Rakuten Investment Management Inc. Raises Position in AbbVie Inc. $ABBV

Rakuten Investment Management Inc. boosted its stake in AbbVie Inc. (NYSE:ABBV) by 11.5% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 232,464 shares of the company’s stock after buying an additional 23,954 shares during the quarter. Rakuten Investment Management Inc.’s holdings in AbbVie were worth $53,662,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ABBV. Brighton Jones LLC lifted its stake in AbbVie by 17.4% in the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after buying an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC lifted its stake in AbbVie by 72.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after buying an additional 3,064 shares in the last quarter. Schnieders Capital Management LLC. lifted its stake in AbbVie by 5.0% in the 2nd quarter. Schnieders Capital Management LLC. now owns 16,466 shares of the company’s stock valued at $3,056,000 after buying an additional 789 shares in the last quarter. Ieq Capital LLC raised its holdings in AbbVie by 4.6% in the 2nd quarter. Ieq Capital LLC now owns 120,035 shares of the company’s stock valued at $22,281,000 after acquiring an additional 5,274 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC raised its holdings in AbbVie by 117.3% in the 2nd quarter. Worldquant Millennium Advisors LLC now owns 1,135,034 shares of the company’s stock valued at $210,685,000 after acquiring an additional 612,702 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the stock. BMO Capital Markets reiterated an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Canaccord Genuity Group increased their price objective on shares of AbbVie from $262.00 to $265.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Barclays assumed coverage on shares of AbbVie in a report on Thursday, February 19th. They issued an “overweight” rating and a $275.00 price objective for the company. Morgan Stanley increased their price objective on shares of AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Finally, William Blair reiterated an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $253.43.

AbbVie Price Performance

Shares of NYSE ABBV opened at $221.42 on Tuesday. The company has a 50 day simple moving average of $211.30 and a 200-day simple moving average of $218.93. The company has a market capitalization of $391.20 billion, a P/E ratio of 109.07, a P/E/G ratio of 0.70 and a beta of 0.32. AbbVie Inc. has a 1 year low of $181.73 and a 1 year high of $244.81.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.59 by $0.06. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The business’s revenue was up 12.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.46 EPS. As a group, 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.