AbbVie Inc. $ABBV Shares Sold by Keebeck Wealth Management

Keebeck Wealth Management cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 13.9% during the first quarter, Holdings Channel reports. The firm 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 quarter.

Other hedge funds have also modified their holdings of the company. Litman Gregory Wealth Management LLC purchased a new stake in AbbVie during the fourth quarter valued at about $28,000. Westend Capital Management LLC purchased a new position in shares of AbbVie in the fourth quarter worth approximately $29,000. Imprint Wealth LLC increased its position in shares of AbbVie by 56.2% in the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after acquiring an additional 45 shares in the last quarter. Legacy Wealth Managment LLC ID raised its holdings 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 valued at $31,000 after acquiring an additional 73 shares during the period. Finally, IFC & Insurance Marketing Inc. purchased a new stake in shares of AbbVie in the 4th quarter valued at approximately $31,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ABBV has been the topic of several research analyst reports. Wall Street Zen cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 5th. JPMorgan Chase & Co. increased their target price on AbbVie from $260.00 to $280.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Royal Bank Of Canada raised their target price on AbbVie from $260.00 to $280.00 and gave the stock an “outperform” rating in a research report on Friday, July 10th. Canaccord Genuity Group lifted their price target on AbbVie from $273.00 to $282.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Wells Fargo & Company upped their price target on AbbVie from $260.00 to $295.00 and gave the company an “overweight” rating in a research report on Friday, July 10th. Two equities 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 company. According to MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus target price of $268.10.

AbbVie Stock Performance

ABBV stock opened at $256.80 on Friday. The firm has a 50 day simple moving average of $233.60 and a 200 day simple moving average of $222.61. AbbVie Inc. has a 52 week low of $187.62 and a 52 week high of $261.64. The stock has a market cap 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 quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.72 billion. During the same quarter in the prior year, the business earned $2.46 EPS. The company’s revenue for the quarter was up 12.4% compared to the same quarter last year. Sell-side analysts predict that AbbVie Inc. will post 14.18 EPS for the current year.

AbbVie Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 2.7%. AbbVie’s dividend payout ratio is 340.89%.

Key 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 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.