Hillsdale Investment Management Inc. Boosts Holdings in AbbVie Inc. $ABBV

Hillsdale Investment Management Inc. grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 43.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,098 shares of the company’s stock after purchasing an additional 6,730 shares during the period. Hillsdale Investment Management Inc.’s holdings in AbbVie were worth $4,806,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Chelsea Counsel Co. bought a new position in shares of AbbVie in the 3rd quarter worth approximately $26,000. Litman Gregory Wealth Management LLC bought a new stake in shares of AbbVie during the fourth quarter valued at approximately $28,000. Westend Capital Management LLC bought a new stake in shares of AbbVie during the fourth quarter valued at approximately $29,000. Imprint Wealth LLC grew its stake in AbbVie by 56.2% in the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after purchasing an additional 45 shares during the period. Finally, Legacy Wealth Managment LLC ID grew its stake in AbbVie by 115.9% in the fourth quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock worth $31,000 after purchasing an additional 73 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on the company. Canaccord Genuity Group raised their price objective on AbbVie from $265.00 to $273.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. JPMorgan Chase & Co. upped their target price on shares of AbbVie from $260.00 to $280.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. HSBC reissued a “buy” rating and set a $300.00 price target on shares of AbbVie in a research report on Monday, July 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of AbbVie in a research note on Monday, June 8th. Finally, Guggenheim lifted their target price on shares of AbbVie from $249.00 to $261.00 and gave the company a “buy” rating in a report on Thursday, July 9th. 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.com, AbbVie has a consensus rating of “Moderate Buy” and a consensus price target of $266.24.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $244.75 on Wednesday. AbbVie Inc. has a 1-year low of $184.63 and a 1-year high of $261.64. The business has a fifty day moving average price of $226.92 and a 200-day moving average price of $221.44. The company has a market capitalization of $432.42 billion, a PE ratio of 120.57, a PEG ratio of 0.82 and a beta of 0.30.

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. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.AbbVie’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.46 EPS. On average, sell-side analysts anticipate that AbbVie Inc. will post 14.22 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be issued a $1.73 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $6.92 annualized dividend and a yield of 2.8%. AbbVie’s payout ratio is 340.89%.

Trending Headlines about AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: BMO Capital Markets raised its price target on AbbVie to $300 from $258 and kept an outperform rating, signaling confidence in further upside for the shares.
• Positive Sentiment: Traders bought far more AbbVie call options than usual, suggesting some investors are positioning for a rebound or expecting a near-term catalyst.
• Positive Sentiment: AbbVie’s Allergan Aesthetics unit said SkinMedica is expanding its commitment to regenerative science, including more R&D investment and new advisory support, which reinforces AbbVie’s pipeline and innovation narrative. SkinMedica® Deepens Commitment to Regenerative Science with Continued Investment in Research and Development
• Positive Sentiment: Reports that AbbVie’s pharmaceutical project in Durham is moving forward point to continued operational expansion and investment.
• Neutral Sentiment: Analyst commentary from Zacks discussed whether AbbVie is a buy as Wall Street remains optimistic, but it did not introduce a new material corporate event. Is AbbVie (ABBV) a Buy as Wall Street Analysts Look Optimistic?
• Neutral Sentiment: AbbVie-related community and employee engagement updates in Asia are unlikely to move the stock much in the near term.
• Negative Sentiment: The stock has continued to slide for a seventh straight session, suggesting momentum has remained weak even with supportive analyst and options activity.
• Negative Sentiment: Broader sector concerns about big pharma’s looming patent-expiration problem may keep pressure on AbbVie and other drugmakers as investors focus on future revenue replacement needs.

AbbVie 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.