Glenview Trust Co lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 1.4% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 421,257 shares of the company’s stock after acquiring an additional 5,930 shares during the quarter. AbbVie comprises approximately 1.4% of Glenview Trust Co’s portfolio, making the stock its 18th largest holding. Glenview Trust Co’s holdings in AbbVie were worth $91,619,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors also recently bought and sold shares of the company. Ranch Capital Advisors Inc. boosted its stake in AbbVie by 37.0% in the 1st quarter. Ranch Capital Advisors Inc. now owns 14,888 shares of the company’s stock worth $3,238,000 after purchasing an additional 4,017 shares during the period. Waycross Partners LLC raised its position in shares of AbbVie by 2.9% during the fourth quarter. Waycross Partners LLC now owns 182,476 shares of the company’s stock valued at $41,694,000 after buying an additional 5,063 shares during the last quarter. Calamos Advisors LLC lifted its holdings in shares of AbbVie by 3.4% in the fourth quarter. Calamos Advisors LLC now owns 466,290 shares of the company’s stock worth $106,543,000 after buying an additional 15,458 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of AbbVie by 11.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 636,710 shares of the company’s stock worth $143,026,000 after buying an additional 66,720 shares in the last quarter. Finally, Savvy Advisors Inc. boosted its position in shares of AbbVie by 22.2% during the fourth quarter. Savvy Advisors Inc. now owns 36,568 shares of the company’s stock worth $8,355,000 after acquiring an additional 6,646 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.
AbbVie Stock Down 0.4%
AbbVie stock opened at $253.37 on Tuesday. AbbVie Inc. has a 52-week low of $184.63 and a 52-week high of $261.64. The firm’s fifty day moving average is $230.81 and its 200 day moving average is $222.04. The company has a market cap of $447.66 billion, a price-to-earnings ratio of 124.81, a PEG ratio of 0.84 and a beta of 0.30.
AbbVie Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be issued a $1.73 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.7%. AbbVie’s dividend payout ratio (DPR) is presently 340.89%.
Key Stories Impacting AbbVie
Here are the key news stories impacting AbbVie this week:
- Positive Sentiment: AbbVie reported quiet but meaningful pipeline progress in its ABBV-8736 injection study, which could support longer-term growth expectations if the program continues to advance. AbbVie’s ABBV-8736 Injection Study Signals Quiet But Meaningful Pipeline Progress
- Positive Sentiment: Some coverage says AbbVie should be able to preserve its dividend even after the $10.9 billion Apogee acquisition because the deal is being funded with debt rather than cash, reducing immediate pressure on reserves. How Will AbbVie’s $10.9 Billion Acquisition of Apogee Impact Its Dividend?
- Neutral Sentiment: Broker coverage and article commentary pointed to higher earnings estimates for AbbVie, but also noted the stock may be stretched versus its growth outlook, leaving the market split on whether upside is already priced in. Erste Group Bank Brokers Boost Earnings Estimates for AbbVie
- Neutral Sentiment: Broader pharma commentary placed AbbVie alongside other large drugmakers and suggested it has outperformed the S&P 500, but also described its valuation as relatively elevated compared with growth expectations. 3 Biggest Pharma Giants: Buy, Sell or Hold?
- Negative Sentiment: Some market commentary around AbbVie’s eye-care exposure raised questions about whether the company is pulling back from that segment, which could signal strategic uncertainty for part of its portfolio. BLOG: Exit stage left: Is AbbVie leaving eye care?
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on ABBV. Sanford C. Bernstein reiterated a “market perform” rating on shares of AbbVie in a report on Tuesday, June 23rd. Wells Fargo & Company increased their price objective on shares of AbbVie from $260.00 to $295.00 and gave the company an “overweight” rating in a report on Friday, July 10th. Cantor Fitzgerald raised their price objective on AbbVie from $240.00 to $265.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Bank of America lifted their target price on AbbVie from $234.00 to $276.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a research report on Monday, June 8th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $267.67.
View Our Latest Stock Analysis 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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