Chase Investment Counsel Corp Sells 5,299 Shares of AbbVie Inc. $ABBV

Chase Investment Counsel Corp cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 14.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,581 shares of the company’s stock after selling 5,299 shares during the quarter. AbbVie comprises 1.7% of Chase Investment Counsel Corp’s investment portfolio, making the stock its 19th largest holding. Chase Investment Counsel Corp’s holdings in AbbVie were worth $6,651,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of ABBV. Fortis Capital Management LLC increased its holdings in shares of AbbVie by 5.6% during the 1st quarter. Fortis Capital Management LLC now owns 7,180 shares of the company’s stock worth $1,561,000 after purchasing an additional 380 shares during the period. CacheTech Inc. lifted its stake in shares of AbbVie by 7.0% in the first quarter. CacheTech Inc. now owns 2,965 shares of the company’s stock valued at $645,000 after buying an additional 195 shares during the period. Danica Pension Livsforsikringsaktieselskab bought a new stake in shares of AbbVie in the first quarter valued at about $18,896,000. Bellwether Advisors LLC grew its position in AbbVie by 39.1% during the first quarter. Bellwether Advisors LLC now owns 31,607 shares of the company’s stock worth $6,874,000 after buying an additional 8,890 shares in the last quarter. Finally, ABN Amro Investment Solutions increased its stake in AbbVie by 80.6% during the first quarter. ABN Amro Investment Solutions now owns 237,318 shares of the company’s stock valued at $51,614,000 after acquiring an additional 105,906 shares during the period. 70.23% of the stock is owned by institutional investors.

AbbVie Trading Up 1.1%

Shares of ABBV opened at $256.18 on Wednesday. The stock has a market cap of $452.62 billion, a PE ratio of 126.20, a PEG ratio of 0.84 and a beta of 0.30. AbbVie Inc. has a 1 year low of $184.90 and a 1 year high of $261.64. The stock has a 50 day simple moving average of $231.78 and a 200-day simple moving average of $222.23.

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

AbbVie Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Guggenheim upped their price target on AbbVie from $249.00 to $261.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Wells Fargo & Company boosted their price objective on AbbVie from $260.00 to $295.00 and gave the company an “overweight” rating in a research report on Friday, July 10th. HSBC reaffirmed a “buy” rating and issued a $300.00 target price on shares of AbbVie in a research report on Monday, July 6th. Citigroup boosted their price target on shares of AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Finally, Piper Sandler restated an “overweight” rating and issued a $298.00 price objective on shares of AbbVie in a research note on Tuesday, June 23rd. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and an average price target of $267.67.

Key AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie’s stock has been outperforming the broader market, with recent trading strength reinforcing investor confidence in the name. AbbVie (ABBV) Beats Stock Market Upswing: What Investors Need to Know
• Positive Sentiment: Analysts at Erste Group Bank reportedly raised earnings estimates for AbbVie, which can support the shares if investors expect stronger profit growth ahead. Erste Group Bank Brokers Boost Earnings Estimates for AbbVie
• Positive Sentiment: AbbVie said its ABBV-8736 injection study showed “quiet but meaningful” pipeline progress, adding another sign that its drug development efforts are advancing. AbbVie’s ABBV-8736 Injection Study Signals Quiet But Meaningful Pipeline Progress
• Positive Sentiment: A recent bullish article argued AbbVie looks like a strong buy-and-hold candidate, reflecting generally constructive sentiment around the stock. 3 Reasons to Buy AbbVie Stock Like There’s No Tomorrow
• Neutral Sentiment: A separate article discussed broader biotech and healthcare market trends, but it does not appear to have a direct company-specific impact on AbbVie. Biotech IPOs Surge 55% as AI Listings Lose Momentum
• Neutral Sentiment: Another article questioned whether AbbVie is leaving eye care, but the available headline alone does not indicate a clear financial impact. BLOG: Exit stage left: Is AbbVie leaving eye care?
• Neutral Sentiment: Coverage of AbbVie’s $10.9 billion Apogee acquisition focused on potential dividend effects, but the headline suggests investors are mainly evaluating the deal rather than reacting to a fresh negative catalyst. How Will AbbVie’s $10.9 Billion Acquisition of Apogee Impact Its Dividend?

About AbbVie

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.