Convergence Investment Partners LLC Acquires 2,848 Shares of AbbVie Inc. $ABBV

Convergence Investment Partners LLC boosted its position in shares of AbbVie Inc. (NYSE:ABBV) by 11.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 27,635 shares of the company’s stock after buying an additional 2,848 shares during the quarter. AbbVie makes up approximately 1.4% of Convergence Investment Partners LLC’s holdings, making the stock its 10th largest holding. Convergence Investment Partners LLC’s holdings in AbbVie were worth $6,399,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of ABBV. Norges Bank bought a new position in shares of AbbVie during the 2nd quarter worth approximately $4,288,200,000. Laurel Wealth Advisors LLC increased its holdings in shares of AbbVie by 18,384.4% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 5,705,964 shares of the company’s stock worth $1,059,141,000 after acquiring an additional 5,675,095 shares during the last quarter. Vanguard Group Inc. raised its position in shares of AbbVie by 1.9% in the second quarter. Vanguard Group Inc. now owns 177,298,707 shares of the company’s stock valued at $32,910,186,000 after purchasing an additional 3,380,842 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in AbbVie by 169.3% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,722,893 shares of the company’s stock valued at $876,662,000 after acquiring an additional 2,969,202 shares during the period. Finally, Raymond James Financial Inc. increased its stake in shares of AbbVie by 41.8% during the second quarter. Raymond James Financial Inc. now owns 9,337,480 shares of the company’s stock worth $1,733,222,000 after purchasing an additional 2,753,312 shares during the period. Institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 1.2%

Shares of NYSE:ABBV opened at $223.02 on Monday. AbbVie Inc. has a 1-year low of $164.39 and a 1-year high of $244.81. The stock has a market cap of $394.15 billion, a PE ratio of 168.95, a price-to-earnings-growth ratio of 0.92 and a beta of 0.36. The stock’s fifty day simple moving average is $224.40 and its two-hundred day simple moving average is $218.66.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, October 31st. The company reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.09. The business had revenue of $15.78 billion for the quarter, compared to analysts’ expectations of $15.58 billion. AbbVie had a return on equity of 3,216.47% and a net margin of 4.00%.The business’s revenue was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.00 earnings per share. On average, sell-side analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ABBV. Hsbc Global Res upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 10th. Piper Sandler reissued an “overweight” rating and issued a $289.00 target price (up previously from $284.00) on shares of AbbVie in a report on Wednesday, November 5th. JPMorgan Chase & Co. raised their price objective on AbbVie from $250.00 to $260.00 and gave the company an “overweight” rating in a report on Monday, November 3rd. Berenberg Bank set a $275.00 price target on shares of AbbVie in a research report on Tuesday, January 20th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a research note on Wednesday, January 21st. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, AbbVie has an average rating of “Moderate Buy” and an average price target of $249.37.

AbbVie Company Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.