AbbVie Inc. $ABBV Shares Bought by Greenspring Advisors LLC

Greenspring Advisors LLC boosted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 139.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,023 shares of the company’s stock after acquiring an additional 3,512 shares during the quarter. Greenspring Advisors LLC’s holdings in AbbVie were worth $1,376,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in AbbVie by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 177,747,261 shares of the company’s stock worth $41,155,601,000 after acquiring an additional 448,554 shares during the period. Public Sector Pension Investment Board lifted its position in AbbVie by 17.0% during the 3rd quarter. Public Sector Pension Investment Board now owns 1,044,690 shares of the company’s stock worth $241,888,000 after acquiring an additional 151,644 shares during the period. Thornburg Investment Management Inc. lifted its position in AbbVie by 25.5% during the 3rd quarter. Thornburg Investment Management Inc. now owns 401,760 shares of the company’s stock worth $93,024,000 after acquiring an additional 81,625 shares during the period. Channing Capital Management LLC raised its stake in shares of AbbVie by 10.5% during the 3rd quarter. Channing Capital Management LLC now owns 55,647 shares of the company’s stock worth $12,885,000 after buying an additional 5,302 shares in the last quarter. Finally, Procyon Advisors LLC raised its stake in shares of AbbVie by 19.9% during the 4th quarter. Procyon Advisors LLC now owns 32,752 shares of the company’s stock worth $7,484,000 after buying an additional 5,427 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ABBV. Evercore set a $235.00 target price on AbbVie in a research note on Friday, May 15th. Cantor Fitzgerald reissued an “overweight” rating and set a $240.00 target price on shares of AbbVie in a research note on Thursday, April 30th. Wall Street Zen raised AbbVie from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 30th. Bank of America raised AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 target price for the company in a research note on Thursday, April 30th. Finally, Royal Bank Of Canada began coverage on AbbVie in a research note on Tuesday, February 24th. They set an “outperform” rating and a $260.00 target price for the company. Three research 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 MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and an average price target of $253.43.

More AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: The UK drug-cost watchdog recommended AbbVie’s ovarian cancer therapy Elahere for patients with a hard-to-treat form of ovarian cancer, boosting the drug’s commercial prospects in a key market. British drug-cost watchdog recommends use of AbbVie’s ovarian cancer therapy
• Positive Sentiment: AbbVie won EU approval for AQUIPTA (atogepant) as an acute treatment for migraine in adults, adding a second approved migraine indication and expanding the drug’s revenue opportunity. AbbVie Gets EU Nod for Aquipta as Acute Treatment for Migraine
• Positive Sentiment: The European Commission also authorized an expanded label for VENCLYXTO, which could broaden use in combination therapies and support oncology sales. AbbVie Inc. (ABBV) Announces EC Authorization of Expanded Label for VENCLYXTO®
• Positive Sentiment: AbbVie’s update on a Japan safety study for RINVOQ drew attention to ongoing development and post-market monitoring, though the details appear to be part of routine clinical follow-up rather than a major catalyst. AbbVie’s RINVOQ Safety Study In Japan
• Neutral Sentiment: AbbVie also said it will present at the Goldman Sachs healthcare conference next week, which usually keeps investors focused on management commentary but is not a direct business update. AbbVie to Present at the Goldman Sachs 47th Annual Global Healthcare Conference

AbbVie Trading Up 0.9%

Shares of ABBV stock opened at $217.24 on Thursday. AbbVie Inc. has a 12-month low of $181.73 and a 12-month high of $244.81. The company has a market cap of $383.82 billion, a price-to-earnings ratio of 107.02, a price-to-earnings-growth ratio of 0.66 and a beta of 0.32. The stock has a 50 day simple moving average of $209.03 and a 200-day simple moving average of $219.35.

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

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.