AbbVie Inc. $ABBV Shares Acquired by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. raised its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 11.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 232,464 shares of the company’s stock after purchasing an additional 23,954 shares during the period. Rakuten Investment Management Inc.’s holdings in AbbVie were worth $53,662,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. BMO Capital Markets reissued an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Evercore set a $235.00 price objective on shares of AbbVie in a report on Friday, May 15th. Wall Street Zen lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Sunday, June 7th. Barclays started coverage on shares of AbbVie in a report on Thursday, February 19th. They set an “overweight” rating and a $275.00 price objective on the stock. Finally, Guggenheim reaffirmed a “buy” rating and issued a $249.00 price target on shares of AbbVie in a report on Friday, May 1st. 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 company presently has an average rating of “Moderate Buy” and an average target price of $253.43.

AbbVie Stock Down 2.8%

ABBV stock opened at $221.42 on Tuesday. The company’s 50-day simple moving average is $211.30 and its 200-day simple moving average is $218.93. AbbVie Inc. has a 52-week low of $181.73 and a 52-week high of $244.81. The firm has a market cap of $391.20 billion, a P/E ratio of 109.07, a PEG ratio of 0.70 and a beta of 0.32.

AbbVie (NYSE:ABBV) last posted its earnings results 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 net margin of 5.79% and a negative return on equity of 576.45%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.72 billion. During the same period in the prior year, the company posted $2.46 EPS. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. On average, analysts anticipate that AbbVie Inc. will post 14.3 earnings per share 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.