Gabelli Funds LLC Cuts Stock Holdings in AbbVie Inc. $ABBV

Gabelli Funds LLC cut its position in shares of AbbVie Inc. (NYSE:ABBV) by 31.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 55,613 shares of the company’s stock after selling 25,600 shares during the quarter. Gabelli Funds LLC’s holdings in AbbVie were worth $12,095,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its holdings in AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after acquiring an additional 3,401 shares during the period. Revolve Wealth Partners LLC increased its holdings in AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after buying an additional 3,064 shares during the last quarter. Schnieders Capital Management LLC. raised its position in AbbVie by 5.0% in the second quarter. Schnieders Capital Management LLC. now owns 16,466 shares of the company’s stock worth $3,056,000 after acquiring an additional 789 shares during the period. Ieq Capital LLC grew its position in shares of AbbVie by 4.6% during the 2nd quarter. Ieq Capital LLC now owns 120,035 shares of the company’s stock valued at $22,281,000 after acquiring an additional 5,274 shares during the period. Finally, Worldquant Millennium Advisors LLC increased its stake in shares of AbbVie by 117.3% during the 2nd 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 last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

More AbbVie News

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 Trading Down 0.1%

Shares of NYSE ABBV opened at $259.10 on Monday. The stock has a market cap of $457.78 billion, a price-to-earnings ratio of 127.64, a P/E/G ratio of 0.86 and a beta of 0.30. The stock’s 50-day moving average is $234.57 and its 200 day moving average is $222.88. AbbVie Inc. has a 1-year low of $187.62 and a 1-year high of $261.64.

AbbVie (NYSE:ABBV) last released its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.72 billion. During the same quarter in the previous year, the company posted $2.46 EPS. AbbVie’s revenue for the quarter was up 12.4% on a year-over-year basis. On average, analysts forecast that AbbVie Inc. will post 14.18 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be paid a $1.73 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $6.92 dividend on an annualized basis and a yield of 2.7%. AbbVie’s dividend payout ratio (DPR) is presently 340.89%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. HSBC reaffirmed a “buy” rating and set a $300.00 price target on shares of AbbVie in a research report on Monday, July 6th. BMO Capital Markets raised their price target on AbbVie from $258.00 to $300.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Citigroup lifted their target price on AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Evercore set a $235.00 price objective on shares of AbbVie in a research note on Friday, May 15th. Finally, Bank of America boosted their price target on shares of AbbVie from $234.00 to $276.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $268.10.

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.