Osprey Private Wealth LLC raised its position in AbbVie Inc. (NYSE:ABBV – Free Report) by 6.0% in the 1st quarter, Holdings Channel reports. The fund owned 59,160 shares of the company’s stock after acquiring an additional 3,360 shares during the period. AbbVie accounts for approximately 3.7% of Osprey Private Wealth LLC’s holdings, making the stock its 5th biggest position. Osprey Private Wealth LLC’s holdings in AbbVie were worth $12,867,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Chelsea Counsel Co. acquired a new stake in AbbVie in the third quarter valued at about $26,000. Litman Gregory Wealth Management LLC acquired a new position in AbbVie during the fourth quarter worth about $28,000. Westend Capital Management LLC acquired a new position in AbbVie during the fourth quarter worth about $29,000. Imprint Wealth LLC increased its holdings in AbbVie by 56.2% in the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock valued at $29,000 after buying an additional 45 shares in the last quarter. Finally, Texas Capital Bancshares Inc TX acquired a new stake in shares of AbbVie during the 3rd quarter valued at approximately $31,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.
AbbVie Price Performance
AbbVie stock traded down $1.91 during mid-day trading on Friday, hitting $248.00. 5,780,723 shares of the company were exchanged, compared to its average volume of 8,942,850. AbbVie Inc. has a 12-month low of $184.63 and a 12-month high of $261.64. The company has a market capitalization of $438.17 billion, a P/E ratio of 122.17, a PEG ratio of 0.81 and a beta of 0.30. The business’s 50 day simple moving average is $225.42 and its two-hundred day simple moving average is $221.25.
AbbVie Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be paid a dividend of $1.73 per share. This represents a $6.92 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, July 15th. AbbVie’s dividend payout ratio (DPR) is currently 340.89%.
Analysts Set New Price Targets
A number of research firms recently weighed in on ABBV. DZ Bank upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Royal Bank Of Canada raised their price target on AbbVie from $260.00 to $280.00 and gave the company an “outperform” rating in a research report on Friday. Bank of America boosted their price objective on shares of AbbVie from $234.00 to $276.00 and gave the stock a “buy” rating in a research report on Friday. Wall Street Zen cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 5th. Finally, Piper Sandler restated an “overweight” rating and set a $298.00 target price on shares of AbbVie in a report on Tuesday, June 23rd. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and a consensus price target of $262.81.
Check Out Our Latest Stock Analysis on AbbVie
More AbbVie News
Here are the key news stories impacting AbbVie this week:
- Positive Sentiment: Bank of America raised AbbVie’s price target to $276 from $234 and reiterated a buy rating, signaling confidence in additional upside for the shares. Bank of America raises AbbVie price target
- Positive Sentiment: RBC Capital also increased its price target to $280 from $260 and kept an outperform rating, adding to the wave of analyst support. RBC raises AbbVie price target
- Positive Sentiment: JPMorgan likewise lifted its target to $280 from $260 and maintained an overweight rating, reinforcing a favorable near-term outlook for AbbVie. JPMorgan raises AbbVie price target
- Neutral Sentiment: Recent coverage comparing Johnson & Johnson and AbbVie highlighted how both pharma giants’ latest quarterly results are shaping income-investor preferences, but it did not point to a clear new catalyst for AbbVie. Johnson & Johnson vs AbbVie article
- Neutral Sentiment: AbbVie also appeared in an industry piece on the expanding cystic fibrosis market, which may be supportive of long-term therapeutic demand but is not an immediate stock-moving event. Cystic fibrosis market article
- Negative Sentiment: Despite the analyst upgrades, AbbVie was recently reported as having moved lower in trading, suggesting the stock is still contending with profit-taking or broader market pressure. AbbVie stock drops despite market gains
- Neutral Sentiment: West Pharmaceutical completed the SmartDose sale to AbbVie, a routine transaction that may support AbbVie’s drug-delivery capabilities but is unlikely to move the stock on its own. West Pharmaceutical SmartDose sale to AbbVie
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.
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