Oak Ridge Investments LLC Trims Stake in AbbVie Inc (NYSE:ABBV)

Oak Ridge Investments LLC reduced its position in shares of AbbVie Inc (NYSE:ABBV) by 8.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,991 shares of the company’s stock after selling 464 shares during the period. Oak Ridge Investments LLC’s holdings in AbbVie were worth $442,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ABBV. BlackRock Inc. grew its position in shares of AbbVie by 3.3% during the 2nd quarter. BlackRock Inc. now owns 98,295,272 shares of the company’s stock valued at $7,148,030,000 after purchasing an additional 3,100,309 shares in the last quarter. State Street Corp grew its position in shares of AbbVie by 2.3% during the 3rd quarter. State Street Corp now owns 68,783,527 shares of the company’s stock valued at $5,208,289,000 after purchasing an additional 1,516,048 shares in the last quarter. PGGM Investments grew its position in shares of AbbVie by 2,230.1% during the 3rd quarter. PGGM Investments now owns 1,165,068 shares of the company’s stock valued at $88,219,000 after purchasing an additional 1,115,068 shares in the last quarter. MERIAN GLOBAL INVESTORS UK Ltd grew its position in shares of AbbVie by 773.2% during the 4th quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 1,139,204 shares of the company’s stock valued at $35,207,000 after purchasing an additional 1,008,736 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its position in shares of AbbVie by 66.3% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,290,332 shares of the company’s stock valued at $173,065,000 after purchasing an additional 913,015 shares in the last quarter. Hedge funds and other institutional investors own 70.53% of the company’s stock.

ABBV stock opened at $97.79 on Thursday. The firm’s 50-day moving average price is $87.72 and its two-hundred day moving average price is $78.97. AbbVie Inc has a 12-month low of $62.66 and a 12-month high of $97.86. The stock has a market capitalization of $140.12 billion, a price-to-earnings ratio of 18.52, a PEG ratio of 2.18 and a beta of 0.96.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, February 7th. The company reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.19 by $0.02. AbbVie had a net margin of 23.69% and a negative return on equity of 162.37%. The company had revenue of $8.70 billion for the quarter, compared to analysts’ expectations of $8.68 billion. During the same quarter in the previous year, the company earned $1.90 earnings per share. AbbVie’s quarterly revenue was up 4.8% on a year-over-year basis. On average, research analysts expect that AbbVie Inc will post 9.66 EPS for the current fiscal year.

A number of research firms have recently issued reports on ABBV. Cowen lifted their price objective on shares of AbbVie from $90.00 to $98.00 and gave the stock an “outperform” rating in a report on Thursday, December 26th. ValuEngine downgraded shares of AbbVie from a “hold” rating to a “sell” rating in a report on Tuesday, January 28th. Citigroup lifted their price objective on shares of AbbVie from $90.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Royal Bank of Canada reaffirmed a “hold” rating and set a $86.00 price objective on shares of AbbVie in a report on Thursday, January 23rd. Finally, UBS Group lifted their price objective on shares of AbbVie from $79.00 to $96.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company’s stock. AbbVie has an average rating of “Hold” and a consensus target price of $88.51.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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