Modus Advisors LLC Acquires 450 Shares of AbbVie Inc. (NYSE:ABBV)

Modus Advisors LLC raised its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 2.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,159 shares of the company’s stock after purchasing an additional 450 shares during the quarter. AbbVie accounts for approximately 1.6% of Modus Advisors LLC’s investment portfolio, making the stock its 23rd largest holding. Modus Advisors LLC’s holdings in AbbVie were worth $4,217,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in ABBV. Vanguard Group Inc. raised its position in AbbVie by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 160,747,355 shares of the company’s stock valued at $23,961,001,000 after purchasing an additional 1,450,089 shares in the last quarter. Capital International Investors lifted its stake in AbbVie by 6.0% in the fourth quarter. Capital International Investors now owns 44,988,183 shares of the company’s stock worth $6,971,796,000 after acquiring an additional 2,542,463 shares during the period. Morgan Stanley lifted its stake in AbbVie by 2.9% in the third quarter. Morgan Stanley now owns 32,175,527 shares of the company’s stock worth $4,796,085,000 after acquiring an additional 914,485 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in AbbVie by 7.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock worth $3,774,569,000 after acquiring an additional 1,702,415 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of AbbVie by 2.3% during the third quarter. Northern Trust Corp now owns 21,936,279 shares of the company’s stock valued at $3,269,822,000 after purchasing an additional 491,391 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $171.35 on Wednesday. AbbVie Inc. has a 12 month low of $130.96 and a 12 month high of $182.89. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. The stock has a market cap of $302.58 billion, a price-to-earnings ratio of 50.85, a PEG ratio of 2.17 and a beta of 0.60. The company has a 50 day simple moving average of $163.58 and a two-hundred day simple moving average of $166.38.

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ABBV. Barclays lowered their target price on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a report on Monday, April 29th. Piper Sandler lifted their target price on AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a research note on Tuesday. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a report on Wednesday, June 5th. Guggenheim lifted their price target on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Finally, Cantor Fitzgerald started coverage on AbbVie in a research report on Friday, May 17th. They set an “overweight” rating and a $200.00 target price on the stock. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and an average target price of $179.64.

About AbbVie

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.