June 8, 2016

Morgan Stanley Downgrades AbbVie Inc (ABBV)


AbbVie Inc (NYSE:ABBV) was downgraded by analysts at Morgan Stanley to a “hold” rating in a note issued to investors on Wednesday. They presently have a $65.00 price objective on the stock. Morgan Stanley’s price objective suggests a potential upside of 3.01% from the stock’s previous close.

Other large investors have made changes to their positions in the company. Norges Bank acquired a new stake in shares of AbbVie during the fourth quarter valued at $838,947,000. Orbis Allan Gray Ltd bought a new stake in AbbVie during the first quarter valued at approximately $281,766,000. Highfields Capital Management LP increased its stake in AbbVie by 77.7% in the fourth quarter. Highfields Capital Management LP now owns 5,908,500 shares of the company’s stock valued at $350,020,000 after buying an additional 2,583,500 shares in the last quarter. Woodford Investment Management LLP increased its stake in AbbVie by 25.8% in the first quarter. Woodford Investment Management LLP now owns 11,063,300 shares of the company’s stock valued at $631,936,000 after buying an additional 2,269,300 shares in the last quarter. Finally, Svenska Handelsbanken AB publ bought a new stake in AbbVie during the fourth quarter valued at approximately $89,405,000.