Cumberland Partners Ltd Decreases Holdings in AbbVie Inc. $ABBV

Cumberland Partners Ltd reduced its stake in AbbVie Inc. (NYSE:ABBV) by 36.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,507 shares of the company’s stock after selling 14,525 shares during the period. Cumberland Partners Ltd’s holdings in AbbVie were worth $5,548,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Litman Gregory Wealth Management LLC purchased a new stake in shares of AbbVie in the fourth quarter worth about $28,000. Westend Capital Management LLC acquired a new position in AbbVie during the 4th quarter worth approximately $29,000. Imprint Wealth LLC lifted its position in AbbVie by 56.2% during the 4th 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 boosted its holdings in AbbVie by 115.9% in the 4th quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock worth $31,000 after acquiring an additional 73 shares during the period. Finally, IFC & Insurance Marketing Inc. acquired a new stake in AbbVie in the fourth quarter valued at approximately $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: 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

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Evercore set a $235.00 price objective on shares of AbbVie in a research note on Friday, May 15th. Bank of America raised their price target on shares of AbbVie from $234.00 to $276.00 and gave the company a “buy” rating in a report on Friday, July 10th. Cantor Fitzgerald lifted their price target on shares of AbbVie from $240.00 to $265.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Citigroup boosted their price objective on shares of AbbVie from $230.00 to $260.00 and gave the stock a “neutral” rating in a report on Wednesday, July 15th. Finally, Wall Street Zen cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 5th. Two research 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 MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $268.10.

AbbVie Trading Up 0.8%

AbbVie stock opened at $259.10 on Friday. The stock has a market cap of $457.78 billion, a P/E ratio of 127.64, a price-to-earnings-growth ratio of 0.85 and a beta of 0.30. The stock has a 50 day moving average of $234.57 and a 200-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 issued its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.59 by $0.06. The business had revenue of $15 billion during the quarter, compared to analyst estimates 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 was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.46 earnings per share. As a group, equities analysts predict that AbbVie Inc. will post 14.18 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

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 given a dividend of $1.73 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $6.92 annualized dividend and a dividend yield of 2.7%. AbbVie’s dividend payout ratio (DPR) is presently 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.