Midwest Trust Co raised its holdings in AbbVie Inc. (NYSE:ABBV – Free Report) by 0.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 485,280 shares of the company’s stock after buying an additional 3,331 shares during the period. AbbVie makes up approximately 1.3% of Midwest Trust Co’s portfolio, making the stock its 13th largest position. Midwest Trust Co’s holdings in AbbVie were worth $105,544,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of ABBV. Vanguard Group Inc. raised its position in AbbVie by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company’s stock valued at $41,306,353,000 after purchasing an additional 3,032,438 shares in the last quarter. State Street Corp increased its stake in shares of AbbVie by 1.4% during the fourth quarter. State Street Corp now owns 80,940,931 shares of the company’s stock worth $18,494,193,000 after buying an additional 1,119,274 shares during the period. Geode Capital Management LLC raised its holdings in 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 acquiring an additional 4,190,487 shares in the last quarter. Bank of America Corp DE lifted its stake in AbbVie by 1.4% in the fourth quarter. Bank of America Corp DE now owns 25,824,399 shares of the company’s stock worth $5,900,617,000 after acquiring an additional 356,394 shares during the last quarter. Finally, Norges Bank acquired a new position in AbbVie during the 4th quarter worth approximately $5,865,055,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.
Key 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 Trading Down 0.8%
AbbVie (NYSE:ABBV – Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.59 by $0.06. The company had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.46 earnings per share. On average, equities analysts predict that AbbVie Inc. will post 14.3 EPS for the current year.
AbbVie Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be paid a $1.73 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $6.92 dividend on an annualized basis and a yield of 2.8%. AbbVie’s payout ratio is currently 340.89%.
Analyst Ratings Changes
ABBV has been the subject of several recent analyst reports. Morgan Stanley lifted their price objective on shares of AbbVie from $270.00 to $278.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Guggenheim lifted their price target on AbbVie from $249.00 to $261.00 and gave the stock a “buy” rating in a report on Thursday. JPMorgan Chase & Co. increased their price objective on AbbVie from $260.00 to $280.00 and gave the company an “overweight” rating in a report on Thursday. Cantor Fitzgerald boosted their target price on AbbVie from $240.00 to $265.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Finally, Bank of America increased their price target on shares of AbbVie from $234.00 to $276.00 and gave the company a “buy” rating in a research note on Friday. Two equities research 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $262.81.
Read Our Latest Analysis on ABBV
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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