Cannell & Spears LLC Sells 20,949 Shares of AbbVie Inc. $ABBV

Cannell & Spears LLC lowered its position in shares of AbbVie Inc. (NYSE:ABBV) by 7.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 248,683 shares of the company’s stock after selling 20,949 shares during the period. AbbVie comprises approximately 1.1% of Cannell & Spears LLC’s holdings, making the stock its 25th largest holding. Cannell & Spears LLC’s holdings in AbbVie were worth $54,033,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Litman Gregory Wealth Management LLC purchased a new position in AbbVie during the 4th quarter valued at about $28,000. Imprint Wealth LLC lifted its position in shares of 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 period. Westend Capital Management LLC purchased a new stake in shares of AbbVie in the 4th quarter worth approximately $29,000. IFC & Insurance Marketing Inc. bought a new position in shares of AbbVie during the fourth quarter valued at approximately $31,000. Finally, Legacy Wealth Managment LLC ID boosted its stake in shares of AbbVie by 115.9% during the fourth quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock valued at $31,000 after purchasing an additional 73 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Up 0.8%

NYSE ABBV opened at $259.10 on Friday. AbbVie Inc. has a 52 week low of $187.62 and a 52 week high of $261.64. The company has a 50 day moving average price of $234.57 and a 200 day moving average price of $222.86. The firm has a market cap of $457.78 billion, a PE ratio of 127.64, a price-to-earnings-growth ratio of 0.85 and a beta of 0.30.

AbbVie (NYSE:ABBV) last announced its 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 net margin of 5.79% and a negative return on equity of 576.45%. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.72 billion. During the same period last year, the firm earned $2.46 earnings per share. AbbVie’s revenue was up 12.4% compared to the same quarter last year. On average, equities research analysts anticipate that AbbVie Inc. will post 14.18 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be paid a $1.73 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $6.92 dividend on an annualized basis and a yield of 2.7%. AbbVie’s dividend payout ratio (DPR) is 340.89%.

Analysts Set New Price Targets

ABBV has been the subject of a number of recent research reports. UBS Group boosted their price objective on shares of AbbVie from $230.00 to $260.00 and gave the stock a “neutral” rating in a research note on Monday, July 13th. Citigroup increased their target price on AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. DZ Bank upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Evercore set a $235.00 price target on AbbVie in a research report on Friday, May 15th. Finally, HSBC restated a “buy” rating and set a $300.00 price objective on shares of AbbVie in a research note on Monday, July 6th. Two equities research 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $268.10.

AbbVie News Summary

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie is expected to report earnings next week, and several market write-ups highlight the stock as a potential winner if results or guidance beat expectations. Analysts also noted the shares may have room to rise if the company delivers on revenue and profit growth. AbbVie (ABBV) Earnings Expected to Grow: What to Know Ahead of Next Week’s Release
• Positive Sentiment: Canaccord Genuity reiterated a constructive view on AbbVie, with a report saying the stock price is expected to rise, which may be helping sentiment around the name. AbbVie (NYSE:ABBV) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says
• Neutral Sentiment: AbbVie also announced progress on early-stage pipeline work for nacresertib and ABBV-313, but these updates are preliminary and are unlikely to move the stock as much as late-stage clinical data. AbbVie Advances Nacresertib With Key Drug–Drug Interaction Study AbbVie’s ABBV-313 Phase 1 Trial: What Early Safety Work Means for Investors
• Negative Sentiment: AbbVie and Genmab said the Phase 3 EPCORE DLBCL-1 trial for lymphoma drug epcoritamab missed its sole U.S. primary endpoint, a setback that could weigh on sentiment toward the company’s oncology pipeline. Genmab, AbbVie Say Lymphoma Drug Failed to Meet Primary Endpoint in Phase 3 Trial

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.