2,887 Shares in AbbVie Inc. $ABBV Bought by M3 Wealth Management LLC

M3 Wealth Management LLC acquired a new position in shares of AbbVie Inc. (NYSE:ABBV) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 2,887 shares of the company’s stock, valued at approximately $660,000.

Other hedge funds have also recently made changes to their positions in the company. Chelsea Counsel Co. purchased a new stake in shares of AbbVie during the 3rd quarter worth $26,000. Westend Capital Management LLC purchased a new stake in shares of AbbVie during the 4th quarter worth $29,000. Texas Capital Bancshares Inc TX purchased a new stake in shares of AbbVie during the 3rd quarter worth $31,000. Legacy Wealth Managment LLC ID lifted its stake in shares of AbbVie by 115.9% during the 4th quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock worth $31,000 after purchasing an additional 73 shares during the last quarter. Finally, WestEnd Advisors LLC lifted its stake in shares of AbbVie by 160.4% during the 4th quarter. WestEnd Advisors LLC now owns 138 shares of the company’s stock worth $32,000 after purchasing an additional 85 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP David Ryan Purdue sold 5,230 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $233.56, for a total value of $1,221,518.80. Following the completion of the transaction, the senior vice president directly owned 2,654 shares in the company, valued at $619,868.24. This trade represents a 66.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.06% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ABBV. Bank of America upgraded AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 price objective for the company in a research note on Thursday, April 30th. Morgan Stanley upped their price objective on AbbVie from $270.00 to $278.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Royal Bank Of Canada began coverage on AbbVie in a research note on Tuesday, February 24th. They set an “outperform” rating and a $260.00 price objective for the company. Cantor Fitzgerald restated an “overweight” rating and set a $240.00 price objective on shares of AbbVie in a research note on Thursday, April 30th. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of AbbVie in a research note on Thursday, February 5th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and a consensus price target of $253.43.

AbbVie Stock Down 1.3%

Shares of NYSE:ABBV opened at $212.79 on Wednesday. AbbVie Inc. has a 52-week low of $181.73 and a 52-week high of $244.81. The stock has a market cap of $375.96 billion, a price-to-earnings ratio of 104.82, a PEG ratio of 0.74 and a beta of 0.32. The business has a 50-day moving average price of $208.39 and a 200-day moving average price of $219.70.

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