Summit Financial Strategies Inc. Raises Stock Holdings in AbbVie Inc. $ABBV

Summit Financial Strategies Inc. grew its position in shares of AbbVie Inc. (NYSE:ABBV) by 49.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 14,151 shares of the company’s stock after acquiring an additional 4,672 shares during the quarter. Summit Financial Strategies Inc.’s holdings in AbbVie were worth $3,078,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Chelsea Counsel Co. bought a new position in shares of AbbVie during the 3rd quarter valued at approximately $26,000. Litman Gregory Wealth Management LLC bought a new stake in AbbVie in the fourth quarter worth $28,000. Imprint Wealth LLC lifted its position in AbbVie by 56.2% in the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after buying an additional 45 shares during the last quarter. Westend Capital Management LLC purchased a new position in AbbVie during the fourth quarter worth $29,000. Finally, IFC & Insurance Marketing Inc. purchased a new position in AbbVie during the fourth quarter worth $31,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie News Summary

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Bank of America raised AbbVie’s price target to $276 from $234 and reiterated a buy rating, signaling confidence in additional upside for the shares. Bank of America raises AbbVie price target
• Positive Sentiment: RBC Capital also increased its price target to $280 from $260 and kept an outperform rating, adding to the wave of analyst support. RBC raises AbbVie price target
• Positive Sentiment: JPMorgan likewise lifted its target to $280 from $260 and maintained an overweight rating, reinforcing a favorable near-term outlook for AbbVie. JPMorgan raises AbbVie price target
• Neutral Sentiment: Recent coverage comparing Johnson & Johnson and AbbVie highlighted how both pharma giants’ latest quarterly results are shaping income-investor preferences, but it did not point to a clear new catalyst for AbbVie. Johnson & Johnson vs AbbVie article
• Neutral Sentiment: AbbVie also appeared in an industry piece on the expanding cystic fibrosis market, which may be supportive of long-term therapeutic demand but is not an immediate stock-moving event. Cystic fibrosis market article
• Negative Sentiment: Despite the analyst upgrades, AbbVie was recently reported as having moved lower in trading, suggesting the stock is still contending with profit-taking or broader market pressure. AbbVie stock drops despite market gains
• Neutral Sentiment: West Pharmaceutical completed the SmartDose sale to AbbVie, a routine transaction that may support AbbVie’s drug-delivery capabilities but is unlikely to move the stock on its own. West Pharmaceutical SmartDose sale to AbbVie

AbbVie Price Performance

Shares of NYSE:ABBV traded down $1.91 on Friday, hitting $248.00. 5,780,723 shares of the company’s stock were exchanged, compared to its average volume of 8,942,850. The stock has a market capitalization of $438.17 billion, a price-to-earnings ratio of 122.17, a price-to-earnings-growth ratio of 0.81 and a beta of 0.30. AbbVie Inc. has a 12 month low of $184.63 and a 12 month high of $261.64. The business’s 50 day simple moving average is $225.42 and its two-hundred day simple moving average is $221.25.

AbbVie (NYSE:ABBV) last posted its quarterly 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 firm 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% on a year-over-year basis. During the same period in the prior year, the business posted $2.46 earnings per share. Equities analysts forecast that AbbVie Inc. will post 14.3 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be paid a $1.73 dividend. This represents a $6.92 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Wednesday, July 15th. AbbVie’s dividend payout ratio is currently 340.89%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ABBV. HSBC reissued a “buy” rating and issued a $300.00 target price on shares of AbbVie in a research note on Monday, July 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of AbbVie in a research note on Monday, June 8th. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 5th. Royal Bank Of Canada increased their price objective on shares of AbbVie from $260.00 to $280.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Morgan Stanley raised their price objective on shares of AbbVie from $270.00 to $278.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Two 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $262.81.

AbbVie Company 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.