Bridges Investment Management Inc. Has $8.94 Million Stock Holdings in AbbVie Inc (NYSE:ABBV)

Bridges Investment Management Inc. cut its stake in AbbVie Inc (NYSE:ABBV) by 8.7% during the first quarter, HoldingsChannel reports. The fund owned 117,284 shares of the company’s stock after selling 11,209 shares during the quarter. Bridges Investment Management Inc.’s holdings in AbbVie were worth $8,935,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Efficient Wealth Management LLC acquired a new position in shares of AbbVie in the first quarter worth $27,000. Lion Street Advisors LLC bought a new position in AbbVie during the first quarter worth about $29,000. Altshuler Shaham Ltd lifted its stake in AbbVie by 8,825.0% during the fourth quarter. Altshuler Shaham Ltd now owns 357 shares of the company’s stock worth $32,000 after purchasing an additional 353 shares during the period. Solstein Capital LLC acquired a new stake in shares of AbbVie during the fourth quarter worth approximately $32,000. Finally, Americana Partners LLC acquired a new stake in shares of AbbVie during the fourth quarter worth approximately $32,000. 72.32% of the stock is currently owned by institutional investors and hedge funds.

ABBV traded up $2.64 during trading on Friday, hitting $92.67. The company had a trading volume of 13,758,733 shares, compared to its average volume of 12,964,402. The company has a market capitalization of $132.95 billion, a PE ratio of 16.40, a PEG ratio of 1.91 and a beta of 0.82. AbbVie Inc has a one year low of $62.55 and a one year high of $97.86. The firm’s 50-day moving average price is $85.47 and its 200 day moving average price is $85.77.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, May 1st. The company reported $2.42 EPS for the quarter, beating the consensus estimate of $2.25 by $0.17. The business had revenue of $8.62 billion for the quarter, compared to analysts’ expectations of $8.31 billion. AbbVie had a net margin of 24.77% and a negative return on equity of 169.80%. The firm’s revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.14 EPS. Equities research analysts predict that AbbVie Inc will post 10.7 earnings per share for the current year.

In other AbbVie news, VP Brian L. Durkin purchased 3,750 shares of the business’s stock in a transaction on Friday, March 20th. The shares were purchased at an average cost of $68.82 per share, with a total value of $258,075.00. Following the transaction, the vice president now directly owns 15,294 shares of the company’s stock, valued at approximately $1,052,533.08. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Brian L. Durkin purchased 2,200 shares of the business’s stock in a transaction on Wednesday, March 18th. The shares were acquired at an average cost of $68.18 per share, for a total transaction of $149,996.00. Following the completion of the transaction, the vice president now directly owns 15,294 shares in the company, valued at $1,042,744.92. The disclosure for this purchase can be found here. Insiders have acquired a total of 8,825 shares of company stock worth $671,852 over the last three months. Insiders own 0.09% of the company’s stock.

ABBV has been the subject of a number of research reports. Piper Sandler raised their price target on shares of AbbVie from $95.00 to $97.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Bank of America initiated coverage on shares of AbbVie in a report on Monday, May 18th. They set a “neutral” rating and a $95.00 target price for the company. Cowen lifted their target price on shares of AbbVie from $98.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, February 18th. Barclays initiated coverage on shares of AbbVie in a report on Thursday, February 27th. They set an “equal weight” rating and a $97.00 target price for the company. Finally, Societe Generale lowered shares of AbbVie from a “buy” rating to a “hold” rating in a report on Monday, March 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $100.17.

About AbbVie

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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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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