CCM Investment Advisers LLC decreased its position in AbbVie Inc (NYSE:ABBV) by 5.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 134,246 shares of the company’s stock after selling 7,455 shares during the quarter. AbbVie accounts for 2.3% of CCM Investment Advisers LLC’s portfolio, making the stock its 7th biggest holding. CCM Investment Advisers LLC’s holdings in AbbVie were worth $11,929,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in AbbVie by 3.3% during the 2nd quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock valued at $8,405,409,000 after acquiring an additional 3,706,941 shares during the period. Janus Henderson Group PLC boosted its holdings in AbbVie by 1,949.7% during the 2nd quarter. Janus Henderson Group PLC now owns 3,833,535 shares of the company’s stock valued at $277,967,000 after acquiring an additional 3,646,510 shares during the period. Orbis Allan Gray Ltd boosted its holdings in AbbVie by 35.7% during the 2nd quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock valued at $921,233,000 after acquiring an additional 3,340,038 shares during the period. Capital Research Global Investors boosted its holdings in AbbVie by 1.2% during the 2nd quarter. Capital Research Global Investors now owns 178,274,835 shares of the company’s stock valued at $12,926,708,000 after acquiring an additional 2,130,919 shares during the period. Finally, BlackRock Inc. boosted its holdings in AbbVie by 2.0% during the 2nd quarter. BlackRock Inc. now owns 94,074,962 shares of the company’s stock valued at $6,821,375,000 after acquiring an additional 1,864,418 shares during the period. 69.28% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have weighed in on ABBV shares. Cowen raised AbbVie from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $91.17 to $105.00 in a research report on Wednesday, October 11th. UBS Group reissued a “neutral” rating on shares of AbbVie in a research report on Friday, October 13th. Barclays boosted their price target on AbbVie to $90.00 and gave the stock an “equal weight” rating in a research report on Friday, October 13th. Jefferies Group upped their target price on AbbVie from $107.00 to $115.00 and gave the company a “buy” rating in a research report on Monday, October 16th. Finally, Zacks Investment Research raised AbbVie from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a research report on Tuesday, October 17th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $117.26.
In related news, SVP Timothy J. Richmond sold 87,040 shares of the stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $98.45, for a total value of $8,569,088.00. Following the completion of the transaction, the senior vice president now directly owns 113,118 shares in the company, valued at $11,136,467.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Severino sold 25,633 shares of the stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $94.69, for a total value of $2,427,188.77. Following the completion of the transaction, the executive vice president now owns 114,922 shares of the company’s stock, valued at $10,881,964.18. The disclosure for this sale can be found here. In the last ninety days, insiders sold 476,376 shares of company stock valued at $45,580,873. Insiders own 0.23% of the company’s stock.
Shares of AbbVie Inc (NYSE:ABBV) traded down $1.11 during trading on Friday, hitting $115.17. The company’s stock had a trading volume of 7,180,000 shares, compared to its average volume of 5,950,000. AbbVie Inc has a fifty-two week low of $60.05 and a fifty-two week high of $125.86. The firm has a market capitalization of $183,590.00, a PE ratio of 27.95, a P/E/G ratio of 1.09 and a beta of 1.61. The company has a quick ratio of 1.32, a current ratio of 1.45 and a debt-to-equity ratio of 5.08.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, January 26th. The company reported $1.48 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.04. AbbVie had a return on equity of 152.78% and a net margin of 18.82%. The business had revenue of $7.74 billion during the quarter, compared to analysts’ expectations of $7.53 billion. During the same quarter in the prior year, the firm earned $1.20 earnings per share. The business’s revenue was up 13.9% compared to the same quarter last year. equities analysts forecast that AbbVie Inc will post 7.46 EPS for the current fiscal year.
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AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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