AbbVie Inc. $ABBV Shares Sold by Pettee Investors Inc.

Pettee Investors Inc. lessened its stake in shares of AbbVie Inc. (NYSE:ABBV) by 35.1% during the 3rd quarter, Holdings Channel reports. The firm owned 13,995 shares of the company’s stock after selling 7,580 shares during the quarter. AbbVie comprises approximately 1.8% of Pettee Investors Inc.’s investment portfolio, making the stock its 12th largest position. Pettee Investors Inc.’s holdings in AbbVie were worth $3,240,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of AbbVie by 1.9% in the second quarter. Vanguard Group Inc. now owns 177,298,707 shares of the company’s stock worth $32,910,186,000 after acquiring an additional 3,380,842 shares during the period. Geode Capital Management LLC grew its position in AbbVie by 2.4% during the 2nd quarter. Geode Capital Management LLC now owns 39,178,351 shares of the company’s stock worth $7,240,169,000 after purchasing an additional 924,761 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of AbbVie by 6.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 26,783,329 shares of the company’s stock valued at $4,970,848,000 after buying an additional 1,517,222 shares during the last quarter. Norges Bank acquired a new position in shares of AbbVie in the 2nd quarter valued at about $4,288,200,000. Finally, Raymond James Financial Inc. boosted 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 buying an additional 2,753,312 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

NYSE:ABBV opened at $225.76 on Tuesday. The stock has a market capitalization of $399.01 billion, a PE ratio of 171.03, a P/E/G ratio of 0.92 and a beta of 0.35. AbbVie Inc. has a fifty-two week low of $164.39 and a fifty-two week high of $244.81. The company has a fifty day moving average of $224.33 and a two-hundred day moving average of $218.90.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, October 31st. The company reported $1.86 EPS for the quarter, topping analysts’ consensus estimates of $1.77 by $0.09. AbbVie had a net margin of 4.00% and a return on equity of 3,216.47%. The business had revenue of $15.78 billion during the quarter, compared to analysts’ expectations of $15.58 billion. During the same quarter in the previous year, the company earned $3.00 earnings per share. The company’s quarterly revenue was up 9.1% on a year-over-year basis. Research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. UBS Group reiterated a “neutral” rating on shares of AbbVie in a research report on Tuesday, January 13th. Hsbc Global Res raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 10th. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 3rd. Piper Sandler reaffirmed an “overweight” rating and issued a $289.00 price objective (up previously from $284.00) on shares of AbbVie in a report on Wednesday, November 5th. Finally, HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and upped their price objective for the stock from $225.00 to $265.00 in a research report on Wednesday, December 10th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $251.17.

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.