Beacon Financial Advisory LLC Reduces Holdings in AbbVie Inc. $ABBV

Beacon Financial Advisory LLC decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 60.0% during the fourth quarter, according to its most recent disclosure with the SEC. The fund 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.

A number of other institutional investors and hedge funds have also recently modified their holdings of ABBV. Brighton Jones LLC lifted its holdings in shares of AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after purchasing an additional 3,401 shares during the period. Revolve Wealth Partners LLC lifted its holdings in shares of AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after purchasing an additional 3,064 shares during the period. Schnieders Capital Management LLC. lifted its holdings in shares of AbbVie by 5.0% during the second quarter. Schnieders Capital Management LLC. now owns 16,466 shares of the company’s stock worth $3,056,000 after purchasing an additional 789 shares during the period. Ieq Capital LLC lifted its holdings in shares of AbbVie by 4.6% during the second 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 period. Finally, Worldquant Millennium Advisors LLC lifted its holdings in shares of AbbVie by 117.3% during the second 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 period. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of AbbVie in a report on Monday, June 8th. Piper Sandler lifted their target price on AbbVie from $294.00 to $298.00 and gave the stock an “overweight” rating in a report on Thursday, May 14th. BMO Capital Markets reaffirmed an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Bank of America raised AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 target price for the company in a report on Thursday, April 30th. Finally, William Blair reaffirmed an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $253.43.

AbbVie Price Performance

AbbVie stock opened at $221.42 on Tuesday. The stock has a market capitalization of $391.20 billion, a PE ratio of 109.07, a price-to-earnings-growth ratio of 0.70 and a beta of 0.32. AbbVie Inc. has a 12 month low of $181.73 and a 12 month high of $244.81. The business has a 50 day simple moving average of $211.30 and a 200-day simple moving average of $218.93.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.59 by $0.06. The business had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The business’s revenue was up 12.4% compared to the same quarter last year. During the same period in the previous year, the business earned $2.46 earnings per share. On average, equities research analysts anticipate that AbbVie Inc. will post 14.3 EPS for the current fiscal year.

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.