WCG Wealth Advisors LLC purchased a new stake in shares of AbbVie Inc. (NYSE:ABBV – Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 17,087 shares of the company’s stock, valued at approximately $3,904,000.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Chelsea Counsel Co. purchased a new stake in shares of AbbVie during the 3rd quarter worth about $26,000. Westend Capital Management LLC purchased a new position in shares of AbbVie in the 4th quarter valued at about $29,000. Texas Capital Bancshares Inc TX purchased a new position in shares of AbbVie in the 3rd quarter valued at about $31,000. Legacy Wealth Managment LLC ID raised its holdings in AbbVie by 115.9% in the 4th quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock worth $31,000 after purchasing an additional 73 shares during the period. Finally, WestEnd Advisors LLC raised its holdings in AbbVie by 160.4% in the 4th quarter. WestEnd Advisors LLC now owns 138 shares of the company’s stock worth $32,000 after purchasing an additional 85 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.
More AbbVie News
Here are the key news stories impacting AbbVie this week:
- Positive Sentiment: AbbVie’s ovarian cancer drug Elahere received a green light from the UK’s NHS, expanding access in a hard-to-treat cancer market and reinforcing the drug’s commercial potential. British drug-cost watchdog recommends use of AbbVie’s ovarian cancer therapy
- Positive Sentiment: AbbVie also won European approval for Aquipta as a migraine treatment, adding another approved indication and supporting future sales growth for its neurology franchise. AbbVie receives EC approval for Aquipta to treat migraine
- Positive Sentiment: Analyst-style coverage highlighted AbbVie as a “cheap stock” and a potentially undervalued name, which can support investor sentiment around the stock’s longer-term upside. 5 Best Cheap Stocks to Buy for Beginners
- Neutral Sentiment: AbbVie completed several study updates, including a real-world upadacitinib study in China and a bioavailability study for ABBV-932, which are supportive for the pipeline but not immediate commercial catalysts. AbbVie Completes Real World Upadacitinib Study in China AbbVie Advances ABBV-932 With Completed Bioavailability Study
- Negative Sentiment: AbbVie ended an early lung-cancer trial for ABBV-647, which slightly trims one oncology upside avenue, even though it does not change the broader growth story. AbbVie Ends Early Lung Cancer Trial for ABBV-647
AbbVie Price Performance
AbbVie (NYSE:ABBV – Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The firm had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.72 billion. During the same quarter last year, the firm earned $2.46 earnings per share. The business’s revenue for the quarter was up 12.4% on a year-over-year basis. As a group, research analysts expect that AbbVie Inc. will post 14.3 EPS for the current fiscal year.
Analyst Ratings Changes
A number of equities analysts have issued reports on ABBV shares. Guggenheim reiterated a “buy” rating and set a $249.00 price target on shares of AbbVie in a research report on Friday, May 1st. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of AbbVie in a research note on Thursday, February 5th. Canaccord Genuity Group increased their target price on AbbVie from $262.00 to $265.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Morgan Stanley lifted their price target on shares of AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $240.00 price target on shares of AbbVie in a report on Thursday, April 30th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $253.43.
About AbbVie
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.
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