AbbVie Inc. $ABBV Shares Sold by Howe & Rusling Inc.

Howe & Rusling Inc. cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 4.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 86,140 shares of the company’s stock after selling 3,628 shares during the quarter. AbbVie accounts for approximately 1.3% of Howe & Rusling Inc.’s holdings, making the stock its 22nd biggest position. Howe & Rusling Inc.’s holdings in AbbVie were worth $19,682,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of AbbVie by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company’s stock worth $41,306,353,000 after purchasing an additional 3,032,438 shares during the period. State Street Corp lifted its holdings in shares of AbbVie by 1.4% during the fourth quarter. State Street Corp now owns 80,940,931 shares of the company’s stock worth $18,494,193,000 after purchasing an additional 1,119,274 shares during the period. Geode Capital Management LLC lifted its holdings in shares of AbbVie by 10.4% during the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock worth $10,179,099,000 after purchasing an additional 4,190,487 shares during the period. Norges Bank acquired a new stake in shares of AbbVie during the fourth quarter worth $5,865,055,000. Finally, Capital Research Global Investors lifted its holdings in shares of AbbVie by 0.7% during the fourth quarter. Capital Research Global Investors now owns 25,408,200 shares of the company’s stock worth $5,805,530,000 after purchasing an additional 177,370 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on ABBV shares. Royal Bank Of Canada began coverage on AbbVie in a report on Tuesday, February 24th. They set an “outperform” rating and a $260.00 price target for the company. Bank of America upgraded shares of AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 target price on the stock in a research report on Thursday, April 30th. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Sunday, June 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a report on Monday, June 8th. Finally, Guggenheim reiterated a “buy” rating and issued a $249.00 price target on shares of AbbVie in a report on Friday, May 1st. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $253.43.

AbbVie Stock Up 0.5%

Shares of ABBV opened at $222.62 on Wednesday. The company has a 50-day simple moving average of $211.58 and a 200-day simple moving average of $218.89. The company has a market capitalization of $393.33 billion, a PE ratio of 109.67, a P/E/G ratio of 0.68 and a beta of 0.32. AbbVie Inc. has a 52-week low of $181.73 and a 52-week high of $244.81.

AbbVie (NYSE:ABBV) last announced 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. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The business’s revenue was up 12.4% compared to the same quarter last year. During the same quarter last year, the firm posted $2.46 EPS. On average, research analysts anticipate that AbbVie Inc. will post 14.3 EPS for the current year.

AbbVie Company Profile

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.