Aspen Investment Management Inc Acquires 7,047 Shares of AbbVie Inc. $ABBV

Aspen Investment Management Inc grew its holdings in AbbVie Inc. (NYSE:ABBV) by 123.0% in the fourth quarter, HoldingsChannel reports. The fund owned 12,777 shares of the company’s stock after buying an additional 7,047 shares during the period. AbbVie accounts for 0.9% of Aspen Investment Management Inc’s portfolio, making the stock its 25th largest position. Aspen Investment Management Inc’s holdings in AbbVie were worth $2,919,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of ABBV. Chelsea Counsel Co. bought a new stake in shares of AbbVie in the third quarter valued at about $26,000. Westend Capital Management LLC bought a new stake in shares of AbbVie in the fourth quarter valued at about $29,000. Texas Capital Bancshares Inc TX acquired a new position in AbbVie in the third quarter valued at about $31,000. Legacy Wealth Managment LLC ID raised its stake in AbbVie by 115.9% in 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. Finally, WestEnd Advisors LLC raised its stake in AbbVie by 160.4% in the fourth quarter. WestEnd Advisors LLC now owns 138 shares of the company’s stock valued at $32,000 after purchasing an additional 85 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

ABBV has been the subject of a number of analyst reports. Canaccord Genuity Group boosted their price target on AbbVie from $262.00 to $265.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. Royal Bank Of Canada initiated coverage on AbbVie in a research note on Tuesday, February 24th. They issued an “outperform” rating and a $260.00 price target for the company. Piper Sandler boosted their price target on AbbVie from $294.00 to $298.00 and gave the company an “overweight” rating in a research note on Thursday, May 14th. Wall Street Zen downgraded AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Sunday. Finally, Morgan Stanley boosted their price target on AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and a consensus target price of $253.43.

AbbVie Trading Down 0.6%

NYSE:ABBV opened at $212.51 on Thursday. The stock has a market cap of $375.46 billion, a P/E ratio of 104.69, a price-to-earnings-growth ratio of 0.74 and a beta of 0.32. The stock’s 50-day moving average is $209.19 and its 200-day moving average is $219.73. AbbVie Inc. has a 1-year low of $180.25 and a 1-year high of $244.81.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.59 by $0.06. The company had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The business’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same period in the previous year, the business posted $2.46 earnings per share. As a group, equities analysts forecast that AbbVie Inc. will post 14.3 EPS for the current year.

Key AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie’s recent earnings call was described as upbeat, highlighting growth during a business transition and reinforcing investor confidence in the company’s earnings power. AbbVie Earnings Call Highlights Growth Amid Transition
• Positive Sentiment: AbbVie continues to screen as an undervalued dividend name in some market commentary, which may support sentiment among income-focused investors. 3 Stocks Estimated To Be Trading Below Intrinsic Value By 11.4% To 38.4%
• Neutral Sentiment: AbbVie has been showing up in stock-screening and “trending stock” coverage, suggesting elevated trader interest rather than a clear fundamental catalyst. Here is What to Know Beyond Why AbbVie Inc. (ABBV) is a Trending Stock
• Neutral Sentiment: Evercore ISI modestly lowered its price target on AbbVie, signaling slightly less enthusiasm, but the move was small and not a major negative revision. AbbVie (ABBV) Price Target Lowered to $235 at Evercore ISI
• Negative Sentiment: AbbVie’s patent effort for its hepatitis C treatment Mavyret was rejected in India, a setback that could limit protection for that product in a large market. AbbVie’s Patent Plea for Hepatitis C Therapy Mavyret Rejected in India
• Negative Sentiment: Coverage that Skyrizi lost ground to UCB’s Bimzelx in psoriatic arthritis raises a competitive concern for one of AbbVie’s key immunology growth drivers. AbbVie’s new immunology standard-bearer Skyrizi kneels to UCB’s Bimzelx in psoriatic arthritis

Insider Activity

In other news, SVP David Ryan Purdue sold 5,230 shares of the business’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $233.56, for a total transaction of $1,221,518.80. Following the sale, the senior vice president directly owned 2,654 shares in the company, valued at approximately $619,868.24. The trade was a 66.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Perry C. Siatis sold 22,381 shares of the business’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $230.00, for a total value of $5,147,630.00. Following the sale, the executive vice president owned 38,137 shares in the company, valued at approximately $8,771,510. This trade represents a 36.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.06% of the company’s stock.

About AbbVie

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.