Monterey Private Wealth Inc. Raises Holdings in AbbVie Inc. (NYSE:ABBV)

Posted by on Jun 20th, 2023

Monterey Private Wealth Inc. grew its holdings in AbbVie Inc. (NYSE:ABBV – Get Rating) by 23.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,158 shares of the company’s stock after purchasing an additional 601 shares during the period. Monterey Private Wealth Inc.’s holdings in AbbVie were worth $503,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Red Tortoise LLC acquired a new position in AbbVie during the 4th quarter worth about $27,000. Boulder Wealth Advisors LLC acquired a new stake in shares of AbbVie during the fourth quarter worth about $31,000. My Personal CFO LLC purchased a new position in shares of AbbVie in the fourth quarter valued at approximately $32,000. Align Wealth Management LLC acquired a new position in shares of AbbVie in the fourth quarter valued at approximately $27,000. Finally, Oliver Lagore Vanvalin Investment Group increased its stake in AbbVie by 85.3% during the 3rd quarter. Oliver Lagore Vanvalin Investment Group now owns 202 shares of the company’s stock worth $27,000 after buying an additional 93 shares during the period. 68.27% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Perry C. Siatis sold 3,520 shares of the stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $160.00, for a total transaction of $563,200.00. Following the completion of the sale, the executive vice president now owns 10,377 shares in the company, valued at $1,660,320. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Perry C. Siatis sold 3,520 shares of AbbVie stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $160.00, for a total value of $563,200.00. Following the transaction, the executive vice president now directly owns 10,377 shares in the company, valued at approximately $1,660,320. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Elaine K. Sorg sold 15,002 shares of the business’s stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $160.03, for a total transaction of $2,400,770.06. Following the completion of the transaction, the senior vice president now directly owns 42,829 shares in the company, valued at $6,853,924.87. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,151 shares of company stock valued at $5,187,783. Insiders own 0.26% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on ABBV. Wells Fargo & Company dropped their price target on shares of AbbVie from $200.00 to $195.00 in a research note on Friday, April 28th. Guggenheim cut their price target on AbbVie from $172.00 to $171.00 in a report on Friday, April 28th. Argus downgraded AbbVie from a “buy” rating to a “hold” rating in a research report on Wednesday, April 5th. Wolfe Research cut shares of AbbVie from an “outperform” rating to a “peer perform” rating in a report on Wednesday, February 22nd. They noted that the move was a valuation call. Finally, Barclays increased their price objective on shares of AbbVie from $155.00 to $160.00 in a research report on Wednesday, April 12th. Eight analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $163.40.

AbbVie Stock Up 2.0 %

AbbVie stock opened at $138.64 on Tuesday. The company has a market capitalization of $244.60 billion, a P/E ratio of 32.78, a PEG ratio of 2.53 and a beta of 0.58. The company has a debt-to-equity ratio of 4.46, a quick ratio of 0.82 and a current ratio of 0.96. AbbVie Inc. has a fifty-two week low of $131.10 and a fifty-two week high of $168.11. The stock has a 50-day simple moving average of $146.96 and a 200-day simple moving average of $152.72.

AbbVie (NYSE:ABBV – Get Rating) last issued its quarterly earnings data on Thursday, April 27th. The company reported $2.46 earnings per share for the quarter, beating analysts’ consensus estimates of $2.44 by $0.02. The company had revenue of $12.23 billion during the quarter, compared to analysts’ expectations of $12.23 billion. AbbVie had a return on equity of 153.92% and a net margin of 13.37%. The firm’s revenue for the quarter was down 9.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.16 earnings per share. Equities research analysts expect that AbbVie Inc. will post 10.97 earnings per share for the current year.

AbbVie Profile

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AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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