AbbVie Inc. $ABBV Shares Sold by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 2.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 170,368 shares of the company’s stock after selling 4,753 shares during the period. Citizens Financial Group Inc. RI’s holdings in AbbVie were worth $37,053,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC raised its stake in AbbVie by 17.4% during the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after acquiring an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC increased its holdings in shares of AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after purchasing an additional 3,064 shares during the period. Schnieders Capital Management LLC. raised its stake in shares of AbbVie by 5.0% during the second quarter. Schnieders Capital Management LLC. now owns 16,466 shares of the company’s stock worth $3,056,000 after purchasing an additional 789 shares during the last quarter. Ieq Capital LLC raised its stake in shares of AbbVie by 4.6% during the second quarter. Ieq Capital LLC now owns 120,035 shares of the company’s stock worth $22,281,000 after purchasing an additional 5,274 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC lifted its holdings in shares of AbbVie by 117.3% during the second quarter. Worldquant Millennium Advisors LLC now owns 1,135,034 shares of the company’s stock worth $210,685,000 after purchasing an additional 612,702 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie News Summary

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Bank of America raised AbbVie’s price target to $276 from $234 and reiterated a buy rating, signaling confidence in additional upside for the shares. Bank of America raises AbbVie price target
• Positive Sentiment: RBC Capital also increased its price target to $280 from $260 and kept an outperform rating, adding to the wave of analyst support. RBC raises AbbVie price target
• Positive Sentiment: JPMorgan likewise lifted its target to $280 from $260 and maintained an overweight rating, reinforcing a favorable near-term outlook for AbbVie. JPMorgan raises AbbVie price target
• Neutral Sentiment: Recent coverage comparing Johnson & Johnson and AbbVie highlighted how both pharma giants’ latest quarterly results are shaping income-investor preferences, but it did not point to a clear new catalyst for AbbVie. Johnson & Johnson vs AbbVie article
• Neutral Sentiment: AbbVie also appeared in an industry piece on the expanding cystic fibrosis market, which may be supportive of long-term therapeutic demand but is not an immediate stock-moving event. Cystic fibrosis market article
• Negative Sentiment: Despite the analyst upgrades, AbbVie was recently reported as having moved lower in trading, suggesting the stock is still contending with profit-taking or broader market pressure. AbbVie stock drops despite market gains
• Neutral Sentiment: West Pharmaceutical completed the SmartDose sale to AbbVie, a routine transaction that may support AbbVie’s drug-delivery capabilities but is unlikely to move the stock on its own. West Pharmaceutical SmartDose sale to AbbVie

Analysts Set New Price Targets

Several brokerages have issued reports on ABBV. Canaccord Genuity Group boosted their price objective on shares of AbbVie from $265.00 to $273.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. HSBC reaffirmed a “buy” rating and issued a $300.00 target price on shares of AbbVie in a report on Monday, July 6th. Sanford C. Bernstein reissued a “market perform” rating on shares of AbbVie in a report on Tuesday, June 23rd. Morgan Stanley raised their price objective on shares of AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Finally, Guggenheim lifted their price objective on AbbVie from $249.00 to $261.00 and gave the company a “buy” rating in a report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $262.81.

AbbVie Stock Performance

AbbVie stock traded down $1.91 during midday trading on Friday, reaching $248.00. The company’s stock had a trading volume of 5,780,723 shares, compared to its average volume of 8,942,850. The firm has a market capitalization of $438.17 billion, a PE ratio of 122.17, a P/E/G ratio of 0.81 and a beta of 0.30. AbbVie Inc. has a fifty-two week low of $184.63 and a fifty-two week high of $261.64. The stock’s 50 day simple moving average is $225.42 and its 200 day simple moving average is $221.25.

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 analysts’ consensus estimates of $2.59 by $0.06. The business 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 company posted $2.46 EPS. Equities analysts predict that AbbVie Inc. will post 14.3 earnings per share for the current year.

AbbVie Announces Dividend

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 given a dividend of $1.73 per share. This represents a $6.92 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, July 15th. AbbVie’s dividend payout ratio is presently 340.89%.

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.