Cannell & Spears LLC Decreases Holdings in AbbVie Inc. $ABBV

Cannell & Spears LLC decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 7.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 248,683 shares of the company’s stock after selling 20,949 shares during the period. AbbVie accounts for approximately 1.1% of Cannell & Spears LLC’s holdings, making the stock its 25th biggest holding. Cannell & Spears LLC’s holdings in AbbVie were worth $54,033,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Bank of Jackson Hole Trust increased its position in shares of AbbVie by 0.6% during the 4th quarter. Bank of Jackson Hole Trust now owns 7,213 shares of the company’s stock valued at $1,648,000 after purchasing an additional 44 shares during the last quarter. Eclectic Associates Inc. ADV lifted its position in AbbVie by 0.8% in the fourth quarter. Eclectic Associates Inc. ADV now owns 5,852 shares of the company’s stock worth $1,337,000 after buying an additional 45 shares during the last quarter. Imprint Wealth LLC boosted its stake in AbbVie by 56.2% during the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after buying an additional 45 shares during the period. Dogwood Wealth Management LLC boosted its stake in AbbVie by 10.8% during the fourth quarter. Dogwood Wealth Management LLC now owns 473 shares of the company’s stock worth $108,000 after buying an additional 46 shares during the period. Finally, Quantum Private Wealth LLC increased its position in AbbVie by 2.0% during the fourth quarter. Quantum Private Wealth LLC now owns 2,376 shares of the company’s stock valued at $543,000 after acquiring an additional 46 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

AbbVie Trading Up 0.8%

NYSE:ABBV opened at $259.10 on Friday. The company has a market cap of $457.78 billion, a price-to-earnings ratio of 127.64, a price-to-earnings-growth ratio of 0.85 and a beta of 0.30. AbbVie Inc. has a twelve month low of $187.62 and a twelve month high of $261.64. The stock has a fifty day simple moving average of $234.57 and a 200-day simple moving average of $222.86.

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. The firm had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The business’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.46 earnings per share. As a group, equities research analysts predict that AbbVie Inc. will post 14.18 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be paid a $1.73 dividend. 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 is currently 340.89%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ABBV. Morgan Stanley increased their target price on shares of AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Citigroup lifted their price target on shares of AbbVie from $230.00 to $260.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. UBS Group upped their price target on shares of AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a report on Monday, July 13th. JPMorgan Chase & Co. increased their price objective 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. Finally, Guggenheim raised their price objective on shares of AbbVie from $249.00 to $261.00 and gave the stock a “buy” rating in a research note 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 company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $268.10.

Key Headlines Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie is expected to report earnings next week, and several market write-ups highlight the stock as a potential winner if results or guidance beat expectations. Analysts also noted the shares may have room to rise if the company delivers on revenue and profit growth. AbbVie (ABBV) Earnings Expected to Grow: What to Know Ahead of Next Week’s Release
• Positive Sentiment: Canaccord Genuity reiterated a constructive view on AbbVie, with a report saying the stock price is expected to rise, which may be helping sentiment around the name. AbbVie (NYSE:ABBV) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says
• Neutral Sentiment: AbbVie also announced progress on early-stage pipeline work for nacresertib and ABBV-313, but these updates are preliminary and are unlikely to move the stock as much as late-stage clinical data. AbbVie Advances Nacresertib With Key Drug–Drug Interaction Study AbbVie’s ABBV-313 Phase 1 Trial: What Early Safety Work Means for Investors
• Negative Sentiment: AbbVie and Genmab said the Phase 3 EPCORE DLBCL-1 trial for lymphoma drug epcoritamab missed its sole U.S. primary endpoint, a setback that could weigh on sentiment toward the company’s oncology pipeline. Genmab, AbbVie Say Lymphoma Drug Failed to Meet Primary Endpoint in Phase 3 Trial

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.