AbbVie Inc. (NYSE:ABBV) Stake Lifted by Conning Inc.

Conning Inc. grew its holdings in AbbVie Inc. (NYSE:ABBV) by 9.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 220,900 shares of the company’s stock after acquiring an additional 18,638 shares during the quarter. AbbVie comprises 1.4% of Conning Inc.’s investment portfolio, making the stock its 5th largest holding. Conning Inc.’s holdings in AbbVie were worth $39,254,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Atlanta Consulting Group Advisors LLC acquired a new stake in shares of AbbVie in the 3rd quarter worth $999,000. Saturna Capital Corp lifted its position in AbbVie by 486.1% in the third quarter. Saturna Capital Corp now owns 676,176 shares of the company’s stock valued at $133,531,000 after purchasing an additional 560,808 shares during the period. Everence Capital Management Inc. lifted its position in AbbVie by 41.3% in the fourth quarter. Everence Capital Management Inc. now owns 53,171 shares of the company’s stock valued at $9,448,000 after purchasing an additional 15,550 shares during the period. GAMMA Investing LLC boosted its holdings in AbbVie by 9.5% in the 4th quarter. GAMMA Investing LLC now owns 39,453 shares of the company’s stock valued at $7,011,000 after purchasing an additional 3,439 shares in the last quarter. Finally, Avior Wealth Management LLC increased its position in AbbVie by 23.5% during the 3rd quarter. Avior Wealth Management LLC now owns 56,556 shares of the company’s stock worth $11,169,000 after purchasing an additional 10,768 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Performance

NYSE:ABBV opened at $190.67 on Friday. AbbVie Inc. has a 1-year low of $153.58 and a 1-year high of $207.32. The firm has a 50 day simple moving average of $177.38 and a 200-day simple moving average of $185.48. The firm has a market cap of $336.94 billion, a PE ratio of 79.45, a P/E/G ratio of 1.84 and a beta of 0.58. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, January 31st. The company reported $2.16 earnings per share for the quarter, missing analysts’ consensus estimates of $2.98 by ($0.82). AbbVie had a return on equity of 257.91% and a net margin of 7.59%. During the same period in the previous year, the business posted $2.79 EPS. On average, equities analysts expect that AbbVie Inc. will post 12.26 EPS for the current year.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of analyst reports. Citigroup lifted their price target on AbbVie from $205.00 to $215.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Daiwa Capital Markets lowered shares of AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 target price on the stock. in a research report on Thursday, December 5th. Wells Fargo & Company upped their price target on shares of AbbVie from $195.00 to $210.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Guggenheim raised their price objective on shares of AbbVie from $212.00 to $214.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Finally, Argus upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Five analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and an average price target of $208.35.

Insiders Place Their Bets

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of AbbVie stock in a transaction on Monday, December 16th. The shares were sold at an average price of $172.24, for a total value of $310,032.00. Following the transaction, the senior vice president now owns 6,983 shares in the company, valued at $1,202,751.92. This trade represents a 20.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.25% of the stock is owned by corporate insiders.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.