AbbVie Inc. $ABBV Shares Sold by Bridges Investment Management Inc.

Bridges Investment Management Inc. decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 2.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 187,387 shares of the company’s stock after selling 4,702 shares during the quarter. Bridges Investment Management Inc.’s holdings in AbbVie were worth $42,816,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of ABBV. Norges Bank acquired a new position in shares of AbbVie in the fourth quarter worth about $5,865,055,000. Wellington Management Group LLP lifted its stake in shares of AbbVie by 457.4% in the third quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company’s stock worth $2,439,714,000 after acquiring an additional 8,646,424 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of AbbVie by 10.4% in the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock worth $10,179,099,000 after acquiring an additional 4,190,487 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of AbbVie by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company’s stock worth $41,306,353,000 after acquiring an additional 3,032,438 shares in the last quarter. Finally, Raymond James Financial Inc. lifted its stake in shares of AbbVie by 41.8% in the second quarter. Raymond James Financial Inc. now owns 9,337,480 shares of the company’s stock worth $1,733,222,000 after acquiring an additional 2,753,312 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

ABBV has been the topic of several research reports. Barclays initiated coverage on AbbVie in a research note on Thursday, February 19th. They set an “overweight” rating and a $275.00 price objective on the stock. Royal Bank Of Canada initiated coverage on AbbVie in a research note on Tuesday, February 24th. They set an “outperform” rating and a $260.00 price objective on the stock. Wall Street Zen upgraded AbbVie from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $240.00 target price on shares of AbbVie in a report on Thursday, April 30th. Finally, DZ Bank raised AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Three investment 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. According to data from MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and an average target price of $253.43.

AbbVie Price Performance

Shares of ABBV stock opened at $215.64 on Wednesday. AbbVie Inc. has a 12-month low of $181.73 and a 12-month high of $244.81. The firm has a market capitalization of $381.00 billion, a price-to-earnings ratio of 106.23, a price-to-earnings-growth ratio of 0.73 and a beta of 0.32. The business has a 50 day simple moving average of $208.56 and a 200 day simple moving average of $219.58.

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

AbbVie Company 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.