Convergence Investment Partners Lowers stake in AbbVie Inc (ABBV)

AbbVie Inc (ABBV) : Convergence Investment Partners reduced its stake in AbbVie Inc by 0.65% during the most recent quarter end. The investment management company now holds a total of 161,215 shares of AbbVie Inc which is valued at $10 Million after selling 1,057 shares in AbbVie Inc , the firm said in a disclosure report filed with the SEC on May 11, 2016.AbbVie Inc makes up approximately 1.21% of Convergence Investment Partners’s portfolio.

Other Hedge Funds, Including , Timber Creek Capital Management sold out all of its stake in ABBV during the most recent quarter. The investment firm sold 212 shares of ABBV which is valued $13,144.Signature Financial Management reduced its stake in ABBV by selling 866 shares or 16.23% in the most recent quarter. The Hedge Fund company now holds 4,471 shares of ABBV which is valued at $277,202. AbbVie Inc makes up approx 0.14% of Signature Financial Management’s portfolio.

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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