Parr Mcknight Wealth Management Group LLC Has $3.50 Million Stock Position in AbbVie Inc. $ABBV

Parr Mcknight Wealth Management Group LLC lessened its stake in shares of AbbVie Inc. (NYSE:ABBV) by 39.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 16,116 shares of the company’s stock after selling 10,690 shares during the quarter. Parr Mcknight Wealth Management Group LLC’s holdings in AbbVie were worth $3,505,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of ABBV. Procyon Advisors LLC grew its holdings in AbbVie by 19.9% during the 4th quarter. Procyon Advisors LLC now owns 32,752 shares of the company’s stock worth $7,484,000 after acquiring an additional 5,427 shares during the period. Waycross Partners LLC lifted its stake in shares of AbbVie by 2.9% in the 4th quarter. Waycross Partners LLC now owns 182,476 shares of the company’s stock valued at $41,694,000 after purchasing an additional 5,063 shares during the period. Calamos Advisors LLC lifted its stake in shares of AbbVie by 3.4% in the 4th quarter. Calamos Advisors LLC now owns 466,290 shares of the company’s stock valued at $106,543,000 after purchasing an additional 15,458 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of AbbVie by 11.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 636,710 shares of the company’s stock valued at $143,026,000 after purchasing an additional 66,720 shares in the last quarter. Finally, Savvy Advisors Inc. grew its stake in AbbVie by 22.2% during the fourth quarter. Savvy Advisors Inc. now owns 36,568 shares of the company’s stock worth $8,355,000 after purchasing an additional 6,646 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ABBV has been the subject of a number of research analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $298.00 target price on shares of AbbVie in a report on Tuesday, June 23rd. Royal Bank Of Canada raised their price objective on shares of AbbVie from $260.00 to $280.00 and gave the stock an “outperform” rating in a research report on Friday. Wall Street Zen lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 5th. Sanford C. Bernstein reiterated a “market perform” rating on shares of AbbVie in a research report on Tuesday, June 23rd. Finally, HSBC reissued a “buy” rating and set a $300.00 target price on shares of AbbVie in a research note on Monday, July 6th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus target price of $262.81.

AbbVie News Roundup

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 Stock Down 0.0%

Shares of ABBV opened at $248.00 on Monday. The business’s fifty day moving average is $225.42 and its 200 day moving average is $221.20. AbbVie Inc. has a 12-month low of $184.63 and a 12-month high of $261.64. The stock has a market cap of $438.17 billion, a P/E ratio of 122.17, a P/E/G ratio of 0.81 and a beta of 0.30.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 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 during the quarter, compared to analyst estimates of $14.72 billion. During the same quarter in the previous year, the business posted $2.46 EPS. AbbVie’s quarterly revenue was up 12.4% on a year-over-year basis. On average, analysts expect that AbbVie Inc. will post 14.3 EPS for the current year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors 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 2.8%. The ex-dividend date is Wednesday, July 15th. AbbVie’s dividend payout ratio is currently 340.89%.

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.