Peapack Gladstone Financial Corp Has $49.27 Million Stock Position in AbbVie Inc. $ABBV

Peapack Gladstone Financial Corp reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 215,639 shares of the company’s stock after selling 2,321 shares during the period. Peapack Gladstone Financial Corp’s holdings in AbbVie were worth $49,271,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ABBV. Norges Bank acquired a new position in AbbVie during the fourth quarter valued at approximately $5,865,055,000. Wellington Management Group LLP raised its position in AbbVie by 457.4% during the third quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company’s stock valued at $2,439,714,000 after purchasing an additional 8,646,424 shares in the last quarter. Geode Capital Management LLC raised its position in AbbVie by 10.4% during the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock valued at $10,179,099,000 after purchasing an additional 4,190,487 shares in the last quarter. Vanguard Group Inc. raised its position in AbbVie by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company’s stock valued at $41,306,353,000 after purchasing an additional 3,032,438 shares in the last quarter. Finally, Raymond James Financial Inc. raised its position in AbbVie by 41.8% during the second quarter. Raymond James Financial Inc. now owns 9,337,480 shares of the company’s stock valued at $1,733,222,000 after purchasing an additional 2,753,312 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Performance

NYSE ABBV opened at $217.83 on Monday. AbbVie Inc. has a fifty-two week low of $181.73 and a fifty-two week high of $244.81. The stock has a market cap of $384.85 billion, a PE ratio of 107.30, a PEG ratio of 0.75 and a beta of 0.32. The firm’s fifty day moving average price is $208.43 and its two-hundred day moving average price is $219.67.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data 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 net margin of 5.79% and a negative return on equity of 576.45%. AbbVie’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.46 earnings per share. As a group, sell-side analysts predict that AbbVie Inc. will post 14.3 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP David Ryan Purdue sold 5,230 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $233.56, for a total transaction of $1,221,518.80. Following the transaction, the senior vice president owned 2,654 shares of the company’s stock, valued at $619,868.24. This represents a 66.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.06% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ABBV. Barclays began coverage on shares of AbbVie in a research note on Thursday, February 19th. They set an “overweight” rating and a $275.00 target price on the stock. Guggenheim reaffirmed a “buy” rating and set a $249.00 target price on shares of AbbVie in a research note on Friday, May 1st. Piper Sandler boosted their target price on shares of AbbVie from $294.00 to $298.00 and gave the stock an “overweight” rating in a research note on Thursday, May 14th. BMO Capital Markets reaffirmed an “outperform” rating on shares of AbbVie in a research note on Monday, March 9th. Finally, William Blair reaffirmed an “outperform” rating on shares of AbbVie in a research note on Monday, March 9th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $253.43.

AbbVie News Roundup

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie received U.S. FDA approval for DECNUPAZ, its first ADC approved for blood cancer, opening a new potential revenue stream in a highly specialized oncology market. U.S. FDA Approves DECNUPAZTM (pivekimab sunirine-pvzy) for Treatment of Adult Patients with Blastic Plasmacytoid Dendritic Cell Neoplasm, an Ultra-Rare and Aggressive Blood Cancer With Limited Treatment Options
• Positive Sentiment: The European Commission expanded the VENCLYXTO label in untreated CLL, broadening use of an established oncology drug and potentially supporting international sales. AbbVie Announces European Commission Authorization of Expanded Label for VENCLYXTO® (venetoclax) to Include Additional Combinations in Previously Untreated Chronic Lymphocytic Leukemia
• Positive Sentiment: AbbVie advanced ABBV-519 into first-in-human testing, signaling continued momentum in its immunology pipeline. AbbVie Inc. (ABBV) Presents at EU Clinical Trial Regulation: Latest Developments and Upcoming Opportunities Transcript
• Neutral Sentiment: Recent articles note ABBV has outperformed since its last earnings report and remains viewed as reasonably valued by some analysts, but these are more commentary than fresh business catalysts. AbbVie (ABBV) Up 3.5% Since Last Earnings Report: Can It Continue?

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.