Welch & Forbes LLC reduced its holdings in AbbVie Inc. (NYSE:ABBV – Free Report) by 0.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 345,947 shares of the company’s stock after selling 2,424 shares during the quarter. Welch & Forbes LLC’s holdings in AbbVie were worth $79,045,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in AbbVie by 0.3% during the third quarter. Vanguard Group Inc. now owns 177,747,261 shares of the company’s stock valued at $41,155,601,000 after buying an additional 448,554 shares in the last quarter. Public Sector Pension Investment Board lifted its position in AbbVie by 17.0% during the third quarter. Public Sector Pension Investment Board now owns 1,044,690 shares of the company’s stock valued at $241,888,000 after buying an additional 151,644 shares in the last quarter. Thornburg Investment Management Inc. lifted its position in AbbVie by 25.5% during the third quarter. Thornburg Investment Management Inc. now owns 401,760 shares of the company’s stock valued at $93,024,000 after buying an additional 81,625 shares in the last quarter. Channing Capital Management LLC lifted its position in AbbVie by 10.5% during the third quarter. Channing Capital Management LLC now owns 55,647 shares of the company’s stock valued at $12,885,000 after buying an additional 5,302 shares in the last quarter. Finally, Procyon Advisors LLC lifted its position in AbbVie by 19.9% during the fourth quarter. Procyon Advisors LLC now owns 32,752 shares of the company’s stock valued at $7,484,000 after buying an additional 5,427 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In other news, SVP David Ryan Purdue sold 5,230 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $233.56, for a total value of $1,221,518.80. Following the completion of the sale, the senior vice president owned 2,654 shares in the company, valued at approximately $619,868.24. This trade represents a 66.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.06% of the company’s stock.
Key Headlines Impacting AbbVie
- Positive Sentiment: AbbVie received U.S. FDA approval for DECNUPAZ, its first ADC approved for blood cancer, opening a new potential revenue stream in a highly specialized oncology market. U.S. FDA Approves DECNUPAZTM (pivekimab sunirine-pvzy) for Treatment of Adult Patients with Blastic Plasmacytoid Dendritic Cell Neoplasm, an Ultra-Rare and Aggressive Blood Cancer With Limited Treatment Options
- Positive Sentiment: The European Commission expanded the VENCLYXTO label in untreated CLL, broadening use of an established oncology drug and potentially supporting international sales. AbbVie Announces European Commission Authorization of Expanded Label for VENCLYXTO® (venetoclax) to Include Additional Combinations in Previously Untreated Chronic Lymphocytic Leukemia
- Positive Sentiment: AbbVie advanced ABBV-519 into first-in-human testing, signaling continued momentum in its immunology pipeline. AbbVie Inc. (ABBV) Presents at EU Clinical Trial Regulation: Latest Developments and Upcoming Opportunities Transcript
- Neutral Sentiment: Recent articles note ABBV has outperformed since its last earnings report and remains viewed as reasonably valued by some analysts, but these are more commentary than fresh business catalysts. AbbVie (ABBV) Up 3.5% Since Last Earnings Report: Can It Continue?
AbbVie Stock Performance
ABBV stock opened at $217.83 on Friday. AbbVie Inc. has a 1 year low of $181.73 and a 1 year high of $244.81. The firm has a market cap of $384.85 billion, a P/E ratio of 107.30, a price-to-earnings-growth ratio of 0.75 and a beta of 0.32. The stock has a 50-day simple moving average of $208.43 and a 200-day simple moving average of $219.66.
AbbVie (NYSE:ABBV – Get Free Report) last posted its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.72 billion. During the same quarter last year, the firm earned $2.46 earnings per share. The company’s revenue for the quarter was up 12.4% compared to the same quarter last year. On average, equities research analysts predict that AbbVie Inc. will post 14.3 EPS for the current year.
Wall Street Analyst Weigh In
A number of research analysts have weighed in on the stock. Bank of America raised shares of AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 price target on the stock in a research report on Thursday, April 30th. BMO Capital Markets reaffirmed an “outperform” rating on shares of AbbVie in a research report on Monday, March 9th. DZ Bank raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. UBS Group reduced their price target on shares of AbbVie from $240.00 to $230.00 and set a “neutral” rating on the stock in a research report on Thursday, February 5th. Finally, 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. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $253.43.
View Our Latest Analysis on ABBV
AbbVie 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.
Featured Articles
- Five stocks we like better than AbbVie
- Costco’s Strong Quarter Still Leaves Investors With a Valuation Problem
- These 3 Software Stocks Are Buying Back Shares Hand Over Fist
- Gap Inc. Cuts Sales Outlook After Q1 Miss, Shares Drop 17%
- MongoDB’s AI Advantage Is Starting to Show Up in Results
Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV – Free Report).
Receive News & Ratings for AbbVie Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie and related companies with MarketBeat.com's FREE daily email newsletter.
