Eagle Ridge Investment Management Boosts Stake in AbbVie Inc. (NYSE:ABBV)

Eagle Ridge Investment Management boosted its position in shares of AbbVie Inc. (NYSE:ABBV) by 0.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 69,581 shares of the company’s stock after buying an additional 311 shares during the quarter. Eagle Ridge Investment Management’s holdings in AbbVie were worth $12,365,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of ABBV. AMF Tjanstepension AB purchased a new position in AbbVie during the third quarter worth about $8,777,000. West Financial Advisors LLC raised its stake in shares of AbbVie by 16.6% in the 3rd quarter. West Financial Advisors LLC now owns 766 shares of the company’s stock valued at $151,000 after acquiring an additional 109 shares during the period. CWM LLC raised its stake in shares of AbbVie by 6.7% in the 3rd quarter. CWM LLC now owns 245,019 shares of the company’s stock valued at $48,386,000 after acquiring an additional 15,388 shares during the period. Wedmont Private Capital raised its stake in shares of AbbVie by 5.0% in the 3rd quarter. Wedmont Private Capital now owns 22,168 shares of the company’s stock valued at $4,292,000 after acquiring an additional 1,051 shares during the period. Finally, Adirondack Trust Co. raised its stake in shares of AbbVie by 1.9% in the 3rd quarter. Adirondack Trust Co. now owns 16,240 shares of the company’s stock valued at $3,207,000 after acquiring an additional 301 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley boosted their price target on shares of AbbVie from $224.00 to $239.00 and gave the company an “overweight” rating in a research note on Monday. Raymond James reaffirmed an “outperform” rating and set a $220.00 target price (up from $218.00) on shares of AbbVie in a research note on Monday. Citigroup upped their target price on shares of AbbVie from $205.00 to $215.00 and gave the stock a “buy” rating in a research note on Monday. Piper Sandler Companies reaffirmed an “overweight” rating and set a $220.00 target price on shares of AbbVie in a research note on Tuesday, December 17th. Finally, Truist Financial upped their target price on shares of AbbVie from $211.00 to $217.00 and gave the stock a “buy” rating in a research note on Monday. Five investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $208.35.

AbbVie Trading Up 0.6 %

Shares of AbbVie stock opened at $192.95 on Friday. The company has a fifty day simple moving average of $177.19 and a 200-day simple moving average of $185.43. AbbVie Inc. has a 12-month low of $153.58 and a 12-month high of $207.32. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. The stock has a market cap of $340.96 billion, a price-to-earnings ratio of 80.39, a PEG ratio of 1.84 and a beta of 0.58.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, January 31st. The company reported $2.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 257.91%. During the same quarter last year, the firm posted $2.79 earnings per share. On average, equities analysts forecast that AbbVie Inc. will post 12.26 EPS for the current fiscal year.

Insider Activity

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $172.24, for a total transaction of $310,032.00. Following the completion of the sale, the senior vice president now owns 6,983 shares in the company, valued at $1,202,751.92. This represents a 20.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.25% of the company’s stock.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.