GC Wealth Management RIA LLC trimmed its position in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 7.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 39,501 shares of the company’s stock after selling 3,179 shares during the period. GC Wealth Management RIA LLC’s holdings in AbbVie were worth $8,591,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also bought and sold shares of the company. Modern Wealth Management LLC raised its stake in shares of AbbVie by 1.1% in the first quarter. Modern Wealth Management LLC now owns 55,617 shares of the company’s stock valued at $11,957,000 after buying an additional 610 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in shares of AbbVie during the 1st quarter valued at $26,573,000. Bowen Hanes & Co. Inc. grew its stake in shares of AbbVie by 4.2% during the 1st quarter. Bowen Hanes & Co. Inc. now owns 12,440 shares of the company’s stock worth $2,706,000 after acquiring an additional 500 shares during the period. RMG Wealth Management LLC increased its holdings in AbbVie by 117.5% in the 1st quarter. RMG Wealth Management LLC now owns 918 shares of the company’s stock worth $186,000 after acquiring an additional 496 shares during the last quarter. Finally, Dickmeyer Boyce Financial Management Inc. purchased a new stake in AbbVie in the 1st quarter worth about $3,411,000. 70.23% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities research analysts have commented on the stock. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 5th. Citigroup lifted their target price on shares of AbbVie from $230.00 to $260.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. UBS Group boosted their price target on shares of AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a research report on Monday, July 13th. Guggenheim upped their price target on shares of AbbVie from $249.00 to $261.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $298.00 price objective on shares of AbbVie in a report on Tuesday, June 23rd. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $268.10.
AbbVie Stock Performance
Shares of ABBV opened at $256.80 on Friday. AbbVie Inc. has a 52-week low of $187.62 and a 52-week high of $261.64. The stock’s 50-day simple moving average is $233.60 and its 200 day simple moving average is $222.61. The stock has a market capitalization of $453.71 billion, a price-to-earnings ratio of 126.50, a price-to-earnings-growth ratio of 0.84 and a beta of 0.30.
AbbVie (NYSE:ABBV – Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.72 billion. During the same period in the prior year, the business posted $2.46 earnings per share. The company’s revenue was up 12.4% on a year-over-year basis. On average, research analysts forecast that AbbVie Inc. will post 14.18 earnings per share for the current fiscal year.
AbbVie Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be issued a dividend of $1.73 per share. This represents a $6.92 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Wednesday, July 15th. AbbVie’s dividend payout ratio is 340.89%.
Key AbbVie News
Here are the key news stories impacting AbbVie this week:
- Positive Sentiment: Canaccord Genuity raised its price target on AbbVie to $282 from $273 and reiterated a buy rating, signaling continued confidence in the company’s earnings power and pipeline. Benzinga / The Fly report
- Positive Sentiment: AbbVie’s Allergan Aesthetics unit won European Commission approval for Boey, a short-acting botulinum toxin, expanding its aesthetics portfolio and adding another growth driver outside its core immunology business. Yahoo Finance article
- Neutral Sentiment: Several commentary pieces highlighted AbbVie as a high-quality dividend stock and suggested its long-term outlook remains attractive, but that much of the optimism may already be reflected in the share price. Motley Fool article
- Negative Sentiment: Genmab and AbbVie clarified that the U.S. primary endpoint in the Phase 3 EPCORE DLBCL-1 trial was overall survival, and that endpoint was not met, which could pressure sentiment around AbbVie’s oncology franchise and the epcoritamab program. Yahoo Finance article
- Negative Sentiment: Analyst coverage also noted AbbVie’s oncology revenue may remain under pressure in Q2, as weakness in Imbruvica could offset gains from Venclexta and newer therapies. Yahoo Finance article
AbbVie 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.
Featured Stories
- Five stocks we like better than AbbVie
- Premium Retail’s Stress Test Is Separating Winners From Losers
- D-Wave Quantum or a Quantum ETF: Which Is the Better Bet?
- GE Vernova Just Sent a Mixed AI Signal to Investors
- Alphabet Crushed Earnings, But One Number Spooked the Market
Receive News & Ratings for AbbVie Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie and related companies with MarketBeat.com's FREE daily email newsletter.
