Tobam Has $6.98 Million Holdings in AbbVie Inc. (NYSE:ABBV)

Tobam lessened its stake in shares of AbbVie Inc. (NYSE:ABBV) by 42.2% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 39,273 shares of the company’s stock after selling 28,694 shares during the quarter. AbbVie comprises about 2.2% of Tobam’s investment portfolio, making the stock its 8th biggest position. Tobam’s holdings in AbbVie were worth $6,979,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Global X Japan Co. Ltd. raised its position in shares of AbbVie by 14.6% in the fourth quarter. Global X Japan Co. Ltd. now owns 2,743 shares of the company’s stock valued at $487,000 after buying an additional 349 shares in the last quarter. Fairvoy Private Wealth LLC acquired a new position in AbbVie in the 4th quarter valued at $348,000. Keystone Financial Group Inc. acquired a new stake in shares of AbbVie during the 4th quarter worth $207,000. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of AbbVie by 14.3% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 259,270 shares of the company’s stock worth $46,072,000 after purchasing an additional 32,467 shares during the period. Finally, Strategic Financial Concepts LLC raised its stake in AbbVie by 17,813.1% in the fourth quarter. Strategic Financial Concepts LLC now owns 265,831 shares of the company’s stock valued at $472,000 after purchasing an additional 264,347 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ABBV shares. Leerink Partners raised shares of AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 price objective on the stock in a research note on Friday, November 22nd. UBS Group raised their price objective on AbbVie from $181.00 to $190.00 and gave the company a “neutral” rating in a research note on Monday. Citigroup increased their target price on shares of AbbVie from $205.00 to $215.00 and gave the stock a “buy” rating in a report on Monday. Piper Sandler Companies reaffirmed an “overweight” rating and set a $220.00 price target on shares of AbbVie in a report on Tuesday, December 17th. Finally, Guggenheim increased their price objective on shares of AbbVie from $212.00 to $214.00 and gave the company a “buy” rating in a research note on Monday. Five research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $208.35.

AbbVie Price Performance

ABBV opened at $192.95 on Friday. The firm has a 50-day moving average price of $177.19 and a 200-day moving average price of $185.43. AbbVie Inc. has a twelve month low of $153.58 and a twelve month high of $207.32. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. The company has a market capitalization of $340.96 billion, a price-to-earnings ratio of 80.39, a PEG ratio of 1.84 and a beta of 0.58.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, January 31st. The company reported $2.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 257.91%. During the same quarter in the prior year, the firm posted $2.79 EPS. Equities analysts expect that AbbVie Inc. will post 12.26 EPS for the current year.

Insider Activity

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $172.24, for a total value of $310,032.00. Following the transaction, the senior vice president now directly owns 6,983 shares in the company, valued at $1,202,751.92. This represents a 20.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.25% of the stock is owned by company insiders.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.