Pettee Investors Inc. Trims Stake in AbbVie Inc. $ABBV

Pettee Investors Inc. lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 35.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,995 shares of the company’s stock after selling 7,580 shares during the period. AbbVie comprises approximately 1.8% of Pettee Investors Inc.’s investment portfolio, making the stock its 12th biggest position. Pettee Investors Inc.’s holdings in AbbVie were worth $3,240,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of ABBV. Evolution Wealth Management Inc. bought a new stake in AbbVie during the 2nd quarter valued at about $26,000. Spurstone Advisory Services LLC purchased a new position in shares of AbbVie during the second quarter worth approximately $28,000. Financial Gravity Companies Inc. bought a new stake in shares of AbbVie during the second quarter valued at approximately $36,000. Delos Wealth Advisors LLC bought a new stake in shares of AbbVie during the second quarter valued at approximately $39,000. Finally, Bear Mountain Capital Inc. grew its stake in AbbVie by 480.6% in the second quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock worth $40,000 after purchasing an additional 173 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on ABBV shares. Morgan Stanley increased their price target on AbbVie from $261.00 to $269.00 and gave the stock an “overweight” rating in a research report on Friday, December 12th. Citigroup cut their target price on shares of AbbVie from $235.00 to $230.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 27th. Scotiabank initiated coverage on shares of AbbVie in a report on Thursday, November 13th. They issued a “sector outperform” rating and a $280.00 price target for the company. Raymond James Financial set a $256.00 price objective on shares of AbbVie in a research note on Monday, November 3rd. Finally, Berenberg Bank set a $275.00 price objective on shares of AbbVie in a report on Tuesday, January 20th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $251.17.

AbbVie Stock Up 1.2%

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

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