SteelPeak Wealth LLC Sells 4,312 Shares of AbbVie Inc. $ABBV

SteelPeak Wealth LLC lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 10.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,637 shares of the company’s stock after selling 4,312 shares during the period. SteelPeak Wealth LLC’s holdings in AbbVie were worth $7,968,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ABBV. Chelsea Counsel Co. purchased a new position in AbbVie during the 3rd quarter valued at $26,000. Litman Gregory Wealth Management LLC bought a new position in AbbVie in the 4th quarter valued at $28,000. Westend Capital Management LLC purchased a new stake in AbbVie in the fourth quarter worth $29,000. Imprint Wealth LLC increased its stake in AbbVie by 56.2% in the fourth 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. Finally, Legacy Wealth Managment LLC ID lifted its position 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 worth $31,000 after purchasing an additional 73 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

ABBV stock opened at $254.29 on Friday. AbbVie Inc. has a one year low of $184.63 and a one year high of $261.64. The firm has a market cap of $449.28 billion, a price-to-earnings ratio of 125.27, a PEG ratio of 0.81 and a beta of 0.30. The firm has a 50-day simple moving average of $228.73 and a two-hundred day simple moving average of $221.71.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.59 by $0.06. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.46 EPS. As a group, equities analysts predict that AbbVie Inc. will post 14.18 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ABBV. Morgan Stanley boosted their target price on shares of AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Royal Bank Of Canada raised their price target on shares of AbbVie from $260.00 to $280.00 and gave the stock an “outperform” rating in a research note on Friday, July 10th. UBS Group boosted their price objective on shares of AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a research report on Monday. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 5th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating on shares of AbbVie in a research report on Tuesday, June 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $267.67.

More AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie’s neuroscience business is expected to post solid Q2 growth, with key brands and Vyalev in focus ahead of earnings on July 31. Will AbbVie’s Neuroscience Franchise Deliver Another Strong Quarter?
• Positive Sentiment: Multiple analysts have recently raised price targets or kept a constructive view on ABBV, reinforcing confidence in the company’s post-Humira growth strategy and pipeline. AbbVie Inc. (NYSE:ABBV) Receives Average Recommendation of “Moderate Buy” from Brokerages
• Positive Sentiment: Investors are also responding to recent regulatory updates for RINVOQ in severe alopecia areata and a subcutaneous induction option for SKYRIZI in Crohn’s disease, which highlight additional growth drivers. AbbVie regulatory submissions update
• Positive Sentiment: AbbVie has also been the subject of upbeat technical and valuation-focused coverage, with commentary pointing to strong momentum and continued investor interest after a multi-year run. AbbVie vs Baxter: One Golden Cross Is Real, One Is a Trap
• Neutral Sentiment: One article questioned whether AbbVie is fully valued after Tepkinly, but it did not signal a clear bearish catalyst. Is AbbVie (NYSE:ABBV) Fully Valued After Tepkinly?
• Neutral Sentiment: AbbVie’s stock has also drawn attention from traders and long-term holders as they wait for earnings and updates on its pipeline and guidance. AbbVie Inc. (ABBV) Is a Trending Stock: Facts to Know Before Betting on It

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.