Wellington Wealth Strategies LLC. Makes New $878,000 Investment in AbbVie Inc. (NYSE:ABBV) (2024)

Wellington Wealth Strategies LLC. bought a new position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,664 shares of the company's stock, valued at approximately $878,000.

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Investing in Biotech: High Risk for a Potentially High Reward

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of AbbVie in the fourth quarter valued at approximately $3,229,888,000. International Assets Investment Management LLC acquired a new stake in shares of AbbVie in the fourth quarter valued at approximately $499,955,000. Capital International Investors grew its position in shares of AbbVie by 6.0% in the fourth quarter. Capital International Investors now owns 44,988,183 shares of the company's stock valued at $6,971,796,000 after purchasing an additional 2,542,463 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of AbbVie by 39.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 8,422,613 shares of the company's stock valued at $1,305,252,000 after purchasing an additional 2,390,239 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of AbbVie by 7.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company's stock valued at $3,774,569,000 after purchasing an additional 1,702,415 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Nicholas Donoghoe sold 21,082 shares of the firm's stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $176.30, for a total value of $3,716,756.60. Following the transaction, the executive vice president now owns 55,903 shares of the company's stock, valued at approximately $9,855,698.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, EVP Jeffrey Ryan Stewart sold 58,949 shares of AbbVie stock in a transaction on Monday, March 18th. The shares were sold at an average price of $178.79, for a total transaction of $10,539,491.71. Following the sale, the executive vice president now owns 60,941 shares of the company's stock, valued at approximately $10,895,641.39. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Nicholas Donoghoe sold 21,082 shares of AbbVie stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $176.30, for a total transaction of $3,716,756.60. Following the sale, the executive vice president now directly owns 55,903 shares in the company, valued at approximately $9,855,698.90. The disclosure for this sale can be found here. Insiders own 0.25% of the company's stock.

Analyst Ratings Changes

2 Generic Drug Makers With Growing Runways

Several research firms have recently commented on ABBV. BMO Capital Markets lowered their price target on shares of AbbVie from $195.00 to $180.00 and set an "outperform" rating on the stock in a research report on Monday, April 29th. Barclays decreased their target price on shares of AbbVie from $195.00 to $187.00 and set an "overweight" rating on the stock in a research report on Monday, April 29th. Cantor Fitzgerald started coverage on shares of AbbVie in a research report on Friday, May 17th. They set an "overweight" rating and a $200.00 target price on the stock. Guggenheim raised their target price on shares of AbbVie from $188.00 to $190.00 and gave the stock a "buy" rating in a research report on Friday, March 22nd. Finally, HSBC upgraded shares of AbbVie from a "hold" rating to a "buy" rating and set a $185.00 target price on the stock in a research report on Wednesday, June 5th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $178.21.

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AbbVie Trading Up 1.2 %

AbbVie Tracking for New Highs in 2024

NYSE:ABBV traded up $2.03 during trading hours on Friday, reaching $168.59. 3,933,662 shares of the company were exchanged, compared to its average volume of 5,477,690. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. The firm has a market cap of $297.71 billion, a price-to-earnings ratio of 50.03, a PEG ratio of 2.13 and a beta of 0.60. AbbVie Inc. has a 52-week low of $130.96 and a 52-week high of $182.89. The stock has a 50 day simple moving average of $163.56 and a 200 day simple moving average of $165.60.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings results on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $2.26 by $0.05. The company had revenue of $12.31 billion for the quarter, compared to the consensus estimate of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. AbbVie's revenue was up .7% on a year-over-year basis. During the same quarter last year, the firm posted $2.46 earnings per share. As a group, analysts predict that AbbVie Inc. will post 11.26 EPS for the current year.

About AbbVie

(Free Report)

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.

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