Cerity Partners LLC Acquires 62,426 Shares of AbbVie Inc. $ABBV

Cerity Partners LLC increased its holdings in AbbVie Inc. (NYSE:ABBV) by 5.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,199,683 shares of the company’s stock after purchasing an additional 62,426 shares during the quarter. Cerity Partners LLC’s holdings in AbbVie were worth $274,108,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of ABBV. Norges Bank bought a new stake in shares of AbbVie in the fourth quarter worth about $5,865,055,000. Wellington Management Group LLP grew its stake in shares of AbbVie by 457.4% in the third quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company’s stock worth $2,439,714,000 after purchasing an additional 8,646,424 shares during the last quarter. Capital World Investors grew its stake in shares of AbbVie by 106.3% in the fourth quarter. Capital World Investors now owns 13,071,444 shares of the company’s stock worth $2,986,777,000 after purchasing an additional 6,736,161 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of AbbVie by 10.4% in the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock worth $10,179,099,000 after purchasing an additional 4,190,487 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of AbbVie by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company’s stock worth $41,306,353,000 after purchasing an additional 3,032,438 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

Analyst Ratings Changes

ABBV has been the topic of several recent analyst reports. Evercore set a $235.00 target price on AbbVie in a research note on Friday, May 15th. Bank of America raised AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 target price on the stock in a research note on Thursday, April 30th. Piper Sandler raised their target price on AbbVie from $294.00 to $298.00 and gave the stock an “overweight” rating in a research note on Thursday, May 14th. BMO Capital Markets reissued an “outperform” rating on shares of AbbVie in a research note on Monday, March 9th. Finally, Barclays began coverage on shares of AbbVie in a report on Thursday, February 19th. They issued an “overweight” rating and a $275.00 price objective for the company. Three 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $253.43.

AbbVie Stock Performance

ABBV stock opened at $223.00 on Tuesday. The firm has a 50 day moving average price of $210.09 and a 200-day moving average price of $219.18. AbbVie Inc. has a 52-week low of $181.73 and a 52-week high of $244.81. The firm has a market capitalization of $394.00 billion, a price-to-earnings ratio of 109.85, a PEG ratio of 0.69 and a beta of 0.32.

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

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.