AbbVie Inc. $ABBV is Berkshire Asset Management LLC PA’s 3rd Largest Position

Berkshire Asset Management LLC PA lessened its stake in AbbVie Inc. (NYSE:ABBV) by 0.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 376,948 shares of the company’s stock after selling 3,451 shares during the period. AbbVie makes up about 3.8% of Berkshire Asset Management LLC PA’s holdings, making the stock its 3rd biggest holding. Berkshire Asset Management LLC PA’s holdings in AbbVie were worth $86,129,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Chelsea Counsel Co. bought a new stake in shares of AbbVie in the 3rd quarter worth approximately $26,000. Litman Gregory Wealth Management LLC bought a new stake in shares of AbbVie in the 4th quarter worth approximately $28,000. Westend Capital Management LLC bought a new stake in shares of AbbVie in the 4th quarter worth approximately $29,000. IFC & Insurance Marketing Inc. bought a new stake in shares of AbbVie in the 4th quarter worth approximately $31,000. Finally, Texas Capital Bancshares Inc TX bought a new stake in shares of AbbVie in the 3rd quarter worth approximately $31,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Up 0.5%

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

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on ABBV shares. BMO Capital Markets restated an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Evercore set a $235.00 price objective on shares of AbbVie in a report on Friday, May 15th. Guggenheim restated a “buy” rating and issued a $249.00 price objective on shares of AbbVie in a report on Friday, May 1st. Royal Bank Of Canada started coverage on shares of AbbVie in a report on Tuesday, February 24th. They issued an “outperform” rating and a $260.00 price objective for the company. Finally, Morgan Stanley boosted their price objective on shares of AbbVie from $270.00 to $278.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and a consensus target price of $253.43.

AbbVie 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.