GAMMA Investing LLC Has $3.53 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

GAMMA Investing LLC boosted its stake in AbbVie Inc. (NYSE:ABBV) by 18.9% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 19,360 shares of the company’s stock after buying an additional 3,083 shares during the period. AbbVie makes up 0.7% of GAMMA Investing LLC’s portfolio, making the stock its 19th largest holding. GAMMA Investing LLC’s holdings in AbbVie were worth $3,526,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Vermillion & White Wealth Management Group LLC bought a new stake in shares of AbbVie during the 4th quarter worth approximately $26,000. Able Wealth Management LLC bought a new stake in shares of AbbVie during the 4th quarter worth approximately $33,000. IFS Advisors LLC bought a new stake in shares of AbbVie during the 1st quarter worth approximately $36,000. Ables Iannone Moore & Associates Inc. bought a new stake in shares of AbbVie during the 4th quarter worth approximately $37,000. Finally, Clarity Asset Management Inc. bought a new stake in shares of AbbVie during the 4th quarter worth approximately $42,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ABBV. Guggenheim increased their price objective on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Barclays dropped their price objective 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. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a research note on Wednesday, June 5th. Piper Sandler increased their price objective on shares of AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Cantor Fitzgerald began coverage on shares of AbbVie in a research note on Friday, May 17th. They issued an “overweight” rating and a $200.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $179.64.

AbbVie Price Performance

ABBV opened at $171.36 on Thursday. The company has a market capitalization of $302.60 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 quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. The firm has a 50-day moving average price of $163.63 and a 200-day moving average price of $166.41. AbbVie Inc. has a twelve month low of $130.96 and a twelve month high of $182.89.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.05. The firm had revenue of $12.31 billion during 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%. The company’s revenue was up .7% on a year-over-year basis. During the same quarter last year, the company earned $2.46 earnings per share. Equities analysts expect that AbbVie Inc. will post 11.26 EPS for the current year.

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.