Gateway Wealth Partners LLC Boosts Position in AbbVie Inc. $ABBV

Gateway Wealth Partners LLC raised its stake in AbbVie Inc. (NYSE:ABBV) by 787.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 28,993 shares of the company’s stock after purchasing an additional 25,727 shares during the quarter. Gateway Wealth Partners LLC’s holdings in AbbVie were worth $6,305,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of AbbVie by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company’s stock valued at $41,306,353,000 after acquiring an additional 3,032,438 shares during the period. State Street Corp boosted its holdings in shares of AbbVie by 1.4% during the fourth quarter. State Street Corp now owns 80,940,931 shares of the company’s stock worth $18,494,193,000 after purchasing an additional 1,119,274 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of AbbVie by 10.4% during the 4th quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock worth $10,179,099,000 after acquiring an additional 4,190,487 shares during the period. Bank of America Corp DE grew its stake in shares of AbbVie by 1.4% during the 4th quarter. Bank of America Corp DE now owns 25,824,399 shares of the company’s stock valued at $5,900,617,000 after buying an additional 356,394 shares during the period. Finally, Norges Bank purchased a new position in shares of AbbVie in the 4th quarter worth about $5,865,055,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Price Performance

ABBV opened at $259.10 on Monday. The firm has a 50 day simple moving average of $234.57 and a 200 day simple moving average of $222.88. The company has a market cap of $457.78 billion, a price-to-earnings ratio of 127.64, a price-to-earnings-growth ratio of 0.86 and a beta of 0.30. AbbVie Inc. has a fifty-two week low of $187.62 and a fifty-two week high of $261.64.

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

AbbVie Dividend Announcement

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

Analysts Set New Price Targets

ABBV has been the topic of several analyst reports. Guggenheim raised their target price on AbbVie from $249.00 to $261.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Bank of America boosted their price target on AbbVie from $234.00 to $276.00 and gave the company a “buy” rating in a report on Friday, July 10th. Citigroup boosted their price target on shares of AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Evercore set a $235.00 target price on shares of AbbVie in a report on Friday, May 15th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $298.00 price target on shares of AbbVie in a report on Tuesday, June 23rd. Two 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 company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $268.10.

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

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.