California State Teachers Retirement System Sells 62,377 Shares of AbbVie Inc. $ABBV

California State Teachers Retirement System reduced its position in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 2.3% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 2,680,188 shares of the company’s stock after selling 62,377 shares during the quarter. AbbVie makes up 0.6% of California State Teachers Retirement System’s investment portfolio, making the stock its 21st largest holding. California State Teachers Retirement System’s holdings in AbbVie were worth $582,914,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Resources Management Corp CT ADV lifted its position in shares of AbbVie by 1.2% during the 1st quarter. Resources Management Corp CT ADV now owns 85,442 shares of the company’s stock worth $18,583,000 after purchasing an additional 1,036 shares during the last quarter. Empowered Funds LLC grew its holdings in AbbVie by 52.8% in the 1st quarter. Empowered Funds LLC now owns 226,836 shares of the company’s stock valued at $49,335,000 after buying an additional 78,374 shares during the last quarter. KCM Investment Advisors LLC grew its holdings in AbbVie by 0.7% in the 1st quarter. KCM Investment Advisors LLC now owns 76,791 shares of the company’s stock valued at $16,701,000 after buying an additional 559 shares during the last quarter. Measured Risk Portfolios Inc. increased its position in AbbVie by 10.3% in the 1st quarter. Measured Risk Portfolios Inc. now owns 10,543 shares of the company’s stock worth $2,293,000 after buying an additional 984 shares during the period. Finally, Glen Eagle Advisors LLC lifted its holdings in shares of AbbVie by 0.6% during the first quarter. Glen Eagle Advisors LLC now owns 21,237 shares of the company’s stock worth $4,619,000 after buying an additional 122 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

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Key Stories Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Skyrizi and Rinvoq remain key growth drivers. The two immunology drugs are reportedly growing at more than 20% and have increasingly offset Humira’s loss of exclusivity, strengthening confidence in AbbVie’s long-term revenue outlook. Should You Buy, Hold or Sell ABBV Stock Ahead of Q2 Earnings?
• Positive Sentiment: Income and guidance support the investment case. Coverage highlights AbbVie’s roughly 2.62% dividend yield and raised earnings guidance, presenting ABBV as a combination of income, growth and comparatively low volatility ahead of the quarterly report. 3 Major Reasons for Investors to Buy AbbVie Stock Before July 31st
• Positive Sentiment: Pipeline and real-world data provide additional support. AbbVie completed a real-world RINVOQ study in psoriatic arthritis, while early safety data from the ABBV-722 Phase 1 program offer incremental pipeline visibility, though neither update is yet a major revenue catalyst. AbbVie Wraps Up Real-World RINVOQ Study in Psoriatic Arthritis
• Neutral Sentiment: Former AbbVie executive Michael Severino was named Sarepta Therapeutics’ CEO. The appointment is not expected to materially affect AbbVie’s operations, but it highlights the departure of a longtime AbbVie leader from the broader biopharmaceutical sector. Sarepta Names Former AbbVie President as CEO
• Negative Sentiment: Near-term “sell the news” risk remains. AbbVie’s recent rally has raised the possibility of profit-taking if second-quarter results, guidance or drug sales fail to exceed elevated expectations, despite the favorable long-term view. Should You Buy AbbVie Stock Hand Over Fist Before July 31?

Analyst Ratings Changes

ABBV has been the subject of several research reports. Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a research report on Monday, June 8th. Wells Fargo & Company boosted their target price on shares of AbbVie from $260.00 to $295.00 and gave the stock an “overweight” rating in a research report on Friday, July 10th. Citigroup upped their target price on shares of AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Sanford C. Bernstein reissued a “market perform” rating on shares of AbbVie in a report on Tuesday, June 23rd. Finally, JPMorgan Chase & Co. raised their price target 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. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $268.10.

Read Our Latest Stock Report on ABBV

AbbVie Trading Up 2.6%

Shares of NYSE:ABBV opened at $263.49 on Wednesday. AbbVie Inc. has a 1-year low of $187.62 and a 1-year high of $266.92. The firm has a market capitalization of $465.53 billion, a PE ratio of 129.80, a PEG ratio of 0.85 and a beta of 0.30. The business’s 50 day moving average is $236.52 and its 200-day moving average is $223.32.

AbbVie (NYSE:ABBV – Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.06. The business had revenue of $15 billion for 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%.AbbVie’s quarterly revenue was up 12.4% on a year-over-year basis. During the same period in the previous year, the business posted $2.46 earnings per share. On average, sell-side analysts predict that AbbVie Inc. will post 14.16 EPS for the current year.

AbbVie Announces Dividend

The firm 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. The ex-dividend date is Wednesday, July 15th. This represents a $6.92 dividend on an annualized basis and a yield of 2.6%. AbbVie’s payout ratio is currently 340.89%.

About AbbVie

(Free Report)

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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