Levin Capital Strategies L.P. Acquires New Position in AbbVie Inc. $ABBV

Levin Capital Strategies L.P. acquired a new stake in shares of AbbVie Inc. (NYSE:ABBV) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 42,022 shares of the company’s stock, valued at approximately $9,139,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of AbbVie by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company’s stock valued at $41,306,353,000 after purchasing an additional 3,032,438 shares during the last quarter. State Street Corp raised its holdings in shares of AbbVie by 1.4% during the 4th quarter. State Street Corp now owns 80,940,931 shares of the company’s stock worth $18,494,193,000 after buying an additional 1,119,274 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of AbbVie by 10.4% during the 4th quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock worth $10,179,099,000 after buying an additional 4,190,487 shares during the last quarter. Bank of America Corp DE lifted its position in shares of AbbVie by 1.4% during the 4th quarter. Bank of America Corp DE now owns 25,824,399 shares of the company’s stock worth $5,900,617,000 after buying an additional 356,394 shares during the last quarter. Finally, Norges Bank acquired a new stake in AbbVie in the fourth quarter valued at about $5,865,055,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Trading Down 0.9%

ABBV stock opened at $253.75 on Thursday. The stock’s fifty day simple moving average is $232.69 and its two-hundred day simple moving average is $222.41. AbbVie Inc. has a 1-year low of $186.77 and a 1-year high of $261.64. The stock has a market cap of $448.32 billion, a P/E ratio of 125.00, a P/E/G 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 (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.06. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The business’s revenue was up 12.4% compared to the same quarter last year. During the same period last year, the firm posted $2.46 EPS. As a group, analysts forecast that AbbVie Inc. will post 14.18 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently disclosed 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 is Wednesday, July 15th. AbbVie’s dividend payout ratio (DPR) is 340.89%.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of recent analyst reports. Bank of America lifted their target price on AbbVie from $234.00 to $276.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Guggenheim increased their target price on shares of AbbVie from $249.00 to $261.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Sanford C. Bernstein restated a “market perform” rating on shares of AbbVie in a research note on Tuesday, June 23rd. Citigroup lifted their price target on shares of AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Finally, Royal Bank Of Canada upped their price objective on shares of AbbVie from $260.00 to $280.00 and gave the stock an “outperform” rating in a research report on Friday, July 10th. Two 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 company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $268.10.

More 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 confidence in further upside for AbbVie Inc. (ABBV). Benzinga report
• Positive Sentiment: AbbVie’s aesthetics business got a boost after Allergan Aesthetics received European Commission approval for Boey, expanding the company’s portfolio in Europe and potentially supporting future revenue growth. Yahoo Finance article
• Neutral Sentiment: Several recent articles characterized AbbVie as a strong buy-and-hold name and noted that the stock has recently outperformed the broader market, reinforcing a generally constructive long-term view. Yahoo Finance article
• Negative Sentiment: Investors are watching AbbVie’s Q2 oncology revenue closely, with analysts warning that weakness in Imbruvica may outweigh gains from Venclexta and newer cancer treatments, which could pressure results. 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.