AbbVie Inc. $ABBV Shares Purchased by CIBC Asset Management Inc

CIBC Asset Management Inc increased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 114.4% during the fourth quarter, HoldingsChannel reports. The fund owned 688,079 shares of the company’s stock after buying an additional 367,172 shares during the period. CIBC Asset Management Inc’s holdings in AbbVie were worth $157,217,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ABBV. Chelsea Counsel Co. acquired a new position in AbbVie during the third quarter worth $26,000. Westend Capital Management LLC acquired a new position in AbbVie during the fourth quarter worth about $29,000. Texas Capital Bancshares Inc TX acquired a new position in AbbVie during the third quarter worth about $31,000. Legacy Wealth Managment LLC ID grew its position in AbbVie by 115.9% during the fourth quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock worth $31,000 after buying an additional 73 shares during the period. Finally, WestEnd Advisors LLC grew its position in AbbVie by 160.4% during the fourth quarter. WestEnd Advisors LLC now owns 138 shares of the company’s stock worth $32,000 after buying an additional 85 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Price Performance

ABBV stock opened at $215.64 on Wednesday. The company’s 50 day simple moving average is $208.56 and its 200-day simple moving average is $219.58. The firm has a market capitalization of $381.00 billion, a PE ratio of 106.23, a P/E/G ratio of 0.73 and a beta of 0.32. AbbVie Inc. has a 12 month low of $181.73 and a 12 month high of $244.81.

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

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ABBV. 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. Piper Sandler upped their target price on shares of AbbVie from $294.00 to $298.00 and gave the stock an “overweight” rating in a research report on Thursday, May 14th. UBS Group lowered their target price on shares of AbbVie from $240.00 to $230.00 and set a “neutral” rating on the stock in a research report on Thursday, February 5th. Sanford C. Bernstein reissued a “market perform” rating on shares of AbbVie in a report on Thursday, February 5th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $240.00 target price on shares of AbbVie in a report on Thursday, April 30th. Three analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.