Opal Capital LLC Takes $7.84 Million Position in AbbVie Inc. $ABBV

Opal Capital LLC acquired a new stake in AbbVie Inc. (NYSE:ABBV) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 34,394 shares of the company’s stock, valued at approximately $7,841,000. AbbVie accounts for about 2.0% of Opal Capital LLC’s holdings, making the stock its 13th biggest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in ABBV. Chelsea Counsel Co. acquired a new position in shares of AbbVie in the third quarter valued at approximately $26,000. Litman Gregory Wealth Management LLC acquired a new position in shares of AbbVie in the fourth quarter valued at approximately $28,000. Westend Capital Management LLC acquired a new position in shares of AbbVie in the fourth quarter valued at approximately $29,000. Texas Capital Bancshares Inc TX acquired a new position in shares of AbbVie in the third quarter valued at approximately $31,000. Finally, Legacy Wealth Managment LLC ID increased its position in AbbVie by 115.9% during the 4th quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock valued at $31,000 after purchasing an additional 73 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Up 0.5%

Shares of ABBV opened at $222.62 on Wednesday. AbbVie Inc. has a 12-month low of $181.73 and a 12-month high of $244.81. The business’s fifty day moving average is $211.58 and its 200 day moving average is $218.89. The stock has a market cap of $393.33 billion, a P/E ratio of 109.67, a P/E/G ratio of 0.68 and a beta of 0.32.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The company had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.72 billion. During the same period last year, the business earned $2.46 EPS. AbbVie’s quarterly revenue was up 12.4% compared to the same quarter last year. On average, analysts expect that AbbVie Inc. will post 14.3 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on ABBV shares. Royal Bank Of Canada started coverage on shares of AbbVie in a research report on Tuesday, February 24th. They set an “outperform” rating and a $260.00 target price for the company. Bank of America raised shares of AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 target price for the company in a research report on Thursday, April 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $240.00 target price on shares of AbbVie in a research report on Thursday, April 30th. Canaccord Genuity Group increased their target price 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, William Blair reissued an “outperform” rating on shares of AbbVie in a research report on Monday, March 9th. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $253.43.

About AbbVie

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.