HighPoint Advisor Group LLC Takes $27.29 Million Position in AbbVie Inc. (NYSE:ABBV)

HighPoint Advisor Group LLC acquired a new position in shares of AbbVie Inc. (NYSE:ABBV) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 176,101 shares of the company’s stock, valued at approximately $27,290,000. AbbVie comprises about 2.1% of HighPoint Advisor Group LLC’s holdings, making the stock its 6th biggest holding.

Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in AbbVie by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 160,747,355 shares of the company’s stock worth $23,961,001,000 after acquiring an additional 1,450,089 shares during the last quarter. Capital International Investors boosted its holdings in 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 acquiring an additional 2,542,463 shares during the last quarter. Morgan Stanley increased its position 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 purchasing an additional 914,485 shares during the period. Charles Schwab Investment Management Inc. lifted its position 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 valued at $3,774,569,000 after purchasing an additional 1,702,415 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of AbbVie by 2.3% in the 3rd 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 during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of analyst reports. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a report on Wednesday, June 5th. Barclays decreased their target price on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. Guggenheim increased their price target on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Piper Sandler boosted their price objective on shares of AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Cantor Fitzgerald began coverage on shares of AbbVie in a report on Friday, May 17th. They issued 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 assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $179.64.

AbbVie Stock Performance

Shares of ABBV stock 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’s fifty day simple moving average is $163.58 and its 200-day simple moving average is $166.38. The firm has a market cap of $302.58 billion, a PE ratio of 50.85, a P/E/G ratio of 2.16 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.

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

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.