Convergence Investment Partners LLC grew its holdings in shares of AbbVie Inc (NYSE:ABBV) by 6.4% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 106,733 shares of the company’s stock after buying an additional 6,438 shares during the period. AbbVie accounts for 1.3% of Convergence Investment Partners LLC’s portfolio, making the stock its 3rd biggest position. Convergence Investment Partners LLC’s holdings in AbbVie were worth $9,484,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also bought and sold shares of the company. Capital Research Global Investors grew its stake in AbbVie by 1.2% in the second quarter. Capital Research Global Investors now owns 178,274,835 shares of the company’s stock worth $12,926,708,000 after purchasing an additional 2,130,919 shares during the period. Vanguard Group Inc. grew its stake in AbbVie by 3.3% in the second quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock worth $8,405,409,000 after purchasing an additional 3,706,941 shares during the period. BlackRock Inc. grew its stake in AbbVie by 2.0% in the second quarter. BlackRock Inc. now owns 94,074,962 shares of the company’s stock worth $6,821,375,000 after purchasing an additional 1,864,418 shares during the period. Orbis Allan Gray Ltd grew its stake in AbbVie by 35.7% in the second quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock worth $921,233,000 after purchasing an additional 3,340,038 shares during the period. Finally, Woodford Investment Management Ltd grew its stake in AbbVie by 8.6% in the second quarter. Woodford Investment Management Ltd now owns 11,854,758 shares of the company’s stock worth $859,589,000 after purchasing an additional 937,500 shares during the period. 69.33% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts recently weighed in on the company. Argus upped their price target on AbbVie from $120.00 to $145.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. ValuEngine raised AbbVie from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Morgan Stanley upped their price target on AbbVie from $99.00 to $131.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 30th. Evercore ISI reaffirmed a “buy” rating and issued a $144.00 price target on shares of AbbVie in a research note on Monday, January 29th. Finally, Credit Suisse Group set a $135.00 price target on AbbVie and gave the stock a “hold” rating in a research note on Monday, January 29th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $117.26.
AbbVie (NYSE:ABBV) last released its earnings results on Friday, January 26th. The company reported $1.48 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.04. AbbVie had a return on equity of 152.78% and a net margin of 18.82%. The business had revenue of $7.74 billion for the quarter, compared to the consensus estimate of $7.53 billion. During the same period in the previous year, the company posted $1.20 earnings per share. The company’s revenue for the quarter was up 13.9% compared to the same quarter last year. sell-side analysts anticipate that AbbVie Inc will post 7.46 EPS for the current fiscal year.
In other news, Chairman Richard A. Gonzalez sold 218,193 shares of the company’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $94.01, for a total transaction of $20,512,323.93. Following the transaction, the chairman now directly owns 492,030 shares of the company’s stock, valued at $46,255,740.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Timothy J. Richmond sold 87,040 shares of the company’s stock in a transaction on Monday, December 18th. The shares were sold at an average price of $98.45, for a total value of $8,569,088.00. Following the transaction, the senior vice president now directly owns 113,118 shares in the company, valued at $11,136,467.10. The disclosure for this sale can be found here. Insiders sold 450,743 shares of company stock worth $43,153,684 over the last three months. Corporate insiders own 0.23% of the company’s stock.
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AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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