AbbVie Inc. $ABBV is Berkshire Asset Management LLC PA’s 3rd Largest Position

Berkshire Asset Management LLC PA decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 0.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 376,948 shares of the company’s stock after selling 3,451 shares during the period. AbbVie accounts for about 3.8% of Berkshire Asset Management LLC PA’s holdings, making the stock its 3rd biggest position. Berkshire Asset Management LLC PA’s holdings in AbbVie were worth $86,129,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Chelsea Counsel Co. purchased a new position in shares of AbbVie in the third quarter worth about $26,000. Litman Gregory Wealth Management LLC purchased a new position in AbbVie during the fourth quarter valued at approximately $28,000. Westend Capital Management LLC purchased a new position in AbbVie during the fourth quarter valued at approximately $29,000. IFC & Insurance Marketing Inc. purchased a new position in AbbVie during the fourth quarter valued at approximately $31,000. Finally, Texas Capital Bancshares Inc TX purchased a new position in AbbVie during the third quarter valued at approximately $31,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

ABBV stock opened at $222.62 on Wednesday. AbbVie Inc. has a one year low of $181.73 and a one year high of $244.81. The stock has a market cap of $393.33 billion, a PE ratio of 109.67, a P/E/G ratio of 0.68 and a beta of 0.32. The firm has a 50 day simple moving average of $211.58 and a two-hundred day simple moving average of $218.89.

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

Wall Street Analyst Weigh In

Several brokerages recently commented on ABBV. BMO Capital Markets reaffirmed an “outperform” rating on shares of AbbVie in a research note on Monday, March 9th. Canaccord Genuity Group boosted their price objective on shares of AbbVie from $262.00 to $265.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. Bank of America raised shares of AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 price objective for the company in a research note on Thursday, April 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $240.00 price objective on shares of AbbVie in a research note on Thursday, April 30th. Finally, Guggenheim reaffirmed a “buy” rating and set a $249.00 price objective on shares of AbbVie in a research note on Friday, May 1st. Three 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $253.43.

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.