OMERS ADMINISTRATION Corp Buys 20,693 Shares of AbbVie Inc. $ABBV

OMERS ADMINISTRATION Corp raised its stake in shares of AbbVie Inc. (NYSE:ABBV) by 24.1% in the fourth quarter, Holdings Channel reports. The fund owned 106,675 shares of the company’s stock after acquiring an additional 20,693 shares during the period. OMERS ADMINISTRATION Corp’s holdings in AbbVie were worth $24,374,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Chelsea Counsel Co. bought a new position in shares of AbbVie during the third quarter valued at $26,000. Litman Gregory Wealth Management LLC bought a new position in shares of AbbVie during the fourth quarter valued at $28,000. Westend Capital Management LLC bought a new position in shares of AbbVie during the fourth quarter valued at $29,000. Texas Capital Bancshares Inc TX bought a new position in shares of AbbVie during the third quarter valued at $31,000. Finally, Legacy Wealth Managment LLC ID lifted 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 acquiring an additional 73 shares during the period. 70.23% of the stock is owned by institutional investors.

AbbVie Stock Down 2.8%

AbbVie stock opened at $221.42 on Tuesday. The stock has a 50-day simple moving average of $211.30 and a 200 day simple moving average of $218.93. AbbVie Inc. has a 12-month low of $181.73 and a 12-month high of $244.81. The stock has a market capitalization of $391.20 billion, a price-to-earnings ratio of 109.07, a P/E/G ratio of 0.70 and a beta of 0.32.

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

Analyst Upgrades and Downgrades

ABBV has been the subject of a number of analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a report on Monday, June 8th. Bank of America raised AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 price target for the company in a report on Thursday, April 30th. William Blair reaffirmed an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Piper Sandler lifted their price target on AbbVie from $294.00 to $298.00 and gave the company an “overweight” rating in a report on Thursday, May 14th. Finally, Wall Street Zen cut AbbVie from a “strong-buy” rating to a “buy” rating in a report on Sunday, June 7th. Three 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 company. According to MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and an average target price 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.