Lombard Odier Asset Management Switzerland SA grew its holdings in AbbVie Inc. (NYSE:ABBV – Free Report) by 15.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 73,758 shares of the company’s stock after purchasing an additional 10,000 shares during the period. AbbVie comprises approximately 0.7% of Lombard Odier Asset Management Switzerland SA’s investment portfolio, making the stock its 22nd biggest holding. Lombard Odier Asset Management Switzerland SA’s holdings in AbbVie were worth $16,853,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new position in AbbVie during the fourth quarter valued at approximately $5,865,055,000. Wellington Management Group LLP increased its position in AbbVie by 457.4% during the third quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company’s stock worth $2,439,714,000 after buying an additional 8,646,424 shares during the last quarter. Capital World Investors increased its position in AbbVie by 106.3% during the fourth quarter. Capital World Investors now owns 13,071,444 shares of the company’s stock worth $2,986,777,000 after buying an additional 6,736,161 shares during the last quarter. Cardano Risk Management B.V. increased its holdings in shares of AbbVie by 914.6% in the fourth quarter. Cardano Risk Management B.V. now owns 5,444,930 shares of the company’s stock valued at $1,244,112,000 after purchasing an additional 4,908,260 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of AbbVie by 10.4% in the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock valued at $10,179,099,000 after purchasing an additional 4,190,487 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several equities analysts have recently commented on the company. Royal Bank Of Canada assumed coverage on AbbVie in a research report on Tuesday, February 24th. They issued an “outperform” rating and a $260.00 target price on the stock. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Sunday, June 7th. Guggenheim restated a “buy” rating and issued a $249.00 price target on shares of AbbVie in a research note on Friday, May 1st. Piper Sandler upped their target price on AbbVie from $294.00 to $298.00 and gave the company an “overweight” rating in a research report on Thursday, May 14th. Finally, Canaccord Genuity Group upped their target price on AbbVie from $262.00 to $265.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $253.43.
AbbVie Price Performance
NYSE:ABBV opened at $222.62 on Wednesday. The firm’s 50 day simple moving average is $211.58 and its 200 day simple moving average is $218.89. AbbVie Inc. has a one year low of $181.73 and a one year high of $244.81. The company has a market cap 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 (NYSE:ABBV – Get Free Report) last posted its earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.72 billion. During the same period last year, the company earned $2.46 EPS. The firm’s revenue was up 12.4% compared to the same quarter last year. Equities research analysts expect that AbbVie Inc. will post 14.3 EPS for the current year.
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.
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