Lazard Asset Management LLC boosted its position in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 145.7% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 157,597 shares of the company’s stock after buying an additional 93,445 shares during the period. Lazard Asset Management LLC’s holdings in AbbVie were worth $34,276,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Brighton Jones LLC grew its stake in shares of AbbVie by 17.4% in the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after purchasing an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC grew its position in AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after buying an additional 3,064 shares during the last quarter. Schnieders Capital Management LLC. increased its holdings in shares of AbbVie by 5.0% in the second quarter. Schnieders Capital Management LLC. now owns 16,466 shares of the company’s stock valued at $3,056,000 after buying an additional 789 shares in the last quarter. Ieq Capital LLC lifted its position in shares of AbbVie by 4.6% during the 2nd quarter. Ieq Capital LLC now owns 120,035 shares of the company’s stock valued at $22,281,000 after acquiring an additional 5,274 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC lifted its position in shares of AbbVie by 117.3% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 1,135,034 shares of the company’s stock valued at $210,685,000 after acquiring an additional 612,702 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.
AbbVie Price Performance
NYSE ABBV opened at $263.49 on Wednesday. The firm has a market capitalization of $465.53 billion, a price-to-earnings ratio of 129.80, a price-to-earnings-growth ratio of 0.85 and a beta of 0.30. The company has a 50 day simple moving average of $236.52 and a 200-day simple moving average of $223.32. AbbVie Inc. has a 52-week low of $187.62 and a 52-week high of $266.92.
AbbVie Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be issued a dividend of $1.73 per share. This represents a $6.92 annualized dividend and a yield of 2.6%. The ex-dividend date is Wednesday, July 15th. AbbVie’s dividend payout ratio (DPR) is 340.89%.
Analyst Ratings Changes
A number of equities analysts recently issued reports on ABBV shares. Wall Street Zen cut AbbVie from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 5th. Citigroup upped their target price on AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Piper Sandler reiterated an “overweight” rating and issued a $298.00 price target on shares of AbbVie in a research report on Tuesday, June 23rd. Cantor Fitzgerald increased their price target on AbbVie from $240.00 to $265.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Finally, Royal Bank Of Canada lifted their price target on AbbVie from $260.00 to $280.00 and gave the stock an “outperform” rating in a research note on Friday, July 10th. Two 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 MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $268.10.
Read Our Latest Stock Analysis on ABBV
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?
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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