BlackDiamond Wealth Management LLC Has $1.11 Million Position in AbbVie Inc. $ABBV

BlackDiamond Wealth Management LLC boosted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 130.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,978 shares of the company’s stock after purchasing an additional 2,820 shares during the period. BlackDiamond Wealth Management LLC’s holdings in AbbVie were worth $1,111,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Eclectic Associates Inc. ADV lifted its stake in shares of AbbVie by 0.8% in the 4th quarter. Eclectic Associates Inc. ADV now owns 5,852 shares of the company’s stock valued at $1,337,000 after acquiring an additional 45 shares during the last quarter. Weil Company Inc. raised its position in AbbVie by 2.3% during the 3rd quarter. Weil Company Inc. now owns 2,026 shares of the company’s stock worth $469,000 after purchasing an additional 46 shares during the last quarter. Hardin Capital Partners LLC raised its position in AbbVie by 1.4% during the 4th quarter. Hardin Capital Partners LLC now owns 3,321 shares of the company’s stock worth $759,000 after purchasing an additional 46 shares during the last quarter. Dogwood Wealth Management LLC raised its position in AbbVie by 10.8% during the 4th quarter. Dogwood Wealth Management LLC now owns 473 shares of the company’s stock worth $108,000 after purchasing an additional 46 shares during the last quarter. Finally, Quantum Private Wealth LLC grew its holdings in AbbVie by 2.0% during the 4th quarter. Quantum Private Wealth LLC now owns 2,376 shares of the company’s stock worth $543,000 after acquiring an additional 46 shares during the period. 70.23% of the stock is currently owned by institutional investors.

Key Headlines Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: The UK drug-cost watchdog recommended AbbVie’s ovarian cancer therapy Elahere for patients with a hard-to-treat form of ovarian cancer, boosting the drug’s commercial prospects in a key market. British drug-cost watchdog recommends use of AbbVie’s ovarian cancer therapy
• Positive Sentiment: AbbVie won EU approval for AQUIPTA (atogepant) as an acute treatment for migraine in adults, adding a second approved migraine indication and expanding the drug’s revenue opportunity. AbbVie Gets EU Nod for Aquipta as Acute Treatment for Migraine
• Positive Sentiment: The European Commission also authorized an expanded label for VENCLYXTO, which could broaden use in combination therapies and support oncology sales. AbbVie Inc. (ABBV) Announces EC Authorization of Expanded Label for VENCLYXTO®
• Positive Sentiment: AbbVie’s update on a Japan safety study for RINVOQ drew attention to ongoing development and post-market monitoring, though the details appear to be part of routine clinical follow-up rather than a major catalyst. AbbVie’s RINVOQ Safety Study In Japan
• Neutral Sentiment: AbbVie also said it will present at the Goldman Sachs healthcare conference next week, which usually keeps investors focused on management commentary but is not a direct business update. AbbVie to Present at the Goldman Sachs 47th Annual Global Healthcare Conference

AbbVie Stock Up 0.9%

AbbVie stock opened at $217.24 on Thursday. AbbVie Inc. has a 52 week low of $181.73 and a 52 week high of $244.81. The company’s 50 day moving average price is $209.03 and its two-hundred day moving average price is $219.35. The stock has a market cap of $383.82 billion, a P/E ratio of 107.02, a P/E/G ratio of 0.66 and a beta of 0.32.

AbbVie (NYSE:ABBV) last released its quarterly earnings data 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 net margin of 5.79% and a negative return on equity of 576.45%. The business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.72 billion. During the same period in the previous year, the business earned $2.46 EPS. AbbVie’s revenue was up 12.4% compared to the same quarter last year. On average, equities analysts anticipate that AbbVie Inc. will post 14.3 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ABBV. DZ Bank upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Sanford C. Bernstein reiterated a “market perform” rating on shares of AbbVie in a report on Thursday, February 5th. Cantor Fitzgerald reiterated an “overweight” rating and set a $240.00 price target on shares of AbbVie in a report on Thursday, April 30th. Bank of America upgraded AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 price target for the company in a report on Thursday, April 30th. Finally, Evercore set a $235.00 price target on AbbVie in a report on Friday, May 15th. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $253.43.

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.