Ropes Wealth Advisors LLC Boosts Position in AbbVie Inc. (NYSE:ABBV)

Ropes Wealth Advisors LLC grew its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 10.8% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 44,221 shares of the company’s stock after acquiring an additional 4,293 shares during the quarter. AbbVie comprises 0.9% of Ropes Wealth Advisors LLC’s portfolio, making the stock its 25th largest holding. Ropes Wealth Advisors LLC’s holdings in AbbVie were worth $5,081,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of ABBV. Norges Bank purchased a new position in shares of AbbVie during the fourth quarter valued at approximately $2,070,985,000. Boston Partners increased its stake in shares of AbbVie by 1,962.8% during the fourth quarter. Boston Partners now owns 2,881,764 shares of the company’s stock valued at $308,781,000 after buying an additional 2,742,063 shares during the period. Morgan Stanley increased its stake in shares of AbbVie by 19.0% during the fourth quarter. Morgan Stanley now owns 16,336,505 shares of the company’s stock valued at $1,750,457,000 after buying an additional 2,605,050 shares during the period. BlackRock Inc. increased its stake in shares of AbbVie by 2.0% during the fourth quarter. BlackRock Inc. now owns 124,423,484 shares of the company’s stock valued at $13,331,975,000 after buying an additional 2,406,847 shares during the period. Finally, UBS Asset Management Americas Inc. grew its stake in AbbVie by 24.7% in the fourth quarter. UBS Asset Management Americas Inc. now owns 11,438,531 shares of the company’s stock worth $1,225,639,000 after purchasing an additional 2,263,374 shares during the period. 66.07% of the stock is currently owned by hedge funds and other institutional investors.

In other news, SVP Carrie C. Strom sold 4,184 shares of the company’s stock in a transaction on Monday, May 3rd. The stock was sold at an average price of $112.40, for a total transaction of $470,281.60. Following the transaction, the senior vice president now directly owns 63,409 shares of the company’s stock, valued at $7,127,171.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.09% of the company’s stock.

AbbVie stock traded down $0.47 during mid-day trading on Friday, hitting $115.77. The company had a trading volume of 21,909 shares, compared to its average volume of 7,188,194. The company has a quick ratio of 0.73, a current ratio of 0.83 and a debt-to-equity ratio of 5.40. The business has a 50 day simple moving average of $112.18. AbbVie Inc. has a 12 month low of $79.11 and a 12 month high of $118.28. The company has a market capitalization of $204.48 billion, a P/E ratio of 41.07, a PEG ratio of 1.68 and a beta of 0.83.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, April 29th. The company reported $2.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.83 by $0.12. The firm had revenue of $13.01 billion for the quarter, compared to the consensus estimate of $12.84 billion. AbbVie had a return on equity of 136.75% and a net margin of 10.28%. The company’s quarterly revenue was up 50.9% on a year-over-year basis. During the same period in the prior year, the company posted $2.42 earnings per share. Equities research analysts predict that AbbVie Inc. will post 12.6 EPS for the current fiscal year.

Several brokerages recently weighed in on ABBV. BMO Capital Markets upped their price target on AbbVie from $127.00 to $129.00 and gave the stock an “outperform” rating in a research note on Monday, May 3rd. Mizuho upped their price target on AbbVie from $126.00 to $128.00 and gave the stock a “buy” rating in a research note on Monday, May 3rd. Piper Sandler upped their price target on AbbVie from $120.00 to $124.00 and gave the stock an “overweight” rating in a research note on Friday, April 30th. Royal Bank of Canada began coverage on AbbVie in a research note on Wednesday, April 7th. They issued a $135.00 price target on the stock. Finally, SVB Leerink upped their price target on AbbVie from $140.00 to $144.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 30th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $119.07.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; 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; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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