Wiregrass Investment Management LLC raised its stake in AbbVie Inc. (NYSE:ABBV – Free Report) by 73.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,094 shares of the company’s stock after purchasing an additional 2,159 shares during the quarter. Wiregrass Investment Management LLC’s holdings in AbbVie were worth $1,108,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in the stock. Bank of Jackson Hole Trust increased its stake in AbbVie by 0.6% during the fourth quarter. Bank of Jackson Hole Trust now owns 7,213 shares of the company’s stock worth $1,648,000 after acquiring an additional 44 shares during the last quarter. Eclectic Associates Inc. ADV raised its holdings in shares of AbbVie by 0.8% in the 4th quarter. Eclectic Associates Inc. ADV now owns 5,852 shares of the company’s stock worth $1,337,000 after purchasing an additional 45 shares during the period. Imprint Wealth LLC lifted its stake in shares of AbbVie by 56.2% in the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock valued at $29,000 after purchasing an additional 45 shares in the last quarter. Hardin Capital Partners LLC lifted its stake in shares of AbbVie by 1.4% in the 4th quarter. Hardin Capital Partners LLC now owns 3,321 shares of the company’s stock valued at $759,000 after purchasing an additional 46 shares in the last quarter. Finally, Dogwood Wealth Management LLC grew its holdings in shares of AbbVie by 10.8% during the 4th quarter. Dogwood Wealth Management LLC now owns 473 shares of the company’s stock worth $108,000 after purchasing an additional 46 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.
AbbVie Stock Performance
Shares of NYSE:ABBV opened at $256.18 on Wednesday. The business’s 50-day simple moving average is $231.78 and its 200 day simple moving average is $222.23. The company has a market cap of $452.62 billion, a P/E ratio of 126.20, a PEG ratio of 0.84 and a beta of 0.30. AbbVie Inc. has a one year low of $184.90 and a one year high of $261.64.
AbbVie Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders 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 annualized dividend and a dividend yield of 2.7%. AbbVie’s dividend payout ratio is 340.89%.
Key AbbVie News
Here are the key news stories impacting AbbVie this week:
- Positive Sentiment: AbbVie’s stock has been outperforming the broader market, with recent trading strength reinforcing investor confidence in the name. AbbVie (ABBV) Beats Stock Market Upswing: What Investors Need to Know
- Positive Sentiment: Analysts at Erste Group Bank reportedly raised earnings estimates for AbbVie, which can support the shares if investors expect stronger profit growth ahead. Erste Group Bank Brokers Boost Earnings Estimates for AbbVie
- Positive Sentiment: AbbVie said its ABBV-8736 injection study showed “quiet but meaningful” pipeline progress, adding another sign that its drug development efforts are advancing. AbbVie’s ABBV-8736 Injection Study Signals Quiet But Meaningful Pipeline Progress
- Positive Sentiment: A recent bullish article argued AbbVie looks like a strong buy-and-hold candidate, reflecting generally constructive sentiment around the stock. 3 Reasons to Buy AbbVie Stock Like There’s No Tomorrow
- Neutral Sentiment: A separate article discussed broader biotech and healthcare market trends, but it does not appear to have a direct company-specific impact on AbbVie. Biotech IPOs Surge 55% as AI Listings Lose Momentum
- Neutral Sentiment: Another article questioned whether AbbVie is leaving eye care, but the available headline alone does not indicate a clear financial impact. BLOG: Exit stage left: Is AbbVie leaving eye care?
- Neutral Sentiment: Coverage of AbbVie’s $10.9 billion Apogee acquisition focused on potential dividend effects, but the headline suggests investors are mainly evaluating the deal rather than reacting to a fresh negative catalyst. How Will AbbVie’s $10.9 Billion Acquisition of Apogee Impact Its Dividend?
Wall Street Analyst Weigh In
A number of analysts recently issued reports on the stock. JPMorgan Chase & Co. increased their target price on shares of AbbVie from $260.00 to $280.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Citigroup boosted their price objective on shares of AbbVie from $230.00 to $260.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. DZ Bank raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Morgan Stanley raised their target price 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, Guggenheim lifted their target price on shares of AbbVie from $249.00 to $261.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $267.67.
View Our Latest Stock Analysis on ABBV
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.
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