Comerica Bank buys $73.1 Million stake in AbbVie Inc (ABBV)

AbbVie Inc (ABBV) : Comerica Bank scooped up 160,307 additional shares in AbbVie Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 11, 2016. The investment management firm now holds a total of 1,179,295 shares of AbbVie Inc which is valued at $73.1 Million.AbbVie Inc makes up approximately 0.66% of Comerica Bank’s portfolio.

Other Hedge Funds, Including , Holderness Investments Co boosted its stake in ABBV in the latest quarter, The investment management firm added 128 additional shares and now holds a total of 13,184 shares of AbbVie Inc which is valued at $817,408. AbbVie Inc makes up approx 0.79% of Holderness Investments Co’s portfolio.Smith Salley Associates boosted its stake in ABBV in the latest quarter, The investment management firm added 22,010 additional shares and now holds a total of 112,609 shares of AbbVie Inc which is valued at $7 Million. AbbVie Inc makes up approx 1.78% of Smith Salley Associates’s portfolio.Essex Investment Management Co reduced its stake in ABBV by selling 12,584 shares or 13.38% in the most recent quarter. The Hedge Fund company now holds 81,460 shares of ABBV which is valued at $5.1 Million. AbbVie Inc makes up approx 0.87% of Essex Investment Management Co’s portfolio.Icon Advisers Incco reduced its stake in ABBV by selling 32,000 shares or 12.9% in the most recent quarter. The Hedge Fund company now holds 216,100 shares of ABBV which is valued at $13.5 Million. AbbVie Inc makes up approx 0.95% of Icon Advisers Incco’s portfolio. Richard Bernstein Advisors sold out all of its stake in ABBV during the most recent quarter. The investment firm sold 64,999 shares of ABBV which is valued $4.1 Million.

AbbVie Inc opened for trading at $61.91 and hit $62.62 on the upside on Monday, eventually ending the session at $62.45, with a gain of 0.73% or 0.45 points. The heightened volatility saw the trading volume jump to 67,07,435 shares. Company has a market cap of $101,004 M.

On the company’s financial health, AbbVie Inc reported $1.15 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Apr 28, 2016. Analyst had a consensus of $1.14. The company had revenue of $5958.00 million for the quarter, compared to analysts expectations of $5978.41 million. The company’s revenue was up 18.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 EPS.

Many Wall Street Analysts have commented on AbbVie Inc. Societe Generale Initiated AbbVie Inc on Apr 6, 2016 to “Sell”, Price Target of the shares are set at $47.Deutsche Bank Initiated AbbVie Inc on Mar 15, 2016 to “Hold”, Price Target of the shares are set at $63.AbbVie Inc was Upgraded by Citigroup to ” Buy” on Feb 23, 2016.

AbbVie Inc. (AbbVie) is a global research-based biopharmaceutical company. The Company develops and markets therapies that address a range of diseases. The Company’s products are focused on treating conditions such as chronic autoimmune diseases including rheumatoid arthritis psoriasis and Crohn’s disease; hepatitis C (HCV); human immunodeficiency virus (HIV); endometriosis; thyroid disease; Parkinson’s disease; complications associated with chronic kidney disease and cystic fibrosis and other health conditions such as low testosterone. AbbVie also has a pipeline of new medicines including over 30 compounds or indications in Phase II or Phase III development across a range of medical specialties such as immunology virology/liver disease oncology renal disease neurological diseases and women’s health. The Company’s product portfolio includes HUMIRA HCV products Additional Virology products Metabolics/Hormones products Endocrinology products and other products.

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