Fred Alger Management LLC Has $26.01 Million Position in AbbVie Inc. $ABBV

Fred Alger Management LLC boosted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 3.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 113,826 shares of the company’s stock after acquiring an additional 3,265 shares during the quarter. Fred Alger Management LLC’s holdings in AbbVie were worth $26,008,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of ABBV. Brighton Jones LLC boosted its stake in AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after buying an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC boosted its stake in AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after buying an additional 3,064 shares in the last quarter. Schnieders Capital Management LLC. boosted its stake in AbbVie by 5.0% during the second quarter. Schnieders Capital Management LLC. now owns 16,466 shares of the company’s stock worth $3,056,000 after buying an additional 789 shares in the last quarter. Ieq Capital LLC boosted its stake in AbbVie by 4.6% during the second quarter. Ieq Capital LLC now owns 120,035 shares of the company’s stock worth $22,281,000 after buying an additional 5,274 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC boosted its stake in AbbVie by 117.3% during the second quarter. Worldquant Millennium Advisors LLC now owns 1,135,034 shares of the company’s stock worth $210,685,000 after buying an additional 612,702 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on ABBV shares. Canaccord Genuity Group lifted their price target on shares of AbbVie from $262.00 to $265.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. William Blair reiterated an “outperform” rating on shares of AbbVie in a research note on Monday, March 9th. BMO Capital Markets reiterated an “outperform” rating on shares of AbbVie in a research note on Monday, March 9th. Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a report on Monday, June 8th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $240.00 price objective on shares of AbbVie in a report on Thursday, April 30th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and an average target price of $253.43.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $222.62 on Wednesday. The stock has a market cap of $393.33 billion, a PE ratio of 109.67, a PEG ratio of 0.68 and a beta of 0.32. The business has a fifty day moving average of $211.58 and a two-hundred day moving average of $218.89. AbbVie Inc. has a 52-week low of $181.73 and a 52-week high of $244.81.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.06. The company had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The business’s revenue was up 12.4% on a year-over-year basis. During the same period last year, the business earned $2.46 earnings per share. Analysts predict that AbbVie Inc. will post 14.3 earnings per share for the current year.

About AbbVie

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.