AbbVie Inc. $ABBV Shares Sold by Summit Global Investments

Summit Global Investments lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 13.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,575 shares of the company’s stock after selling 2,341 shares during the quarter. Summit Global Investments’ holdings in AbbVie were worth $3,170,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. MWA Asset Management boosted its holdings in AbbVie by 2.8% in the first quarter. MWA Asset Management now owns 17,890 shares of the company’s stock valued at $3,891,000 after purchasing an additional 483 shares during the period. Johnson Financial Group Inc. increased its holdings in AbbVie by 1.3% during the 1st quarter. Johnson Financial Group Inc. now owns 37,652 shares of the company’s stock worth $8,189,000 after purchasing an additional 471 shares during the period. Florida Financial Advisors LLC raised its position in AbbVie by 5.2% in the 1st quarter. Florida Financial Advisors LLC now owns 2,985 shares of the company’s stock valued at $649,000 after purchasing an additional 147 shares in the last quarter. Swan Global Investments LLC boosted its stake in shares of AbbVie by 3.5% in the 1st quarter. Swan Global Investments LLC now owns 1,501 shares of the company’s stock valued at $326,000 after buying an additional 51 shares during the period. Finally, Earned Wealth Advisors LLC boosted its stake in shares of AbbVie by 9.4% in the 1st quarter. Earned Wealth Advisors LLC now owns 6,334 shares of the company’s stock valued at $1,378,000 after buying an additional 546 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Performance

NYSE:ABBV opened at $253.37 on Tuesday. The stock has a 50-day simple moving average of $230.81 and a 200-day simple moving average of $222.04. The stock has a market cap of $447.66 billion, a P/E ratio of 124.81, a P/E/G ratio of 0.84 and a beta of 0.30. AbbVie Inc. has a 1 year low of $184.63 and a 1 year high of $261.64.

AbbVie (NYSE:ABBV) last issued its earnings results 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 business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The business’s quarterly revenue was up 12.4% on a year-over-year basis. During the same quarter last year, the company earned $2.46 EPS. On average, equities research analysts predict that AbbVie Inc. will post 14.18 EPS for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be issued a dividend of $1.73 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $6.92 dividend on an annualized basis and a yield of 2.7%. AbbVie’s dividend payout ratio (DPR) is presently 340.89%.

Key Headlines Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie reported quiet but meaningful pipeline progress in its ABBV-8736 injection study, which could support longer-term growth expectations if the program continues to advance. AbbVie’s ABBV-8736 Injection Study Signals Quiet But Meaningful Pipeline Progress
• Positive Sentiment: Some coverage says AbbVie should be able to preserve its dividend even after the $10.9 billion Apogee acquisition because the deal is being funded with debt rather than cash, reducing immediate pressure on reserves. How Will AbbVie’s $10.9 Billion Acquisition of Apogee Impact Its Dividend?
• Neutral Sentiment: Broker coverage and article commentary pointed to higher earnings estimates for AbbVie, but also noted the stock may be stretched versus its growth outlook, leaving the market split on whether upside is already priced in. Erste Group Bank Brokers Boost Earnings Estimates for AbbVie
• Neutral Sentiment: Broader pharma commentary placed AbbVie alongside other large drugmakers and suggested it has outperformed the S&P 500, but also described its valuation as relatively elevated compared with growth expectations. 3 Biggest Pharma Giants: Buy, Sell or Hold?
• Negative Sentiment: Some market commentary around AbbVie’s eye-care exposure raised questions about whether the company is pulling back from that segment, which could signal strategic uncertainty for part of its portfolio. BLOG: Exit stage left: Is AbbVie leaving eye care?

Analysts Set New Price Targets

A number of analysts recently weighed in on ABBV shares. Piper Sandler restated an “overweight” rating and set a $298.00 target price on shares of AbbVie in a research note on Tuesday, June 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of AbbVie in a report on Monday, June 8th. Citigroup lifted their price target on shares of AbbVie from $230.00 to $260.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. BMO Capital Markets boosted their price target on shares of AbbVie from $258.00 to $300.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Finally, Wells Fargo & Company increased their price objective on shares of AbbVie from $260.00 to $295.00 and gave the company an “overweight” rating in a research report on Friday, July 10th. Two investment 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’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $267.67.

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.