Dai ichi Life Insurance Company Ltd reduced its position in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 12.0% in the first quarter, Holdings Channel reports. The fund owned 139,196 shares of the company’s stock after selling 18,953 shares during the quarter. AbbVie makes up about 0.9% of Dai ichi Life Insurance Company Ltd’s portfolio, making the stock its 20th biggest position. Dai ichi Life Insurance Company Ltd’s holdings in AbbVie were worth $30,274,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Litman Gregory Wealth Management LLC bought a new position in AbbVie during the fourth quarter valued at $28,000. Imprint Wealth LLC grew 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 worth $29,000 after buying an additional 45 shares in the last quarter. Westend Capital Management LLC bought a new stake in shares of AbbVie in the 4th quarter worth about $29,000. IFC & Insurance Marketing Inc. purchased a new stake in shares of AbbVie during the 4th quarter valued at about $31,000. Finally, Legacy Wealth Managment LLC ID raised its position in shares of AbbVie by 115.9% during the 4th quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock valued at $31,000 after buying an additional 73 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.
Key AbbVie News
Here are the key news stories impacting AbbVie this week:
- Positive Sentiment: AbbVie is expected to report earnings next week, and several market write-ups highlight the stock as a potential winner if results or guidance beat expectations. Analysts also noted the shares may have room to rise if the company delivers on revenue and profit growth. AbbVie (ABBV) Earnings Expected to Grow: What to Know Ahead of Next Week’s Release
- Positive Sentiment: Canaccord Genuity reiterated a constructive view on AbbVie, with a report saying the stock price is expected to rise, which may be helping sentiment around the name. AbbVie (NYSE:ABBV) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says
- Neutral Sentiment: AbbVie also announced progress on early-stage pipeline work for nacresertib and ABBV-313, but these updates are preliminary and are unlikely to move the stock as much as late-stage clinical data. AbbVie Advances Nacresertib With Key Drug–Drug Interaction Study AbbVie’s ABBV-313 Phase 1 Trial: What Early Safety Work Means for Investors
- Negative Sentiment: AbbVie and Genmab said the Phase 3 EPCORE DLBCL-1 trial for lymphoma drug epcoritamab missed its sole U.S. primary endpoint, a setback that could weigh on sentiment toward the company’s oncology pipeline. Genmab, AbbVie Say Lymphoma Drug Failed to Meet Primary Endpoint in Phase 3 Trial
AbbVie Price Performance
AbbVie (NYSE:ABBV – Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, topping 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 for the quarter, compared to the consensus estimate of $14.72 billion. During the same period in the prior year, the business posted $2.46 earnings per share. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. As a group, equities research analysts expect that AbbVie Inc. will post 14.18 EPS for the current year.
AbbVie Dividend Announcement
The firm also recently announced 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 2.7%. AbbVie’s dividend payout ratio (DPR) is presently 340.89%.
Wall Street Analyst Weigh In
A number of research analysts recently commented on ABBV shares. BMO Capital Markets increased their price target on shares of AbbVie from $258.00 to $300.00 and gave the company an “outperform” rating in a report on Monday, July 13th. JPMorgan Chase & Co. upped their price objective on AbbVie from $260.00 to $280.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Evercore set a $235.00 price objective on AbbVie in a research note on Friday, May 15th. Wall Street Zen cut AbbVie from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 5th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a research report on Monday, June 8th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $268.10.
Read 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.
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