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

Sofinnova Investments Inc. raised its stake in AbbVie Inc. (NYSE:ABBV) by 110.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 317,783 shares of the company’s stock after purchasing an additional 166,817 shares during the quarter. AbbVie accounts for 3.0% of Sofinnova Investments Inc.’s investment 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 and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of ABBV. Chelsea Counsel Co. purchased a new stake in shares of AbbVie in the third quarter valued at approximately $26,000. Litman Gregory Wealth Management LLC purchased a new stake in shares of AbbVie in the fourth quarter valued at approximately $28,000. Westend Capital Management LLC purchased a new stake in shares of AbbVie in the fourth quarter valued at approximately $29,000. Texas Capital Bancshares Inc TX purchased a new stake in shares of AbbVie in the third quarter valued at approximately $31,000. Finally, Legacy Wealth Managment LLC ID boosted its stake 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 buying an additional 73 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Performance

ABBV opened at $221.42 on Tuesday. The business’s fifty day moving average is $211.30 and its two-hundred day moving average is $218.93. The company has a market cap of $391.20 billion, a price-to-earnings ratio of 109.07, a PEG ratio of 0.70 and a beta of 0.32. AbbVie Inc. has a one year low of $181.73 and a one year high of $244.81.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.59 by $0.06. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.AbbVie’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same period in the previous year, the business earned $2.46 earnings per share. On average, analysts predict that AbbVie Inc. will post 14.3 EPS for the current fiscal year.

Analyst Ratings Changes

ABBV has been the topic of a number of analyst reports. Wall Street Zen downgraded AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Sunday, June 7th. Evercore set a $235.00 price target on AbbVie in a research note on Friday, May 15th. Morgan Stanley lifted their price target on AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Canaccord Genuity Group lifted their price target on AbbVie from $262.00 to $265.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. Finally, Royal Bank Of Canada initiated coverage on AbbVie in a research note on Tuesday, February 24th. They issued an “outperform” rating and a $260.00 price target on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $253.43.

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.