AbbVie Inc. $ABBV Shares Purchased by Morningstar Investment Management LLC

Morningstar Investment Management LLC boosted its position in AbbVie Inc. (NYSE:ABBV) by 129.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 14,799 shares of the company’s stock after acquiring an additional 8,358 shares during the period. Morningstar Investment Management LLC’s holdings in AbbVie were worth $3,219,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Modern Wealth Management LLC grew its holdings in AbbVie by 1.1% in the 1st quarter. Modern Wealth Management LLC now owns 55,617 shares of the company’s stock valued at $11,957,000 after buying an additional 610 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in shares of AbbVie during the 1st quarter worth about $26,573,000. Bowen Hanes & Co. Inc. boosted its position in shares of AbbVie by 4.2% in the first 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 last quarter. RMG Wealth Management LLC boosted its position 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 acquiring an additional 496 shares during the last quarter. Finally, Dickmeyer Boyce Financial Management Inc. purchased a new stake in AbbVie in the first quarter valued at approximately $3,411,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ABBV. Royal Bank Of Canada upped their price target 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. Wall Street Zen lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 5th. Morgan Stanley boosted their price objective 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. Sanford C. Bernstein restated a “market perform” rating on shares of AbbVie in a report on Tuesday, June 23rd. Finally, Guggenheim increased their target price on AbbVie from $249.00 to $261.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $268.10.

AbbVie Stock Up 0.8%

Shares of NYSE:ABBV opened at $259.10 on Friday. The company has a market capitalization of $457.78 billion, a price-to-earnings ratio of 127.64, a price-to-earnings-growth ratio of 0.86 and a beta of 0.30. The company has a 50 day moving average of $234.57 and a two-hundred day moving average of $222.86. AbbVie Inc. has a 52-week low of $187.62 and a 52-week high of $261.64.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.59 by $0.06. The business had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The business’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same period in the previous year, the company posted $2.46 earnings per share. On average, equities analysts anticipate that AbbVie Inc. will post 14.18 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently disclosed 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. 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 payout ratio is currently 340.89%.

Key AbbVie News

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 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.