Corient Private Wealth LLC Grows Stake in AbbVie Inc. $ABBV

Corient Private Wealth LLC raised its holdings in AbbVie Inc. (NYSE:ABBV) by 6.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,501,035 shares of the company’s stock after buying an additional 154,569 shares during the quarter. Corient Private Wealth LLC owned about 0.14% of AbbVie worth $538,583,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in ABBV. Norges Bank bought a new stake in AbbVie in the fourth quarter valued at $5,865,055,000. Wellington Management Group LLP increased its position in AbbVie by 457.4% during the 3rd quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company’s stock valued at $2,439,714,000 after purchasing an additional 8,646,424 shares during the period. Capital World Investors raised its holdings in AbbVie by 106.3% in the 4th quarter. Capital World Investors now owns 13,071,444 shares of the company’s stock worth $2,986,777,000 after purchasing an additional 6,736,161 shares in the last quarter. Cardano Risk Management B.V. lifted its position in shares of AbbVie by 914.6% in the 4th quarter. Cardano Risk Management B.V. now owns 5,444,930 shares of the company’s stock worth $1,244,112,000 after purchasing an additional 4,908,260 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of AbbVie by 10.4% in the 4th quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock worth $10,179,099,000 after purchasing an additional 4,190,487 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ABBV has been the subject of a number of research reports. William Blair reissued an “outperform” rating on shares of AbbVie in a research note on Monday, March 9th. Royal Bank Of Canada initiated coverage on AbbVie in a report on Tuesday, February 24th. They set an “outperform” rating and a $260.00 target price on the stock. Bank of America raised AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 target price for the company in a research report on Thursday, April 30th. Evercore set a $235.00 target price on AbbVie in a research note on Friday, May 15th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $249.00 price target on shares of AbbVie in a research note on Friday, May 1st. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $253.43.

Key Stories Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie declared a quarterly cash dividend of $1.73 per share, reinforcing its shareholder-return profile and highlighting the company’s ability to generate strong cash flow. AbbVie Declares Quarterly Dividend
• Positive Sentiment: AbbVie also got a regulatory boost with new SKINVIVE approval and reported encouraging CLL trial results, which support the company’s oncology and aesthetics growth pipeline. AbbVie (ABBV) Lands New SKINVIVE Approval As CLL Trial Results Impress
• Positive Sentiment: The company presented new Phase 3 data on a venetoclax-based combination and highlighted its late-stage ABBV-400 colorectal cancer program, adding to investor confidence in AbbVie’s long-term pipeline. AbbVie Inc. (ABBV) Presents Data on Fixed-Duration Venetoclax-Based Combination
• Neutral Sentiment: AbbVie has been attracting extra trader attention recently, but the stock’s near-term direction still depends on whether dividend income and pipeline progress can outweigh broader market weakness and legal uncertainty. AbbVie Inc. (ABBV) Is a Trending Stock: Facts to Know Before Betting on It
• Negative Sentiment: The biggest overhang is a reported HHS move to ask a court to dismiss AbbVie’s lawsuit over drug-discount patients, which could increase regulatory and legal pressure on the stock. HHS Asks Court to Toss AbbVie Suit Over Drug Discount Patients

AbbVie Stock Performance

ABBV stock opened at $216.63 on Friday. The firm has a 50 day moving average price of $212.08 and a 200-day moving average price of $218.78. AbbVie Inc. has a 52-week low of $181.73 and a 52-week high of $244.81. The firm has a market capitalization of $382.74 billion, a price-to-earnings ratio of 106.71, a PEG ratio of 0.68 and a beta of 0.32.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.59 by $0.06. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The firm’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.46 EPS. As a group, sell-side analysts forecast that AbbVie Inc. will post 14.3 earnings per share for the current fiscal year.

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.