AbbVie Inc. $ABBV Shares Sold by Hartford Investment Management Co.

Hartford Investment Management Co. reduced its holdings in AbbVie Inc. (NYSE:ABBV) by 2.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103,511 shares of the company’s stock after selling 3,060 shares during the quarter. AbbVie accounts for 0.7% of Hartford Investment Management Co.’s holdings, making the stock its 22nd biggest position. Hartford Investment Management Co.’s holdings in AbbVie were worth $23,967,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in ABBV. Cornerstone Advisors Asset Management LLC boosted its stake in shares of AbbVie by 5.6% during the 3rd quarter. Cornerstone Advisors Asset Management LLC now owns 2,776 shares of the company’s stock worth $643,000 after acquiring an additional 147 shares in the last quarter. Elm Partners Management LLC lifted its position in shares of AbbVie by 134.7% in the third quarter. Elm Partners Management LLC now owns 4,546 shares of the company’s stock worth $1,053,000 after purchasing an additional 2,609 shares in the last quarter. Physician Wealth Advisors Inc. increased its stake in AbbVie by 66.7% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 960 shares of the company’s stock valued at $222,000 after buying an additional 384 shares during the period. Raleigh Capital Management Inc. grew its holdings in shares of AbbVie by 1.2% during the 3rd quarter. Raleigh Capital Management Inc. now owns 16,844 shares of the company’s stock valued at $3,900,000 after acquiring an additional 193 shares in the last quarter. Finally, Finer Wealth Management Inc. acquired a new stake in AbbVie during the third quarter valued at $237,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Performance

NYSE:ABBV opened at $225.76 on Tuesday. AbbVie Inc. has a 52 week low of $164.39 and a 52 week high of $244.81. The company has a 50-day moving average of $224.33 and a 200-day moving average of $218.90. The company has a market capitalization of $399.01 billion, a price-to-earnings ratio of 171.03, a PEG ratio of 0.92 and a beta of 0.35.

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

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of AbbVie from $250.00 to $260.00 and gave the company an “overweight” rating in a report on Monday, November 3rd. UBS Group restated a “neutral” rating on shares of AbbVie in a report on Tuesday, January 13th. Scotiabank started coverage on AbbVie in a research note on Thursday, November 13th. They set a “sector outperform” rating and a $280.00 price target for the company. Morgan Stanley upped their target price on AbbVie from $261.00 to $269.00 and gave the stock an “overweight” rating in a research report on Friday, December 12th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a report on Wednesday, January 21st. Two equities research 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’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $251.17.

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.