AbbVie Inc. $ABBV Position Boosted by Fifth Third Bancorp

Fifth Third Bancorp boosted its holdings in AbbVie Inc. (NYSE:ABBV) by 47.4% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 2,197,894 shares of the company’s stock after buying an additional 706,723 shares during the quarter. AbbVie accounts for 0.9% of Fifth Third Bancorp’s holdings, making the stock its 19th largest position. Fifth Third Bancorp’s holdings in AbbVie were worth $478,020,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of ABBV. Chelsea Counsel Co. acquired a new stake in shares of AbbVie during the third quarter valued at approximately $26,000. Litman Gregory Wealth Management LLC acquired a new position in AbbVie in the 4th quarter worth about $28,000. Westend Capital Management LLC acquired a new position in AbbVie in the fourth quarter worth approximately $29,000. Imprint Wealth LLC raised its holdings 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 purchasing an additional 45 shares in the last quarter. Finally, Texas Capital Bancshares Inc TX bought a new stake in shares of AbbVie during the 3rd quarter worth about $31,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Trending Headlines about AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Bank of America raised AbbVie’s price target to $276 from $234 and reiterated a buy rating, signaling confidence in additional upside for the shares. Bank of America raises AbbVie price target
• Positive Sentiment: RBC Capital also increased its price target to $280 from $260 and kept an outperform rating, adding to the wave of analyst support. RBC raises AbbVie price target
• Positive Sentiment: JPMorgan likewise lifted its target to $280 from $260 and maintained an overweight rating, reinforcing a favorable near-term outlook for AbbVie. JPMorgan raises AbbVie price target
• Neutral Sentiment: Recent coverage comparing Johnson & Johnson and AbbVie highlighted how both pharma giants’ latest quarterly results are shaping income-investor preferences, but it did not point to a clear new catalyst for AbbVie. Johnson & Johnson vs AbbVie article
• Neutral Sentiment: AbbVie also appeared in an industry piece on the expanding cystic fibrosis market, which may be supportive of long-term therapeutic demand but is not an immediate stock-moving event. Cystic fibrosis market article
• Negative Sentiment: Despite the analyst upgrades, AbbVie was recently reported as having moved lower in trading, suggesting the stock is still contending with profit-taking or broader market pressure. AbbVie stock drops despite market gains
• Neutral Sentiment: West Pharmaceutical completed the SmartDose sale to AbbVie, a routine transaction that may support AbbVie’s drug-delivery capabilities but is unlikely to move the stock on its own. West Pharmaceutical SmartDose sale to AbbVie

AbbVie Price Performance

ABBV stock traded down $1.91 during trading hours on Friday, reaching $248.00. The stock had a trading volume of 5,780,723 shares, compared to its average volume of 8,942,850. AbbVie Inc. has a fifty-two week low of $184.63 and a fifty-two week high of $261.64. The stock has a 50-day simple moving average of $225.42 and a 200 day simple moving average of $221.25. The stock has a market capitalization of $438.17 billion, a PE ratio of 122.17, a price-to-earnings-growth ratio of 0.81 and a beta of 0.30.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data 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 firm had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The company’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter last year, the business earned $2.46 EPS. On average, sell-side analysts forecast that AbbVie Inc. will post 14.3 EPS for the current fiscal year.

AbbVie Announces Dividend

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. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $6.92 annualized dividend and a dividend yield of 2.8%. AbbVie’s dividend payout ratio (DPR) is presently 340.89%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on ABBV shares. DZ Bank upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Cantor Fitzgerald increased their target price on AbbVie from $240.00 to $265.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Sanford C. Bernstein restated a “market perform” rating on shares of AbbVie in a research report on Tuesday, June 23rd. Morgan Stanley lifted their price target on AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Finally, Bank of America upped their price objective on AbbVie from $234.00 to $276.00 and gave the stock a “buy” rating in a report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and a consensus target price of $262.81.

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.