McLaughlin Asset Management Inc. acquired a new stake in AbbVie Inc. (NYSE:ABBV – Free Report) during the 4th quarter, Holdings Channel reports. The firm acquired 4,063 shares of the company’s stock, valued at approximately $928,000.
Other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new stake in AbbVie during the 4th quarter valued at approximately $5,865,055,000. Wellington Management Group LLP grew its holdings in AbbVie by 457.4% during the 3rd quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company’s stock valued at $2,439,714,000 after buying an additional 8,646,424 shares in the last quarter. Capital World Investors raised its position in shares of AbbVie by 106.3% during the fourth quarter. Capital World Investors now owns 13,071,444 shares of the company’s stock valued at $2,986,777,000 after buying an additional 6,736,161 shares during the last quarter. Cardano Risk Management B.V. lifted its holdings in shares of AbbVie by 914.6% in the fourth quarter. Cardano Risk Management B.V. now owns 5,444,930 shares of the company’s stock worth $1,244,112,000 after buying an additional 4,908,260 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of AbbVie by 10.4% during the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock worth $10,179,099,000 after acquiring an additional 4,190,487 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.
Analysts Set New Price Targets
ABBV has been the topic of a number of research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a report on Monday, June 8th. Bank of America upgraded AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 price objective for the company in a research report on Thursday, April 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $240.00 target price on shares of AbbVie in a report on Thursday, April 30th. Wall Street Zen downgraded AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Sunday, June 7th. Finally, Guggenheim reissued a “buy” rating and set a $249.00 price target on shares of AbbVie in a research note on Friday, May 1st. Three analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $253.43.
AbbVie Stock Down 2.1%
AbbVie stock opened at $216.63 on Friday. AbbVie Inc. has a 52-week low of $181.73 and a 52-week high of $244.81. The firm’s fifty day moving average is $212.08 and its 200 day moving average is $218.78. The company has a market cap of $382.74 billion, a price-to-earnings ratio of 106.71, a PEG ratio of 0.68 and a beta of 0.32.
AbbVie (NYSE:ABBV – Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The business had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.72 billion. During the same period last year, the company posted $2.46 EPS. The business’s revenue was up 12.4% on a year-over-year basis. On average, equities research analysts anticipate that AbbVie Inc. will post 14.3 earnings per share for the current fiscal year.
AbbVie Announces Dividend
The business 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 dividend of $1.73 per share. This represents a $6.92 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Wednesday, July 15th. AbbVie’s payout ratio is presently 340.89%.
Key Headlines Impacting AbbVie
Here are the key news stories impacting AbbVie this week:
- Positive Sentiment: AbbVie declared a quarterly cash dividend of $1.73 per share, reinforcing its shareholder-return profile and highlighting the company’s ability to generate strong cash flow. AbbVie Declares Quarterly Dividend
- Positive Sentiment: AbbVie also got a regulatory boost with new SKINVIVE approval and reported encouraging CLL trial results, which support the company’s oncology and aesthetics growth pipeline. AbbVie (ABBV) Lands New SKINVIVE Approval As CLL Trial Results Impress
- Positive Sentiment: The company presented new Phase 3 data on a venetoclax-based combination and highlighted its late-stage ABBV-400 colorectal cancer program, adding to investor confidence in AbbVie’s long-term pipeline. AbbVie Inc. (ABBV) Presents Data on Fixed-Duration Venetoclax-Based Combination
- Neutral Sentiment: AbbVie has been attracting extra trader attention recently, but the stock’s near-term direction still depends on whether dividend income and pipeline progress can outweigh broader market weakness and legal uncertainty. AbbVie Inc. (ABBV) Is a Trending Stock: Facts to Know Before Betting on It
- Negative Sentiment: The biggest overhang is a reported HHS move to ask a court to dismiss AbbVie’s lawsuit over drug-discount patients, which could increase regulatory and legal pressure on the stock. HHS Asks Court to Toss AbbVie Suit Over Drug Discount Patients
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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