Cove Private Wealth LLC Buys New Holdings in AbbVie Inc. (NYSE:ABBV)

Cove Private Wealth LLC purchased a new position in AbbVie Inc. (NYSE:ABBV) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,750 shares of the company’s stock, valued at approximately $426,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vermillion & White Wealth Management Group LLC purchased a new stake in AbbVie in the 4th quarter worth approximately $26,000. Able Wealth Management LLC purchased a new stake in AbbVie in the fourth quarter worth $33,000. Clarity Asset Management Inc. bought a new stake in AbbVie in the fourth quarter valued at $42,000. DiNuzzo Private Wealth Inc. purchased a new position in AbbVie during the 4th quarter valued at $44,000. Finally, Clear Investment Research LLC bought a new position in AbbVie in the 4th quarter worth $48,000. Institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $169.70 on Tuesday. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. The firm has a market cap of $299.67 billion, a price-to-earnings ratio of 50.36, a price-to-earnings-growth ratio of 2.16 and a beta of 0.60. The business has a 50-day simple moving average of $163.56 and a two-hundred day simple moving average of $166.18. AbbVie Inc. has a fifty-two week low of $130.96 and a fifty-two week high of $182.89.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, May 3rd. The company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. The firm had revenue of $12.31 billion during the quarter, compared to analyst estimates of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the previous year, the business posted $2.46 earnings per share. On average, analysts expect that AbbVie Inc. will post 11.26 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on ABBV. BMO Capital Markets lowered their price objective on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, April 29th. Cantor Fitzgerald assumed coverage on AbbVie in a research report on Friday, May 17th. They set an “overweight” rating and a $200.00 price target on the stock. Guggenheim increased their price objective on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. 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 report on Wednesday, June 5th. Finally, Barclays decreased their price target on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research note on Monday, April 29th. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $178.21.

Insider Activity

In related news, 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 value of $3,716,756.60. Following the completion of the sale, the executive vice president now owns 55,903 shares of the company’s stock, valued at $9,855,698.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.