Generate Investment Management Ltd Sells 5,261 Shares of AbbVie Inc. $ABBV

Generate Investment Management Ltd lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 14.0% during the first quarter, Holdings Channel.com reports. The institutional investor owned 32,184 shares of the company’s stock after selling 5,261 shares during the quarter. Generate Investment Management Ltd’s holdings in AbbVie were worth $7,000,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of ABBV. Bank of Jackson Hole Trust boosted its holdings in shares of AbbVie by 0.6% in the 4th quarter. Bank of Jackson Hole Trust now owns 7,213 shares of the company’s stock worth $1,648,000 after buying an additional 44 shares during the last quarter. Eclectic Associates Inc. ADV raised its position in AbbVie by 0.8% in the fourth quarter. Eclectic Associates Inc. ADV now owns 5,852 shares of the company’s stock worth $1,337,000 after acquiring an additional 45 shares during the period. Imprint Wealth LLC grew its position in shares of AbbVie by 56.2% during the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock valued at $29,000 after acquiring an additional 45 shares during the period. Hardin Capital Partners LLC increased its stake in shares of AbbVie by 1.4% during the 4th quarter. Hardin Capital Partners LLC now owns 3,321 shares of the company’s stock worth $759,000 after purchasing an additional 46 shares during the last quarter. Finally, Dogwood Wealth Management LLC increased its stake in shares of AbbVie by 10.8% during the 4th quarter. Dogwood Wealth Management LLC now owns 473 shares of the company’s stock worth $108,000 after purchasing an additional 46 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Key AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Expands AbbVie’s immunology franchise with late-stage assets that may help offset future patent and revenue pressures. Reuters: AbbVie strikes $10.9 billion deal for Apogee Therapeutics
• Positive Sentiment: Supports confidence in AbbVie’s ability to keep growing beyond Humira, helped by strength in newer drugs like Skyrizi and Rinvoq. Quiver Quant: AbbVie gains as investors weigh stronger growth outlook and recent pipeline wins
• Neutral Sentiment: Analysts and media outlets are framing the transaction as strategic, but the size of the deal also adds integration and execution risk. WSJ: AbbVie to Buy Apogee Therapeutics for $10.9 Billion in Cash
• Neutral Sentiment: AbbVie also received attention for recent product news, including FDA approval for Allergan Aesthetics’ Skinvive by Juvéderm, which adds another modest positive backdrop. Yahoo Finance: AbbVie’s Allergan Aesthetics Wins FDA Approval for Skinvive by Juvederm

AbbVie Trading Up 6.3%

ABBV opened at $230.10 on Tuesday. AbbVie Inc. has a 12 month low of $181.73 and a 12 month high of $244.81. The company has a market cap of $406.54 billion, a PE ratio of 113.35, a price-to-earnings-growth ratio of 0.66 and a beta of 0.32. The company has a 50 day moving average of $212.53 and a 200 day moving average of $218.76.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The business had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.72 billion. During the same quarter in the previous year, the firm posted $2.46 EPS. The business’s revenue for the quarter was up 12.4% compared to the same quarter last year. Research analysts forecast that AbbVie Inc. will post 14.3 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be paid a dividend of $1.73 per share. This represents a $6.92 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Wednesday, July 15th. AbbVie’s payout ratio is presently 340.89%.

Analyst Ratings Changes

Several research firms recently commented on ABBV. 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 note on Thursday, April 30th. Canaccord Genuity Group raised their target price on AbbVie from $262.00 to $265.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Sunday, June 7th. BMO Capital Markets reaffirmed an “outperform” rating on shares of AbbVie in a research report on Monday, March 9th. Finally, Piper Sandler increased their price target on AbbVie from $294.00 to $298.00 and gave the stock an “overweight” rating in a research note on Thursday, May 14th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and a consensus price target of $253.43.

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.