Conning Inc. Has $35.55 Million Stock Holdings in AbbVie Inc. $ABBV

Conning Inc. increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 4.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 163,437 shares of the company’s stock after purchasing an additional 6,523 shares during the quarter. AbbVie makes up approximately 1.2% of Conning Inc.’s holdings, making the stock its 28th biggest holding. Conning Inc.’s holdings in AbbVie were worth $35,546,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in AbbVie by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company’s stock worth $41,306,353,000 after acquiring an additional 3,032,438 shares during the last quarter. State Street Corp raised its position in AbbVie by 1.4% in the 4th quarter. State Street Corp now owns 80,940,931 shares of the company’s stock valued at $18,494,193,000 after purchasing an additional 1,119,274 shares during the last quarter. Geode Capital Management LLC boosted its stake in AbbVie by 10.4% in the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock worth $10,179,099,000 after purchasing an additional 4,190,487 shares in the last quarter. Bank of America Corp DE boosted its stake in AbbVie by 1.4% in the fourth quarter. Bank of America Corp DE now owns 25,824,399 shares of the company’s stock worth $5,900,617,000 after purchasing an additional 356,394 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of AbbVie during the fourth quarter worth $5,865,055,000. 70.23% of the stock is owned by institutional investors.

AbbVie Trading Down 0.8%

Shares of ABBV opened at $248.00 on Friday. The stock has a market cap of $438.17 billion, a P/E ratio of 122.17, a price-to-earnings-growth ratio of 0.81 and a beta of 0.30. The stock’s 50-day moving average price is $225.42 and its two-hundred day moving average price is $221.25. AbbVie Inc. has a 1 year low of $184.63 and a 1 year high of $261.64.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $14.72 billion. During the same quarter last year, the firm earned $2.46 EPS. AbbVie’s quarterly revenue was up 12.4% compared to the same quarter last year. As a group, equities analysts forecast that AbbVie Inc. will post 14.39 EPS for the current year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be issued a $1.73 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $6.92 annualized dividend and a dividend yield of 2.8%. AbbVie’s payout ratio is 340.89%.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of research analyst reports. DZ Bank raised AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a report on Monday, June 8th. Bank of America raised their price objective on shares of AbbVie from $234.00 to $276.00 and gave the company a “buy” rating in a research report on Friday. Morgan Stanley upped their target price on shares of AbbVie from $270.00 to $278.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Finally, Cantor Fitzgerald increased their price target on shares of AbbVie from $240.00 to $265.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $262.81.

AbbVie News Roundup

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

About AbbVie

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.