AbbVie Inc. (NYSE:ABBV) Holdings Cut by Grassi Investment Management

Grassi Investment Management trimmed its position in AbbVie Inc. (NYSE:ABBVGet Rating) by 0.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 105,425 shares of the company’s stock after selling 400 shares during the period. AbbVie comprises about 1.8% of Grassi Investment Management’s investment portfolio, making the stock its 9th largest position. Grassi Investment Management’s holdings in AbbVie were worth $17,090,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of AbbVie during the 4th quarter worth about $2,433,269,000. State Street Corp lifted its holdings in shares of AbbVie by 3.4% during the 4th quarter. State Street Corp now owns 79,357,705 shares of the company’s stock worth $10,745,033,000 after acquiring an additional 2,597,076 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in shares of AbbVie during the 4th quarter worth about $272,868,000. Capital International Investors lifted its holdings in shares of AbbVie by 19.7% during the 4th quarter. Capital International Investors now owns 11,615,068 shares of the company’s stock worth $1,572,680,000 after acquiring an additional 1,913,451 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in shares of AbbVie by 51.2% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 5,533,034 shares of the company’s stock worth $752,074,000 after acquiring an additional 1,874,609 shares during the period. Institutional investors own 67.03% of the company’s stock.

ABBV stock opened at $147.56 on Thursday. AbbVie Inc. has a twelve month low of $105.56 and a twelve month high of $175.91. The company has a current ratio of 0.82, a quick ratio of 0.71 and a debt-to-equity ratio of 3.89. The company has a market capitalization of $260.75 billion, a P/E ratio of 21.17, a PEG ratio of 4.04 and a beta of 0.83. The firm has a 50 day simple moving average of $150.17 and a 200-day simple moving average of $146.18.

AbbVie (NYSE:ABBVGet Rating) last announced its quarterly earnings data on Friday, April 29th. The company reported $3.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.15 by $0.01. AbbVie had a return on equity of 159.31% and a net margin of 22.00%. The firm had revenue of $13.36 billion for the quarter, compared to analysts’ expectations of $13.61 billion. During the same period last year, the business posted $2.95 earnings per share. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, research analysts predict that AbbVie Inc. will post 14.02 EPS for the current year.

Several brokerages have recently weighed in on ABBV. UBS Group lowered shares of AbbVie from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $129.00 to $147.00 in a report on Monday, February 28th. Daiwa Capital Markets lowered shares of AbbVie from an “outperform” rating to a “neutral” rating and set a $150.00 price target on the stock. in a report on Friday, May 6th. Wells Fargo & Company raised their price target on shares of AbbVie from $165.00 to $200.00 in a report on Monday, May 2nd. BMO Capital Markets raised their price target on shares of AbbVie from $161.00 to $174.00 and gave the company an “outperform” rating in a report on Monday, April 25th. Finally, SVB Leerink started coverage on shares of AbbVie in a report on Monday, May 23rd. They issued an “underperform” rating and a $140.00 price target on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $159.75.

In other AbbVie news, Vice Chairman Michael Severino sold 100,000 shares of the firm’s stock in a transaction on Friday, May 6th. The stock was sold at an average price of $150.81, for a total value of $15,081,000.00. Following the sale, the insider now directly owns 152,103 shares in the company, valued at $22,938,653.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Henry O. Gosebruch sold 83,960 shares of the firm’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of $155.00, for a total value of $13,013,800.00. Following the completion of the sale, the executive vice president now owns 16,623 shares in the company, valued at $2,576,565. The disclosure for this sale can be found here. Insiders have sold 463,761 shares of company stock worth $70,609,771 over the last 90 days. 0.08% of the stock is currently owned by company insiders.

AbbVie Profile (Get Rating)

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), and VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

Read More

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBVGet Rating).

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

Want More Great Investing Ideas?

Receive News & Ratings for AbbVie Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie and related companies with MarketBeat.com's FREE daily email newsletter.