Illinois Municipal Retirement Fund increased its position in AbbVie Inc. (NYSE:ABBV – Free Report) by 4.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 175,516 shares of the company’s stock after buying an additional 6,875 shares during the period. AbbVie accounts for 0.5% of Illinois Municipal Retirement Fund’s portfolio, making the stock its 28th largest holding. Illinois Municipal Retirement Fund’s holdings in AbbVie were worth $38,173,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Chelsea Counsel Co. bought a new stake in shares of AbbVie during the 3rd quarter worth about $26,000. Litman Gregory Wealth Management LLC bought a new position in shares of AbbVie in the 4th quarter valued at approximately $28,000. Westend Capital Management LLC bought a new position in shares of AbbVie in the 4th quarter valued at approximately $29,000. Imprint Wealth LLC lifted its holdings in AbbVie by 56.2% in the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after purchasing an additional 45 shares during the last quarter. Finally, Legacy Wealth Managment LLC ID lifted its holdings in AbbVie by 115.9% in the 4th quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock worth $31,000 after purchasing an additional 73 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.
Key Stories Impacting AbbVie
Here are the key news stories impacting AbbVie this week:
- Positive Sentiment: AbbVie’s long-term safety and efficacy extension data for Bimatoprost SR could strengthen the case for its glaucoma pipeline if results continue to show durable safety and benefit. AbbVie’s Bimatoprost SR Extension Data: Why Long-Term Glaucoma Safety Matters for Investors
- Positive Sentiment: Analyst commentary highlighted confidence in AbbVie’s ability to replace Humira revenue, with Skyrizi and Rinvoq helping ease concerns about the company’s long-term earnings outlook. Should You Buy, Sell or Hold ABBV Stock After Its 9% YTD Rise?
- Positive Sentiment: AbbVie has also been described as a trending stock, suggesting elevated investor attention that can reinforce momentum in the shares. AbbVie Inc. (ABBV) Is a Trending Stock: Facts to Know Before Betting on It
- Positive Sentiment: Separate technical coverage pointed to a bullish “golden cross” setup, which may be encouraging traders looking for continued upside momentum in AbbVie. AbbVie vs Baxter: One Golden Cross Is Real, One Is a Trap
- Neutral Sentiment: AbbVie was the target of unusually heavy call-option buying, which shows speculation and near-term trading interest but does not by itself confirm fundamental strength.
- Neutral Sentiment: Some valuation-focused commentary said the stock may be fully priced after its multi-year run, which could temper enthusiasm even as the growth story remains intact. AbbVie (ABBV) Stock Looks Fully Priced After A 152% Run
- Negative Sentiment: Reports that AbbVie has extended a slide for multiple sessions suggest some traders have been taking profits or reacting to valuation concerns in the near term. AbbVie extends slide to a seventh straight session
AbbVie Stock Down 0.2%
AbbVie (NYSE:ABBV – Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, beating 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 company had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.72 billion. During the same period in the prior year, the business earned $2.46 earnings per share. AbbVie’s revenue for the quarter was up 12.4% compared to the same quarter last year. Sell-side analysts expect that AbbVie Inc. will post 14.22 earnings per share for the current fiscal year.
AbbVie Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors 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 2.8%. The ex-dividend date is Wednesday, July 15th. AbbVie’s dividend payout ratio is presently 340.89%.
Analyst Upgrades and Downgrades
Several brokerages have commented on ABBV. Cantor Fitzgerald increased their price target on AbbVie from $240.00 to $265.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Canaccord Genuity Group boosted their price objective on shares of AbbVie from $265.00 to $273.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of AbbVie in a report on Monday, June 8th. UBS Group raised 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 Monday. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of AbbVie in a report on Tuesday, June 23rd. Two investment 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 company. Based on data from MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $267.67.
Get Our Latest Stock Report on AbbVie
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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