Bank of New York Mellon Corp Cuts Stock Position in AbbVie Inc. $ABBV

Bank of New York Mellon Corp trimmed its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,278,161 shares of the company’s stock after selling 221,190 shares during the period. AbbVie comprises 0.5% of Bank of New York Mellon Corp’s investment portfolio, making the stock its 27th largest position. Bank of New York Mellon Corp owned 0.75% of AbbVie worth $2,887,867,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Chelsea Counsel Co. purchased a new stake in AbbVie during the third quarter valued at about $26,000. Litman Gregory Wealth Management LLC purchased a new position in shares of AbbVie in the fourth quarter worth about $28,000. Imprint Wealth LLC lifted its stake in shares of AbbVie by 56.2% in the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock valued at $29,000 after acquiring an additional 45 shares during the last quarter. Westend Capital Management LLC bought a new stake in shares of AbbVie in the 4th quarter valued at about $29,000. Finally, IFC & Insurance Marketing Inc. purchased a new stake in AbbVie during the 4th quarter valued at about $31,000. Institutional investors own 70.23% of the company’s stock.

AbbVie News Summary

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie’s long-term safety and efficacy extension data for Bimatoprost SR could strengthen the case for its glaucoma pipeline if results continue to show durable safety and benefit. AbbVie’s Bimatoprost SR Extension Data: Why Long-Term Glaucoma Safety Matters for Investors
• Positive Sentiment: Analyst commentary highlighted confidence in AbbVie’s ability to replace Humira revenue, with Skyrizi and Rinvoq helping ease concerns about the company’s long-term earnings outlook. Should You Buy, Sell or Hold ABBV Stock After Its 9% YTD Rise?
• Positive Sentiment: AbbVie has also been described as a trending stock, suggesting elevated investor attention that can reinforce momentum in the shares. AbbVie Inc. (ABBV) Is a Trending Stock: Facts to Know Before Betting on It
• Positive Sentiment: Separate technical coverage pointed to a bullish “golden cross” setup, which may be encouraging traders looking for continued upside momentum in AbbVie. AbbVie vs Baxter: One Golden Cross Is Real, One Is a Trap
• Neutral Sentiment: AbbVie was the target of unusually heavy call-option buying, which shows speculation and near-term trading interest but does not by itself confirm fundamental strength.
• Neutral Sentiment: Some valuation-focused commentary said the stock may be fully priced after its multi-year run, which could temper enthusiasm even as the growth story remains intact. AbbVie (ABBV) Stock Looks Fully Priced After A 152% Run
• Negative Sentiment: Reports that AbbVie has extended a slide for multiple sessions suggest some traders have been taking profits or reacting to valuation concerns in the near term. AbbVie extends slide to a seventh straight session

Analyst Upgrades and Downgrades

ABBV has been the topic of several recent research reports. Evercore set a $235.00 price target on AbbVie in a research report on Friday, May 15th. HSBC reissued a “buy” rating and set a $300.00 price objective on shares of AbbVie in a research note on Monday, July 6th. Guggenheim raised their target price on shares of AbbVie from $249.00 to $261.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Royal Bank Of Canada lifted their target price on shares of AbbVie from $260.00 to $280.00 and gave the stock an “outperform” rating in a research note on Friday, July 10th. Finally, JPMorgan Chase & Co. increased their price target on shares of AbbVie from $260.00 to $280.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $267.67.

AbbVie Price Performance

Shares of ABBV opened at $244.21 on Thursday. The company has a 50-day simple moving average of $227.70 and a two-hundred day simple moving average of $221.54. The firm has a market capitalization of $431.47 billion, a PE ratio of 120.30, a price-to-earnings-growth ratio of 0.81 and a beta of 0.30. AbbVie Inc. has a one year low of $184.63 and a one year high of $261.64.

AbbVie (NYSE:ABBV) last posted its 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 firm 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 business’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.46 EPS. Analysts expect that AbbVie Inc. will post 14.22 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be issued a $1.73 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $6.92 dividend on an annualized basis and a yield of 2.8%. AbbVie’s dividend payout ratio is 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.