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

CIBC Asset Management Inc increased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 114.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 688,079 shares of the company’s stock after acquiring an additional 367,172 shares during the quarter. CIBC Asset Management Inc’s holdings in AbbVie were worth $157,217,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Chelsea Counsel Co. acquired a new position in AbbVie during the third quarter worth approximately $26,000. Westend Capital Management LLC acquired a new position in AbbVie during the fourth quarter worth approximately $29,000. Texas Capital Bancshares Inc TX acquired a new position in AbbVie during the third quarter worth approximately $31,000. Legacy Wealth Managment LLC ID increased 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 increased 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. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Trading Up 1.3%

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

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

Analyst Ratings Changes

Several research firms have commented on ABBV. Piper Sandler lifted their price target on AbbVie from $294.00 to $298.00 and gave the stock an “overweight” rating in a research report on Thursday, May 14th. Evercore set a $235.00 price objective on shares of AbbVie in a research note on Friday, May 15th. DZ Bank upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Sanford C. Bernstein restated a “market perform” rating on shares of AbbVie in a research note on Thursday, February 5th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $240.00 price objective on shares of AbbVie in a research note on Thursday, April 30th. Three 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 company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $253.43.

AbbVie Company 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.