AbbVie Inc. $ABBV Stock Holdings Increased by Sofinnova Investments Inc.

Sofinnova Investments Inc. grew its stake in AbbVie Inc. (NYSE:ABBV) by 110.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 317,783 shares of the company’s stock after acquiring an additional 166,817 shares during the quarter. AbbVie comprises approximately 3.0% of Sofinnova Investments Inc.’s portfolio, making the stock its 8th biggest holding. Sofinnova Investments Inc.’s holdings in AbbVie were worth $72,610,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in ABBV. Chelsea Counsel Co. purchased a new stake in shares of AbbVie in the third quarter valued at $26,000. Litman Gregory Wealth Management LLC purchased a new stake in shares of AbbVie in the fourth quarter valued at $28,000. Westend Capital Management LLC purchased a new stake in shares of AbbVie in the fourth quarter valued at $29,000. Texas Capital Bancshares Inc TX purchased a new stake in shares of AbbVie in the third quarter valued at $31,000. Finally, Legacy Wealth Managment LLC ID lifted its position in shares of AbbVie by 115.9% in the fourth quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock valued at $31,000 after acquiring an additional 73 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. BMO Capital Markets restated an “outperform” rating on shares of AbbVie in a research report on Monday, March 9th. Morgan Stanley upped their target price on AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Bank of America upgraded AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 target price for the company in a research note on Thursday, April 30th. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Sunday, June 7th. Finally, Royal Bank Of Canada started coverage on AbbVie in a research note on Tuesday, February 24th. They issued an “outperform” rating and a $260.00 target price for the company. Three 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 company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $253.43.

AbbVie Trading Down 2.8%

AbbVie stock opened at $221.42 on Tuesday. The firm has a market capitalization of $391.20 billion, a P/E ratio of 109.07, a PEG ratio of 0.70 and a beta of 0.32. The stock has a fifty day moving average price of $211.30 and a 200 day moving average price of $218.93. AbbVie Inc. has a 52 week low of $181.73 and a 52 week high of $244.81.

AbbVie (NYSE:ABBV) last released its earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.59 by $0.06. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The business’s quarterly revenue 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. As a group, equities analysts predict that AbbVie Inc. will post 14.3 EPS for the current 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.