AbbVie Inc. $ABBV Shares Sold by Keebeck Wealth Management

Keebeck Wealth Management trimmed its holdings in AbbVie Inc. (NYSE:ABBV) by 13.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,604 shares of the company’s stock after selling 3,324 shares during the quarter. Keebeck Wealth Management’s holdings in AbbVie were worth $4,481,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership bought a new stake in AbbVie during the 1st quarter valued at $26,573,000. Bowen Hanes & Co. Inc. boosted its position in 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 grew its stake in shares of AbbVie by 117.5% in the first quarter. RMG Wealth Management LLC now owns 918 shares of the company’s stock worth $186,000 after purchasing an additional 496 shares in the last quarter. Dickmeyer Boyce Financial Management Inc. bought a new position in shares of AbbVie in the first quarter worth $3,411,000. Finally, Gibbs Wealth Management increased its holdings in shares of AbbVie by 178.5% during the first quarter. Gibbs Wealth Management now owns 11,233 shares of the company’s stock valued at $2,443,000 after purchasing an additional 7,199 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ABBV shares. Weiss Ratings restated a “hold (c)” rating on shares of AbbVie in a research note on Monday, June 8th. Evercore set a $235.00 target price on shares of AbbVie in a research note on Friday, May 15th. JPMorgan Chase & Co. boosted their price target on shares of AbbVie from $260.00 to $280.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Piper Sandler reaffirmed an “overweight” rating and issued a $298.00 price target on shares of AbbVie in a research note on Tuesday, June 23rd. Finally, Citigroup increased their price objective on shares of AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $268.10.

AbbVie Stock Up 1.4%

Shares of ABBV stock opened at $256.80 on Friday. The stock has a 50-day simple moving average of $233.60 and a 200 day simple moving average of $222.61. AbbVie Inc. has a fifty-two week low of $187.62 and a fifty-two week high of $261.64. The stock has a market capitalization of $453.71 billion, a P/E ratio of 126.50, a P/E/G ratio of 0.84 and a beta of 0.30.

AbbVie (NYSE:ABBV) last released its earnings results 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. 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 analyst estimates of $14.72 billion. During the same period in the previous year, the company earned $2.46 earnings per share. AbbVie’s revenue was up 12.4% compared to the same quarter last year. On average, sell-side analysts anticipate that AbbVie Inc. will post 14.18 earnings per share for the current year.

AbbVie Announces Dividend

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

Key Headlines Impacting AbbVie

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.