Royal Palms Capital LLC Takes Position in AbbVie Inc. $ABBV

Royal Palms Capital LLC purchased a new position in shares of AbbVie Inc. (NYSE:ABBV) during the 4th quarter, HoldingsChannel.com reports. The fund purchased 17,644 shares of the company’s stock, valued at approximately $4,031,000. AbbVie comprises 4.8% of Royal Palms Capital LLC’s holdings, making the stock its 5th biggest position.

Several other institutional investors and hedge funds have also recently modified their holdings of ABBV. Brighton Jones LLC boosted its position in shares of AbbVie by 17.4% during the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after acquiring an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC boosted its position in shares of AbbVie by 72.7% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after acquiring an additional 3,064 shares during the last quarter. Schnieders Capital Management LLC. boosted its position in shares of AbbVie by 5.0% during the 2nd quarter. Schnieders Capital Management LLC. now owns 16,466 shares of the company’s stock valued at $3,056,000 after acquiring an additional 789 shares during the last quarter. Ieq Capital LLC boosted its position in shares of AbbVie by 4.6% during the 2nd quarter. Ieq Capital LLC now owns 120,035 shares of the company’s stock valued at $22,281,000 after acquiring an additional 5,274 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC boosted its position in shares of AbbVie by 117.3% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 1,135,034 shares of the company’s stock valued at $210,685,000 after acquiring an additional 612,702 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Bank of America raised shares of AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 price target on the stock in a research report on Thursday, April 30th. Piper Sandler boosted their price target on shares of AbbVie from $294.00 to $298.00 and gave the company an “overweight” rating in a research report on Thursday, May 14th. The Goldman Sachs Group reissued a “neutral” rating and set a $223.00 price target on shares of AbbVie in a research report on Wednesday, January 28th. Canaccord Genuity Group boosted their price target on shares of AbbVie from $262.00 to $265.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Finally, Guggenheim reissued a “buy” rating and set a $249.00 price target on shares of AbbVie in a research report on Friday, May 1st. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus price target of $253.43.

Insider Transactions at AbbVie

In related news, SVP David Ryan Purdue sold 5,230 shares of the business’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $233.56, for a total value of $1,221,518.80. Following the sale, the senior vice president directly owned 2,654 shares in the company, valued at approximately $619,868.24. The trade was a 66.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.06% of the company’s stock.

AbbVie Trading Down 1.3%

Shares of ABBV opened at $212.79 on Wednesday. The firm has a market cap of $375.96 billion, a P/E ratio of 104.82, a price-to-earnings-growth ratio of 0.74 and a beta of 0.32. AbbVie Inc. has a 12-month low of $181.73 and a 12-month high of $244.81. The company’s 50-day moving average price is $208.39 and its 200 day moving average price is $219.70.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.06. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. AbbVie’s revenue was up 12.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.46 EPS. Equities research analysts forecast that AbbVie Inc. will post 14.3 earnings per share for the current year.

AbbVie Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.