Leo Wealth LLC Purchases Shares of 18,340 AbbVie Inc. (NYSE:ABBV)

Leo Wealth LLC acquired a new position in AbbVie Inc. (NYSE:ABBV) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 18,340 shares of the company’s stock, valued at approximately $2,915,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Fiera Capital Corp boosted its position in AbbVie by 2.6% during the third quarter. Fiera Capital Corp now owns 3,490 shares of the company’s stock worth $520,000 after purchasing an additional 90 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in AbbVie during the third quarter worth approximately $23,262,000. FMR LLC boosted its position in AbbVie by 3.4% during the third quarter. FMR LLC now owns 11,271,472 shares of the company’s stock worth $1,680,126,000 after purchasing an additional 371,842 shares in the last quarter. Intact Investment Management Inc. boosted its position in AbbVie by 1.8% during the third quarter. Intact Investment Management Inc. now owns 74,400 shares of the company’s stock worth $11,090,000 after purchasing an additional 1,300 shares in the last quarter. Finally, Qtron Investments LLC boosted its position in AbbVie by 3.9% during the third quarter. Qtron Investments LLC now owns 20,924 shares of the company’s stock worth $3,119,000 after purchasing an additional 782 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Nicholas Donoghoe sold 21,082 shares of the firm’s 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 completion of the transaction, the executive vice president now directly owns 55,903 shares in the company, valued at $9,855,698.90. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.25% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ABBV. Guggenheim increased their price target on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. BMO Capital Markets decreased their target price on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research report on Monday, April 29th. HSBC upgraded 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. Cantor Fitzgerald began coverage on AbbVie in a research report on Friday, May 17th. They issued an “overweight” rating and a $200.00 target price on the stock. Finally, Barclays decreased their target price on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and a consensus target price of $178.21.

AbbVie Price Performance

ABBV stock opened at $169.70 on Tuesday. The business has a fifty day moving average of $163.56 and a two-hundred day moving average of $166.18. 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 stock 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. AbbVie Inc. has a 52-week low of $130.96 and a 52-week high of $182.89.

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