Prestige Wealth Management Group LLC increased its position in AbbVie Inc. (NYSE:ABBV – Free Report) by 42.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,386 shares of the company’s stock after buying an additional 5,190 shares during the period. AbbVie comprises 0.8% of Prestige Wealth Management Group LLC’s portfolio, making the stock its 27th largest holding. Prestige Wealth Management Group LLC’s holdings in AbbVie were worth $3,973,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of ABBV. Norges Bank acquired a new position in shares of AbbVie in the fourth quarter valued at approximately $5,865,055,000. Wellington Management Group LLP raised its position in shares of AbbVie by 457.4% in the third quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company’s stock valued at $2,439,714,000 after buying an additional 8,646,424 shares during the last quarter. Geode Capital Management LLC raised its position in shares of AbbVie by 10.4% in the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock valued at $10,179,099,000 after buying an additional 4,190,487 shares during the last quarter. Vanguard Group Inc. raised its position in shares of AbbVie by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company’s stock valued at $41,306,353,000 after buying an additional 3,032,438 shares during the last quarter. Finally, Raymond James Financial Inc. raised its position in shares of AbbVie by 41.8% in the second quarter. Raymond James Financial Inc. now owns 9,337,480 shares of the company’s stock valued at $1,733,222,000 after buying an additional 2,753,312 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.
AbbVie Stock Performance
AbbVie stock opened at $224.81 on Friday. AbbVie Inc. has a 1 year low of $181.73 and a 1 year high of $244.81. The firm has a 50 day moving average price of $209.43 and a 200 day moving average price of $219.30. The company has a market cap of $397.19 billion, a price-to-earnings ratio of 110.74, a PEG ratio of 0.66 and a beta of 0.32.
Key Headlines Impacting AbbVie
Here are the key news stories impacting AbbVie this week:
- Positive Sentiment: AbbVie won U.K. NHS backing for Elahere, its ovarian cancer therapy, and Reuters reported the British drug-cost watchdog recommended the treatment for a hard-to-treat form of ovarian cancer, improving access and potential sales in a key market. British drug-cost watchdog recommends use of AbbVie’s ovarian cancer therapy
- Positive Sentiment: The company also received European Commission approval for Aquipta to treat migraine, adding a second approved migraine indication and broadening the drug’s commercial opportunity. AbbVie receives EC approval for Aquipta to treat migraine
- Positive Sentiment: Analyst coverage also highlighted AbbVie’s oncology strategy after Decnupaz approval, signaling that management is building a larger antibody-drug conjugate pipeline that could create longer-term upside. Does Decnupaz Approval Validate ABBV’s ADC Strategy in Oncology?
- Neutral Sentiment: Several recent clinical-study updates, including completion of an upadacitinib study in China and a bioavailability study for ABBV-932, suggest steady pipeline progress, but they are not immediate revenue catalysts. AbbVie Completes Real World Upadacitinib Study in China: What Investors Should Watch AbbVie Advances ABBV-932 With Completed Bioavailability Study
- Negative Sentiment: AbbVie also ended an early-stage lung cancer trial for ABBV-647, which trims one potential oncology growth driver and adds some caution around pipeline execution. AbbVie Ends Early Lung Cancer Trial for ABBV-647
Analyst Ratings Changes
ABBV has been the subject of a number of analyst reports. Evercore set a $235.00 price objective on shares of AbbVie in a research report on Friday, May 15th. Morgan Stanley boosted their target price on shares of AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. DZ Bank upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. BMO Capital Markets restated an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Finally, Bank of America upgraded shares of AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 target price for the company in a report on Thursday, April 30th. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and a consensus target price of $253.43.
View Our Latest Stock Report on AbbVie
AbbVie Company 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 Stories
- Five stocks we like better than AbbVie
- The Great AI Server Rotation Puts Hewlett Packard Enterprise and Super Micro Computer in Focus
- Generac’s AI Power Pivot Raises a Bigger Question About Data Center Demand
- Medtronic Bottoms, Healthy Rebound Ahead
- GitLab’s Price Recovery Gains Traction—Time to Get On Board?
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.
