PNC Financial Services Group Inc. Has $894.96 Million Holdings in AbbVie Inc. $ABBV

PNC Financial Services Group Inc. lessened its stake in AbbVie Inc. (NYSE:ABBV) by 0.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,114,966 shares of the company’s stock after selling 27,973 shares during the period. PNC Financial Services Group Inc.’s holdings in AbbVie were worth $894,964,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Litman Gregory Wealth Management LLC acquired a new position in shares of AbbVie in the 4th quarter worth approximately $28,000. Westend Capital Management LLC acquired a new position in shares of AbbVie in the 4th quarter valued at about $29,000. Imprint Wealth LLC boosted its position 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. Legacy Wealth Managment LLC ID increased its holdings 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 in the last quarter. Finally, IFC & Insurance Marketing Inc. acquired a new position in AbbVie in the fourth quarter valued at approximately $31,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Citigroup lifted their price objective on shares of AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Sanford C. Bernstein reissued a “market perform” rating on shares of AbbVie in a research report on Tuesday, June 23rd. Piper Sandler reaffirmed an “overweight” rating and set a $298.00 price target on shares of AbbVie in a research note on Tuesday, June 23rd. BMO Capital Markets boosted their price objective on AbbVie from $258.00 to $300.00 and gave the company an “outperform” rating in a report on Monday, July 13th. Finally, JPMorgan Chase & Co. increased their target price on AbbVie from $260.00 to $280.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, AbbVie has an average rating of “Moderate Buy” and a consensus price target of $267.67.

Trending Headlines about AbbVie

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?

AbbVie Stock Performance

NYSE ABBV opened at $256.18 on Wednesday. The company has a market capitalization of $452.62 billion, a PE ratio of 126.20, a price-to-earnings-growth ratio of 0.84 and a beta of 0.30. AbbVie Inc. has a 52-week low of $184.90 and a 52-week high of $261.64. The company has a 50-day simple moving average of $231.78 and a 200 day simple moving average of $222.23.

AbbVie (NYSE:ABBV) last posted its quarterly 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 net margin of 5.79% and a negative return on equity of 576.45%. The company had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.72 billion. During the same quarter in the previous year, the firm posted $2.46 EPS. AbbVie’s revenue was up 12.4% on a year-over-year basis. As a group, analysts forecast 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. Shareholders of record on Wednesday, July 15th will be given a dividend of $1.73 per share. This represents a $6.92 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Wednesday, July 15th. AbbVie’s dividend payout ratio (DPR) 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.