SBI Okasan Asset Management Co.Ltd. Buys New Holdings in AbbVie Inc. $ABBV

SBI Okasan Asset Management Co.Ltd. bought a new stake in AbbVie Inc. (NYSE:ABBV) during the fourth quarter, HoldingsChannel reports. The fund bought 4,200 shares of the company’s stock, valued at approximately $970,000.

A number of other large investors have also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. boosted its position in AbbVie by 2.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 270,573 shares of the company’s stock valued at $61,823,000 after buying an additional 7,665 shares during the last quarter. Jupiter Asset Management Ltd. boosted its position in AbbVie by 23,216.3% in the fourth quarter. Jupiter Asset Management Ltd. now owns 535,576 shares of the company’s stock valued at $122,374,000 after buying an additional 533,279 shares during the last quarter. Moors & Cabot Inc. boosted its position in AbbVie by 0.8% in the fourth quarter. Moors & Cabot Inc. now owns 68,825 shares of the company’s stock valued at $15,726,000 after buying an additional 517 shares during the last quarter. CFS Investment Advisory Services LLC boosted its position in AbbVie by 0.8% in the fourth quarter. CFS Investment Advisory Services LLC now owns 24,634 shares of the company’s stock valued at $5,629,000 after buying an additional 205 shares during the last quarter. Finally, Foundations Investment Advisors LLC boosted its position in AbbVie by 64.4% in the fourth quarter. Foundations Investment Advisors LLC now owns 44,529 shares of the company’s stock valued at $10,174,000 after buying an additional 17,436 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling

In related news, SVP David Ryan Purdue sold 5,230 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $233.56, for a total value of $1,221,518.80. Following the completion of the transaction, the senior vice president directly owned 2,654 shares of the company’s stock, valued at approximately $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 can be accessed through the SEC website. Corporate insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on ABBV. BMO Capital Markets restated an “outperform” rating on shares of AbbVie in a research report on Monday, March 9th. Piper Sandler upped their price objective on AbbVie from $294.00 to $298.00 and gave the stock an “overweight” rating in a research report on Thursday, May 14th. DZ Bank upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Bank of America upgraded AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 price objective on the stock in a research report on Thursday, April 30th. Finally, Sanford C. Bernstein restated a “market perform” rating on shares of AbbVie in a research report on Thursday, February 5th. Three investment 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $253.43.

Key AbbVie News

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 Trading Down 0.4%

AbbVie stock opened at $217.83 on Friday. The firm has a market cap of $384.85 billion, a PE ratio of 107.30, a P/E/G ratio of 0.75 and a beta of 0.32. The stock’s 50 day simple moving average is $208.43 and its two-hundred day simple moving average is $219.66. AbbVie Inc. has a 12 month low of $181.73 and a 12 month high of $244.81.

AbbVie (NYSE:ABBV) last announced 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 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%.The business’s quarterly revenue was up 12.4% on a year-over-year basis. During the same period in the prior year, the company posted $2.46 EPS. On average, equities research analysts forecast that AbbVie Inc. will post 14.3 EPS for the current year.

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.