AbbVie Inc. $ABBV Stock Holdings Increased by Fred Alger Management LLC

Fred Alger Management LLC lifted its stake in AbbVie Inc. (NYSE:ABBV) by 3.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 113,826 shares of the company’s stock after purchasing an additional 3,265 shares during the quarter. Fred Alger Management LLC’s holdings in AbbVie were worth $26,008,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in ABBV. Thornburg Investment Management Inc. raised its position in AbbVie by 25.5% during the third quarter. Thornburg Investment Management Inc. now owns 401,760 shares of the company’s stock valued at $93,024,000 after acquiring an additional 81,625 shares in the last quarter. Channing Capital Management LLC grew its holdings in AbbVie by 10.5% during the third quarter. Channing Capital Management LLC now owns 55,647 shares of the company’s stock valued at $12,885,000 after purchasing an additional 5,302 shares during the last quarter. Procyon Advisors LLC grew its holdings in AbbVie by 19.9% during the fourth quarter. Procyon Advisors LLC now owns 32,752 shares of the company’s stock valued at $7,484,000 after purchasing an additional 5,427 shares during the last quarter. Woodley Farra Manion Portfolio Management Inc. grew its holdings in AbbVie by 358.1% during the third quarter. Woodley Farra Manion Portfolio Management Inc. now owns 14,746 shares of the company’s stock valued at $3,414,000 after purchasing an additional 11,527 shares during the last quarter. Finally, Waycross Partners LLC grew its holdings in AbbVie by 2.9% during the fourth quarter. Waycross Partners LLC now owns 182,476 shares of the company’s stock valued at $41,694,000 after purchasing an additional 5,063 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a report on Monday, June 8th. BMO Capital Markets reiterated an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Guggenheim reiterated a “buy” rating and set a $249.00 price target on shares of AbbVie in a report on Friday, May 1st. Morgan Stanley increased their price target on AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Finally, Evercore set a $235.00 price objective on AbbVie in a research report on Friday, May 15th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $253.43.

AbbVie Trading Up 0.5%

Shares of AbbVie stock opened at $222.62 on Wednesday. The company’s fifty day simple moving average is $211.58 and its 200-day simple moving average is $218.89. The company has a market cap of $393.33 billion, a price-to-earnings ratio of 109.67, a PEG ratio of 0.68 and a beta of 0.32. AbbVie Inc. has a 1 year low of $181.73 and a 1 year high of $244.81.

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