Waverly Advisors LLC Purchases 5,800 Shares of AbbVie Inc. $ABBV

Waverly Advisors LLC grew its position in shares of AbbVie Inc. (NYSE:ABBV) by 2.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 224,676 shares of the company’s stock after buying an additional 5,800 shares during the period. Waverly Advisors LLC’s holdings in AbbVie were worth $48,865,000 at the end of the most recent quarter.

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

Trending Headlines about AbbVie

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

Analyst Ratings Changes

A number of equities analysts have commented on ABBV shares. JPMorgan Chase & Co. raised their price objective on AbbVie from $260.00 to $280.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Cantor Fitzgerald upped their target price on AbbVie from $240.00 to $265.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Sanford C. Bernstein reissued a “market perform” rating on shares of AbbVie in a report on Tuesday, June 23rd. Royal Bank Of Canada raised their price target on AbbVie from $260.00 to $280.00 and gave the stock an “outperform” rating in a research report on Friday, July 10th. Finally, UBS Group upped their price objective on shares of AbbVie from $230.00 to $260.00 and gave the stock a “neutral” rating in a research report on Monday, July 13th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus target price of $268.10.

AbbVie Price Performance

Shares of ABBV opened at $259.10 on Friday. The firm has a 50 day simple moving average of $234.57 and a two-hundred day simple moving average of $222.86. AbbVie Inc. has a one year low of $187.62 and a one year high of $261.64. The company has a market cap of $457.78 billion, a P/E ratio of 127.64, a P/E/G ratio of 0.86 and a beta of 0.30.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, beating 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 the consensus estimate of $14.72 billion. During the same quarter last year, the business posted $2.46 EPS. The company’s revenue was up 12.4% compared to the same quarter last year. On average, analysts expect that AbbVie Inc. will post 14.18 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors 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 yield of 2.7%. AbbVie’s dividend payout ratio (DPR) is 340.89%.

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.