AdvisorShares Investments LLC Buys Shares of 2,943 AbbVie Inc. $ABBV

AdvisorShares Investments LLC bought a new stake in AbbVie Inc. (NYSE:ABBV) in the fourth quarter, HoldingsChannel.com reports. The fund bought 2,943 shares of the company’s stock, valued at approximately $672,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in AbbVie by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company’s stock valued at $41,306,353,000 after acquiring an additional 3,032,438 shares during the period. Geode Capital Management LLC boosted its position in shares of AbbVie by 10.4% during the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock worth $10,179,099,000 after buying an additional 4,190,487 shares during the period. Norges Bank acquired a new position in shares of AbbVie during the fourth quarter worth approximately $5,865,055,000. Legal & General Group Plc boosted its position in shares of AbbVie by 1.1% during the fourth quarter. Legal & General Group Plc now owns 12,133,331 shares of the company’s stock worth $2,772,345,000 after buying an additional 129,247 shares during the period. Finally, Wellington Management Group LLP boosted its position in shares of AbbVie by 457.4% during the third quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company’s stock worth $2,439,714,000 after buying an additional 8,646,424 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie News Roundup

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie received U.S. FDA approval for DECNUPAZ, its first ADC approved for blood cancer, opening a new potential revenue stream in a highly specialized oncology market. U.S. FDA Approves DECNUPAZTM (pivekimab sunirine-pvzy) for Treatment of Adult Patients with Blastic Plasmacytoid Dendritic Cell Neoplasm, an Ultra-Rare and Aggressive Blood Cancer With Limited Treatment Options
• Positive Sentiment: The European Commission expanded the VENCLYXTO label in untreated CLL, broadening use of an established oncology drug and potentially supporting international sales. AbbVie Announces European Commission Authorization of Expanded Label for VENCLYXTO® (venetoclax) to Include Additional Combinations in Previously Untreated Chronic Lymphocytic Leukemia
• Positive Sentiment: AbbVie advanced ABBV-519 into first-in-human testing, signaling continued momentum in its immunology pipeline. AbbVie Inc. (ABBV) Presents at EU Clinical Trial Regulation: Latest Developments and Upcoming Opportunities Transcript
• Neutral Sentiment: Recent articles note ABBV has outperformed since its last earnings report and remains viewed as reasonably valued by some analysts, but these are more commentary than fresh business catalysts. AbbVie (ABBV) Up 3.5% Since Last Earnings Report: Can It Continue?

AbbVie Stock Performance

NYSE ABBV opened at $217.83 on Friday. The stock has a market capitalization of $384.85 billion, a P/E ratio of 107.30, a P/E/G ratio of 0.75 and a beta of 0.32. AbbVie Inc. has a 1 year low of $181.73 and a 1 year high of $244.81. The business’s fifty day moving average is $208.43 and its two-hundred day moving average is $219.66.

AbbVie (NYSE:ABBV) last posted its quarterly 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 negative return on equity of 576.45% and a net margin of 5.79%.The company had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.72 billion. During the same quarter in the prior year, the company earned $2.46 earnings per share. The firm’s revenue was up 12.4% on a year-over-year basis. On average, research analysts forecast that AbbVie Inc. will post 14.3 earnings per share for the current year.

Insider Transactions at AbbVie

In other AbbVie news, SVP David Ryan Purdue sold 5,230 shares of the business’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $233.56, for a total transaction of $1,221,518.80. Following the sale, the senior vice president directly owned 2,654 shares of the company’s stock, valued at $619,868.24. The trade was a 66.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.06% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

ABBV has been the subject of several analyst reports. Royal Bank Of Canada initiated coverage on AbbVie in a research report on Tuesday, February 24th. They set an “outperform” rating and a $260.00 price objective for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $240.00 price objective on shares of AbbVie in a research report on Thursday, April 30th. Canaccord Genuity Group boosted their price objective on AbbVie from $262.00 to $265.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Evercore set a $235.00 price objective on AbbVie in a research report on Friday, May 15th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of AbbVie in a research report on Monday, March 9th. Three 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $253.43.

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.