Bank of New York Mellon Corp Raises Stock Holdings in AbbVie Inc. $ABBV

Bank of New York Mellon Corp lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 9.7% during the fourth quarter, Holdings Channel reports. The fund owned 13,499,351 shares of the company’s stock after purchasing an additional 1,197,432 shares during the quarter. AbbVie comprises 0.5% of Bank of New York Mellon Corp’s portfolio, making the stock its 23rd biggest holding. Bank of New York Mellon Corp’s holdings in AbbVie were worth $3,084,467,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of AbbVie by 1.7% during the 4th 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. Geode Capital Management LLC raised its position 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 valued at $10,179,099,000 after buying an additional 4,190,487 shares during the last quarter. Norges Bank acquired a new position in shares of AbbVie in the fourth quarter valued at approximately $5,865,055,000. Legal & General Group Plc lifted its stake in shares of AbbVie by 1.1% during the fourth quarter. Legal & General Group Plc now owns 12,133,331 shares of the company’s stock valued at $2,772,345,000 after buying an additional 129,247 shares during the period. Finally, Wellington Management Group LLP boosted its position in AbbVie by 457.4% during the third quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company’s stock worth $2,439,714,000 after acquiring an additional 8,646,424 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Price Performance

AbbVie stock opened at $215.64 on Wednesday. The company has a market cap of $381.00 billion, a price-to-earnings ratio of 106.23, a price-to-earnings-growth ratio of 0.73 and a beta of 0.32. AbbVie Inc. has a 12 month low of $181.73 and a 12 month high of $244.81. The stock’s 50-day moving average is $208.56 and its 200-day moving average is $219.58.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.59 by $0.06. The business 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 company’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.46 EPS. Research analysts anticipate that AbbVie Inc. will post 14.3 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Guggenheim reaffirmed a “buy” rating and issued a $249.00 target price on shares of AbbVie in a research note on Friday, May 1st. Wall Street Zen raised AbbVie from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $240.00 target price on shares of AbbVie in a research note on Thursday, April 30th. Canaccord Genuity Group increased their target price on AbbVie from $262.00 to $265.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Finally, Bank of America upgraded AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 price target for the company in a report on Thursday, April 30th. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $253.43.

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.