Cypress Asset Management Inc. TX trimmed its position in AbbVie Inc (NYSE:ABBV) by 10.0% in the fourth quarter, Holdings Channel reports. The firm owned 4,030 shares of the company’s stock after selling 450 shares during the quarter. Cypress Asset Management Inc. TX’s holdings in AbbVie were worth $357,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Hoey Investments Inc. bought a new position in AbbVie in the fourth quarter worth about $31,000. Edge Wealth Management LLC lifted its holdings in AbbVie by 106.1% in the third quarter. Edge Wealth Management LLC now owns 573 shares of the company’s stock worth $43,000 after acquiring an additional 295 shares during the last quarter. Selective Wealth Management Inc. bought a new position in AbbVie in the third quarter worth about $48,000. Garrett Wealth Advisory Group LLC bought a new position in AbbVie in the third quarter worth about $50,000. Finally, Pacifica Partners Inc. bought a new position in AbbVie in the fourth quarter worth about $50,000. Institutional investors and hedge funds own 70.53% of the company’s stock.
ABBV has been the topic of a number of recent research reports. ValuEngine cut shares of AbbVie from a “sell” rating to a “strong sell” rating in a report on Thursday. UBS Group raised their target price on shares of AbbVie from $79.00 to $96.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Cowen raised their target price on shares of AbbVie from $90.00 to $98.00 and gave the stock an “outperform” rating in a report on Thursday, December 26th. Citigroup raised their target price on shares of AbbVie from $90.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Finally, Piper Sandler raised their target price on shares of AbbVie from to and gave the stock an “overweight” rating in a report on Friday, February 7th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $88.72.
AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, February 7th. The company reported $2.21 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.19 by $0.02. The company had revenue of $8.70 billion for the quarter, compared to analysts’ expectations of $8.68 billion. AbbVie had a negative return on equity of 162.37% and a net margin of 23.69%. The business’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.90 earnings per share. On average, equities analysts forecast that AbbVie Inc will post 10.4 earnings per share for the current fiscal year.
AbbVie Company Profile
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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