Palacios Wealth Management LLC Invests $1.54 Million in AbbVie Inc. (NYSE:ABBV)

Palacios Wealth Management LLC acquired a new stake in AbbVie Inc. (NYSE:ABBV) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 8,968 shares of the company’s stock, valued at approximately $1,543,000. AbbVie accounts for 1.7% of Palacios Wealth Management LLC’s portfolio, making the stock its 15th biggest position.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Groupama Asset Managment increased its holdings in shares of AbbVie by 40.3% in the 3rd quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock valued at $27,000 after purchasing an additional 38,974 shares in the last quarter. RPg Family Wealth Advisory LLC acquired a new position in AbbVie during the third quarter worth about $28,000. Fiduciary Advisors Inc. purchased a new position in AbbVie in the fourth quarter valued at about $29,000. Retirement Wealth Solutions LLC purchased a new stake in shares of AbbVie during the 4th quarter worth approximately $35,000. Finally, Mizuho Securities Co. Ltd. boosted its stake in shares of AbbVie by 100.0% during the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock worth $39,000 after acquiring an additional 100 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Truist Financial raised their price objective on AbbVie from $211.00 to $217.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Guggenheim raised their price target on AbbVie from $212.00 to $214.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Morgan Stanley boosted their price objective on shares of AbbVie from $224.00 to $239.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Bank of America restated a “neutral” rating and set a $191.00 target price on shares of AbbVie in a report on Tuesday, December 10th. Finally, Raymond James reaffirmed an “outperform” rating and issued a $220.00 price target (up previously from $218.00) on shares of AbbVie in a report on Monday, February 3rd. Five research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $208.35.

AbbVie Stock Performance

AbbVie stock opened at $193.54 on Friday. The stock has a fifty day moving average price of $178.24 and a 200 day moving average price of $185.91. AbbVie Inc. has a 52 week low of $153.58 and a 52 week high of $207.32. The firm has a market capitalization of $342.00 billion, a P/E ratio of 80.64, a PEG ratio of 1.53 and a beta of 0.58. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, January 31st. The company reported $2.16 EPS for the quarter, missing analysts’ consensus estimates of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 257.91%. During the same quarter last year, the company posted $2.79 EPS. Equities research analysts anticipate that AbbVie Inc. will post 12.32 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Kevin K. Buckbee sold 1,800 shares of AbbVie stock in a transaction on Monday, December 16th. The stock was sold at an average price of $172.24, for a total value of $310,032.00. Following the transaction, the senior vice president now owns 6,983 shares in the company, valued at approximately $1,202,751.92. This trade represents a 20.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.25% of the stock is currently owned by company insiders.

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.