Campbell Newman Asset Management Inc. Has $35.97 Million Position in AbbVie Inc. $ABBV

Campbell Newman Asset Management Inc. raised its position in AbbVie Inc. (NYSE:ABBV) by 1.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 165,389 shares of the company’s stock after purchasing an additional 2,630 shares during the quarter. AbbVie accounts for about 2.9% of Campbell Newman Asset Management Inc.’s holdings, making the stock its 12th biggest holding. Campbell Newman Asset Management Inc.’s holdings in AbbVie were worth $35,970,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in ABBV. Chelsea Counsel Co. acquired a new position in shares of AbbVie in the third quarter valued at approximately $26,000. Litman Gregory Wealth Management LLC acquired a new stake in AbbVie during the 4th quarter worth approximately $28,000. Imprint Wealth LLC grew its holdings in AbbVie by 56.2% during the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after acquiring an additional 45 shares during the last quarter. Westend Capital Management LLC bought a new stake in AbbVie during the 4th quarter worth approximately $29,000. Finally, IFC & Insurance Marketing Inc. acquired a new position in AbbVie in the 4th quarter valued at approximately $31,000. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Performance

NYSE:ABBV opened at $230.10 on Tuesday. AbbVie Inc. has a 52 week low of $181.73 and a 52 week high of $244.81. The firm’s fifty day moving average is $212.53 and its 200-day moving average is $218.76. The firm has a market cap of $406.54 billion, a P/E ratio of 113.35, a P/E/G ratio of 0.66 and a beta of 0.32.

AbbVie (NYSE:ABBV) last released its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. 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 business earned $2.46 earnings per share. AbbVie’s revenue for the quarter was up 12.4% on a year-over-year basis. As a group, sell-side analysts anticipate that AbbVie Inc. will post 14.3 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors 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 3.0%. AbbVie’s dividend payout ratio is presently 340.89%.

AbbVie News Roundup

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Expands AbbVie’s immunology franchise with late-stage assets that may help offset future patent and revenue pressures. Reuters: AbbVie strikes $10.9 billion deal for Apogee Therapeutics
• Positive Sentiment: Supports confidence in AbbVie’s ability to keep growing beyond Humira, helped by strength in newer drugs like Skyrizi and Rinvoq. Quiver Quant: AbbVie gains as investors weigh stronger growth outlook and recent pipeline wins
• Neutral Sentiment: Analysts and media outlets are framing the transaction as strategic, but the size of the deal also adds integration and execution risk. WSJ: AbbVie to Buy Apogee Therapeutics for $10.9 Billion in Cash
• Neutral Sentiment: AbbVie also received attention for recent product news, including FDA approval for Allergan Aesthetics’ Skinvive by Juvéderm, which adds another modest positive backdrop. Yahoo Finance: AbbVie’s Allergan Aesthetics Wins FDA Approval for Skinvive by Juvederm

Analysts Set New Price Targets

Several research firms have recently issued reports on ABBV. Weiss Ratings reaffirmed a “hold (c)” rating on shares of AbbVie in a research note on Monday, June 8th. Wells Fargo & Company set a $260.00 price objective on AbbVie in a report on Monday. Piper Sandler raised their target price on AbbVie from $294.00 to $298.00 and gave the stock an “overweight” rating in a research report on Thursday, May 14th. William Blair reaffirmed an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Finally, DZ Bank upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and a consensus price target of $253.43.

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.