Loews Corp acquired a new position in AbbVie Inc (NYSE:ABBV) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 150,000 shares of the company’s stock, valued at approximately $11,429,000. AbbVie accounts for about 0.1% of Loews Corp’s holdings, making the stock its 15th largest position.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Investors Asset Management of Georgia Inc. GA ADV boosted its holdings in AbbVie by 6.2% in the 1st quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 18,049 shares of the company’s stock worth $1,375,000 after buying an additional 1,050 shares during the period. Municipal Employees Retirement System of Michigan boosted its holdings in AbbVie by 3.0% in the 4th quarter. Municipal Employees Retirement System of Michigan now owns 66,250 shares of the company’s stock valued at $5,866,000 after purchasing an additional 1,940 shares during the period. Korea Investment CORP boosted its holdings in AbbVie by 4.1% in the 4th quarter. Korea Investment CORP now owns 1,081,280 shares of the company’s stock valued at $95,737,000 after purchasing an additional 42,900 shares during the period. Evercore Wealth Management LLC boosted its holdings in AbbVie by 1.9% in the 4th quarter. Evercore Wealth Management LLC now owns 103,953 shares of the company’s stock valued at $9,204,000 after purchasing an additional 1,955 shares during the period. Finally, Carnegie Capital Asset Management LLC boosted its holdings in AbbVie by 60.9% in the 4th quarter. Carnegie Capital Asset Management LLC now owns 13,757 shares of the company’s stock valued at $1,218,000 after purchasing an additional 5,205 shares during the period. 72.32% of the stock is owned by institutional investors.
ABBV has been the subject of several analyst reports. Morgan Stanley reissued an “overweight” rating and issued a $95.00 price target on shares of AbbVie in a report on Monday, May 11th. UBS Group lowered their price objective on shares of AbbVie from $106.00 to $96.00 and set a “buy” rating on the stock in a research report on Monday, April 13th. Piper Sandler raised their price objective on shares of AbbVie from $95.00 to $97.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Barclays started coverage on shares of AbbVie in a research report on Thursday, February 27th. They set an “equal weight” rating and a $97.00 price objective on the stock. Finally, ValuEngine cut shares of AbbVie from a “sell” rating to a “strong sell” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $100.17.
AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, May 1st. The company reported $2.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.25 by $0.17. AbbVie had a net margin of 24.77% and a negative return on equity of 169.80%. The firm had revenue of $8.62 billion for the quarter, compared to analysts’ expectations of $8.31 billion. During the same quarter in the previous year, the company earned $2.14 earnings per share. The company’s revenue for the quarter was up 10.1% compared to the same quarter last year. Equities analysts forecast that AbbVie Inc will post 10.7 earnings per share for the current year.
In other news, EVP Timothy J. Richmond sold 19,445 shares of AbbVie stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $85.00, for a total transaction of $1,652,825.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Brian L. Durkin bought 3,750 shares of the business’s stock in a transaction dated Friday, March 20th. The shares were bought at an average cost of $68.82 per share, for a total transaction of $258,075.00. Following the purchase, the vice president now directly owns 15,294 shares in the company, valued at approximately $1,052,533.08. The disclosure for this purchase can be found here. Insiders acquired 8,825 shares of company stock worth $671,852 in the last 90 days. Corporate insiders own 0.09% of the company’s stock.
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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