stake in AbbVie Inc. $ABBV

Beacon Financial Advisory LLC lowered its position in shares of AbbVie Inc. (NYSE:ABBV) by 60.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,918 shares of the company’s stock after selling 5,880 shares during the period. Beacon Financial Advisory LLC’s holdings in AbbVie were worth $895,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ABBV. Norges Bank purchased a new position in shares of AbbVie during the fourth quarter valued at $5,865,055,000. Wellington Management Group LLP increased 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 valued at $2,439,714,000 after buying an additional 8,646,424 shares during the period. Capital World Investors increased its stake in shares of AbbVie by 106.3% during the fourth quarter. Capital World Investors now owns 13,071,444 shares of the company’s stock valued at $2,986,777,000 after buying an additional 6,736,161 shares during the period. Cardano Risk Management B.V. increased its stake in shares of AbbVie by 914.6% during the fourth quarter. Cardano Risk Management B.V. now owns 5,444,930 shares of the company’s stock valued at $1,244,112,000 after buying an additional 4,908,260 shares during the period. Finally, Geode Capital Management LLC increased 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 valued at $10,179,099,000 after buying an additional 4,190,487 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ABBV shares. William Blair restated an “outperform” rating on shares of AbbVie in a research note on Monday, March 9th. DZ Bank raised AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Canaccord Genuity Group raised their price objective on AbbVie from $262.00 to $265.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Guggenheim reaffirmed a “buy” rating and set a $249.00 price objective on shares of AbbVie in a research report on Friday, May 1st. Finally, Evercore set a $235.00 price objective on AbbVie in a research report on Friday, May 15th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $253.43.

AbbVie Stock Performance

Shares of ABBV stock opened at $221.42 on Tuesday. 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 capitalization of $391.20 billion, a price-to-earnings ratio of 109.07, a PEG ratio of 0.70 and a beta of 0.32. The stock’s 50-day simple moving average is $211.30 and its 200-day simple moving average is $218.93.

AbbVie (NYSE:ABBV) last issued its quarterly 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. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.72 billion. During the same quarter in the previous year, the firm earned $2.46 earnings per share. The company’s revenue was up 12.4% on a year-over-year basis. As a group, equities analysts forecast that AbbVie Inc. will post 14.3 earnings per share 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.