SteelPeak Wealth LLC Reduces Holdings in AbbVie Inc. $ABBV

SteelPeak Wealth LLC trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 10.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 36,637 shares of the company’s stock after selling 4,312 shares during the quarter. SteelPeak Wealth LLC’s holdings in AbbVie were worth $7,968,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Chelsea Counsel Co. bought a new stake in shares of AbbVie during the 3rd quarter valued at $26,000. Litman Gregory Wealth Management LLC bought a new position in AbbVie in the 4th quarter worth $28,000. Westend Capital Management LLC purchased a new position in AbbVie during the fourth quarter valued at $29,000. Imprint Wealth LLC lifted its position in AbbVie by 56.2% during the fourth 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, Legacy Wealth Managment LLC ID grew its holdings in AbbVie by 115.9% during the fourth quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock valued at $31,000 after purchasing an additional 73 shares during the period. 70.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ABBV has been the subject of a number of analyst reports. UBS Group upped their price target on AbbVie from $230.00 to $260.00 and gave the stock a “neutral” rating in a research report on Monday. Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a research note on Monday, June 8th. Wall Street Zen downgraded AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 5th. Citigroup increased their target price on shares of AbbVie from $230.00 to $260.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Royal Bank Of Canada raised their target price on shares of AbbVie from $260.00 to $280.00 and gave the stock an “outperform” rating in a research note on Friday, July 10th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and a consensus target price of $267.67.

AbbVie Stock Up 4.2%

Shares of AbbVie stock opened at $254.29 on Friday. AbbVie Inc. has a twelve month low of $184.63 and a twelve month high of $261.64. The business has a 50-day moving average price of $228.73 and a 200-day moving average price of $221.71. The firm has a market cap of $449.28 billion, a price-to-earnings ratio of 125.27, a PEG ratio of 0.81 and a beta of 0.30.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.72 billion. During the same period in the previous year, the business earned $2.46 earnings per share. The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. On average, equities analysts expect that AbbVie Inc. will post 14.18 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be issued a $1.73 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.7%. AbbVie’s payout ratio is 340.89%.

Key Headlines Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie’s neuroscience business is expected to post solid Q2 growth, with key brands and Vyalev in focus ahead of earnings on July 31. Will AbbVie’s Neuroscience Franchise Deliver Another Strong Quarter?
• Positive Sentiment: Multiple analysts have recently raised price targets or kept a constructive view on ABBV, reinforcing confidence in the company’s post-Humira growth strategy and pipeline. AbbVie Inc. (NYSE:ABBV) Receives Average Recommendation of “Moderate Buy” from Brokerages
• Positive Sentiment: Investors are also responding to recent regulatory updates for RINVOQ in severe alopecia areata and a subcutaneous induction option for SKYRIZI in Crohn’s disease, which highlight additional growth drivers. AbbVie regulatory submissions update
• Positive Sentiment: AbbVie has also been the subject of upbeat technical and valuation-focused coverage, with commentary pointing to strong momentum and continued investor interest after a multi-year run. AbbVie vs Baxter: One Golden Cross Is Real, One Is a Trap
• Neutral Sentiment: One article questioned whether AbbVie is fully valued after Tepkinly, but it did not signal a clear bearish catalyst. Is AbbVie (NYSE:ABBV) Fully Valued After Tepkinly?
• Neutral Sentiment: AbbVie’s stock has also drawn attention from traders and long-term holders as they wait for earnings and updates on its pipeline and guidance. AbbVie Inc. (ABBV) Is a Trending Stock: Facts to Know Before Betting on It

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.