MV Capital Management Inc. Invests $61.86 Million in AbbVie Inc. $ABBV

MV Capital Management Inc. acquired a new stake in shares of AbbVie Inc. (NYSE:ABBV) during the 4th quarter, Holdings Channel.com reports. The firm acquired 270,741 shares of the company’s stock, valued at approximately $61,862,000. AbbVie accounts for approximately 5.9% of MV Capital Management Inc.’s investment portfolio, making the stock its 4th largest position.

Several other institutional investors and hedge funds have also modified their holdings of the business. Brighton Jones LLC lifted its stake in AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after buying an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC increased its position in shares of AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after acquiring an additional 3,064 shares in the last quarter. Schnieders Capital Management LLC. raised its holdings in shares of AbbVie by 5.0% during the second quarter. Schnieders Capital Management LLC. now owns 16,466 shares of the company’s stock worth $3,056,000 after acquiring an additional 789 shares during the period. Ieq Capital LLC raised its holdings in shares of AbbVie by 4.6% during the second quarter. Ieq Capital LLC now owns 120,035 shares of the company’s stock worth $22,281,000 after acquiring an additional 5,274 shares during the period. Finally, Worldquant Millennium Advisors LLC lifted its position in AbbVie by 117.3% in the 2nd quarter. Worldquant Millennium Advisors LLC now owns 1,135,034 shares of the company’s stock valued at $210,685,000 after acquiring an additional 612,702 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Barclays initiated coverage on shares of AbbVie in a research note on Thursday, February 19th. They issued an “overweight” rating and a $275.00 target price for the company. BMO Capital Markets restated an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Royal Bank Of Canada began coverage on AbbVie in a research report on Tuesday, February 24th. They set an “outperform” rating and a $260.00 price objective for the company. Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a report on Monday, June 8th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $240.00 target price on shares of AbbVie in a research report on Thursday, April 30th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and an average target price of $253.43.

Key Headlines Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie declared a quarterly cash dividend of $1.73 per share, reinforcing its shareholder-return profile and highlighting the company’s ability to generate strong cash flow. AbbVie Declares Quarterly Dividend
• Positive Sentiment: AbbVie also got a regulatory boost with new SKINVIVE approval and reported encouraging CLL trial results, which support the company’s oncology and aesthetics growth pipeline. AbbVie (ABBV) Lands New SKINVIVE Approval As CLL Trial Results Impress
• Positive Sentiment: The company presented new Phase 3 data on a venetoclax-based combination and highlighted its late-stage ABBV-400 colorectal cancer program, adding to investor confidence in AbbVie’s long-term pipeline. AbbVie Inc. (ABBV) Presents Data on Fixed-Duration Venetoclax-Based Combination
• Neutral Sentiment: AbbVie has been attracting extra trader attention recently, but the stock’s near-term direction still depends on whether dividend income and pipeline progress can outweigh broader market weakness and legal uncertainty. AbbVie Inc. (ABBV) Is a Trending Stock: Facts to Know Before Betting on It
• Negative Sentiment: The biggest overhang is a reported HHS move to ask a court to dismiss AbbVie’s lawsuit over drug-discount patients, which could increase regulatory and legal pressure on the stock. HHS Asks Court to Toss AbbVie Suit Over Drug Discount Patients

AbbVie Trading Down 2.1%

AbbVie stock opened at $216.63 on Friday. The company has a market cap of $382.74 billion, a P/E ratio of 106.71, a price-to-earnings-growth ratio of 0.68 and a beta of 0.32. AbbVie Inc. has a 1-year low of $181.73 and a 1-year high of $244.81. The company has a fifty day simple moving average of $212.08 and a 200 day simple moving average of $218.78.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, topping 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 analysts’ expectations of $14.72 billion. During the same period in the previous year, the firm posted $2.46 EPS. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. On average, equities research analysts forecast that AbbVie Inc. will post 14.3 EPS for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be given 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 3.2%. AbbVie’s payout ratio is currently 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.