Summit Wealth Partners LLC Has $637,000 Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Summit Wealth Partners LLC lifted its position in AbbVie Inc. (NYSE:ABBV) by 9.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,583 shares of the company’s stock after acquiring an additional 321 shares during the period. Summit Wealth Partners LLC’s holdings in AbbVie were worth $637,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. State Street Corp grew its stake in shares of AbbVie by 1.6% in the third quarter. State Street Corp now owns 79,067,935 shares of the company’s stock valued at $15,614,329,000 after buying an additional 1,267,685 shares in the last quarter. FMR LLC boosted its position in AbbVie by 3.9% during the third quarter. FMR LLC now owns 13,630,404 shares of the company’s stock worth $2,691,732,000 after purchasing an additional 511,470 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in AbbVie by 6.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,175,926 shares of the company’s stock worth $2,009,542,000 after purchasing an additional 582,953 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of AbbVie by 4.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 9,330,779 shares of the company’s stock worth $1,842,642,000 after buying an additional 373,802 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in shares of AbbVie by 1,745.0% during the third quarter. International Assets Investment Management LLC now owns 4,728,063 shares of the company’s stock worth $933,698,000 after buying an additional 4,471,806 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $191.74 on Thursday. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. The stock’s fifty day simple moving average is $177.01 and its two-hundred day simple moving average is $185.38. AbbVie Inc. has a 1-year low of $153.58 and a 1-year high of $207.32. The stock has a market cap of $338.82 billion, a PE ratio of 79.89, a price-to-earnings-growth ratio of 1.84 and a beta of 0.58.

AbbVie (NYSE:ABBV) last released its earnings results 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 return on equity of 257.91% and a net margin of 7.59%. During the same period in the prior year, the firm earned $2.79 EPS. As a group, analysts forecast that AbbVie Inc. will post 12.26 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ABBV. Leerink Partnrs raised AbbVie from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Truist Financial lifted their target price on AbbVie from $211.00 to $217.00 and gave the stock a “buy” rating in a report on Monday. JPMorgan Chase & Co. dropped their price target on AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a research note on Wednesday, November 13th. Wells Fargo & Company boosted their price target on AbbVie from $195.00 to $210.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Bank of America reaffirmed a “neutral” rating and issued a $191.00 price target on shares of AbbVie in a research note on Tuesday, December 10th. 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 company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $208.35.

Insider Buying and Selling

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

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.