AbbVie Inc. $ABBV Stock Position Decreased by Bridges Investment Management Inc.

Bridges Investment Management Inc. cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.4% in the 4th quarter, HoldingsChannel.com reports. The fund 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 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of ABBV. Brighton Jones LLC boosted its position in shares of AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after buying an additional 3,401 shares during the period. Revolve Wealth Partners LLC boosted its position in shares of AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after buying an additional 3,064 shares during the period. Schnieders Capital Management LLC. boosted its position in shares of AbbVie by 5.0% in the second quarter. Schnieders Capital Management LLC. now owns 16,466 shares of the company’s stock worth $3,056,000 after buying an additional 789 shares during the period. Ieq Capital LLC raised its holdings in shares of AbbVie by 4.6% during the second quarter. Ieq Capital LLC now owns 120,035 shares of the company’s stock worth $22,281,000 after acquiring an additional 5,274 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC raised its holdings in shares of AbbVie by 117.3% during the second quarter. Worldquant Millennium Advisors LLC now owns 1,135,034 shares of the company’s stock worth $210,685,000 after acquiring an additional 612,702 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Wall Street Zen raised AbbVie from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Sanford C. Bernstein restated a “market perform” rating on shares of AbbVie in a research note on Thursday, February 5th. Barclays began coverage on AbbVie in a report on Thursday, February 19th. They set an “overweight” rating and a $275.00 price objective on the stock. Evercore set a $235.00 price objective on AbbVie in a report on Friday, May 15th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $240.00 target price on shares of AbbVie in a report on Thursday, April 30th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus price target of $253.43.

AbbVie Stock Performance

NYSE:ABBV opened at $215.64 on Wednesday. The stock’s fifty day moving average price is $208.56 and its two-hundred day moving average price is $219.58. AbbVie Inc. has a 52-week low of $181.73 and a 52-week high of $244.81. The company has a market cap of $381.00 billion, a price-to-earnings ratio of 106.23, a P/E/G ratio of 0.73 and a beta of 0.32.

AbbVie (NYSE:ABBV) last posted 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. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.72 billion. During the same quarter in the prior year, the business earned $2.46 EPS. The business’s revenue for the quarter was up 12.4% compared to the same quarter last year. On average, equities analysts predict that AbbVie Inc. will post 14.3 EPS for the current fiscal year.

About AbbVie

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.