Gibbs Wealth Management Grows Position in AbbVie Inc. $ABBV

Gibbs Wealth Management grew its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 178.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,233 shares of the company’s stock after purchasing an additional 7,199 shares during the quarter. Gibbs Wealth Management’s holdings in AbbVie were worth $2,443,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of ABBV. Brighton Jones LLC grew its stake in AbbVie by 17.4% in the 4th 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 boosted its holdings in shares of AbbVie by 72.7% in 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 during the period. Schnieders Capital Management LLC. boosted its holdings in shares of AbbVie by 5.0% in 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 grew its position in shares of AbbVie by 4.6% in the second quarter. Ieq Capital LLC now owns 120,035 shares of the company’s stock valued at $22,281,000 after purchasing an additional 5,274 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC raised its stake in shares of AbbVie by 117.3% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 1,135,034 shares of the company’s stock valued at $210,685,000 after purchasing an additional 612,702 shares during the period. Institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 1.4%

Shares of AbbVie stock opened at $256.80 on Friday. The firm has a market capitalization of $453.71 billion, a PE ratio of 126.50, a price-to-earnings-growth ratio of 0.84 and a beta of 0.30. AbbVie Inc. has a 12 month low of $187.62 and a 12 month high of $261.64. The business’s 50-day moving average price is $233.60 and its 200-day moving average price is $222.61.

AbbVie (NYSE:ABBV) last released its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.59 by $0.06. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.AbbVie’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.46 EPS. As a group, analysts predict that AbbVie Inc. will post 14.18 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

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

More AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Canaccord Genuity raised its price target on AbbVie to $282 from $273 and reiterated a buy rating, signaling continued confidence in the company’s earnings power and pipeline. Benzinga / The Fly report
• Positive Sentiment: AbbVie’s Allergan Aesthetics unit won European Commission approval for Boey, a short-acting botulinum toxin, expanding its aesthetics portfolio and adding another growth driver outside its core immunology business. Yahoo Finance article
• Neutral Sentiment: Several commentary pieces highlighted AbbVie as a high-quality dividend stock and suggested its long-term outlook remains attractive, but that much of the optimism may already be reflected in the share price. Motley Fool article
• Negative Sentiment: Genmab and AbbVie clarified that the U.S. primary endpoint in the Phase 3 EPCORE DLBCL-1 trial was overall survival, and that endpoint was not met, which could pressure sentiment around AbbVie’s oncology franchise and the epcoritamab program. Yahoo Finance article
• Negative Sentiment: Analyst coverage also noted AbbVie’s oncology revenue may remain under pressure in Q2, as weakness in Imbruvica could offset gains from Venclexta and newer therapies. Yahoo Finance article

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. DZ Bank upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Royal Bank Of Canada upped their price target on AbbVie from $260.00 to $280.00 and gave the company an “outperform” rating in a research report on Friday, July 10th. Cantor Fitzgerald increased their price target on shares of AbbVie from $240.00 to $265.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. BMO Capital Markets raised their price objective on shares of AbbVie from $258.00 to $300.00 and gave the company an “outperform” rating in a research report on Monday, July 13th. Finally, Wall Street Zen lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 5th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $268.10.

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.