Commonwealth of Pennsylvania Public School Empls Retrmt SYS Sells 13,111 Shares of AbbVie Inc. $ABBV

Commonwealth of Pennsylvania Public School Empls Retrmt SYS reduced its stake in AbbVie Inc. (NYSE:ABBV) by 3.1% during the fourth quarter, Holdings Channel.com reports. The firm owned 411,104 shares of the company’s stock after selling 13,111 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in AbbVie were worth $93,933,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of ABBV. Holderness Investments Co. boosted its position in shares of AbbVie by 0.6% in the fourth quarter. Holderness Investments Co. now owns 22,003 shares of the company’s stock worth $5,027,000 after purchasing an additional 124 shares during the period. AdvisorShares Investments LLC bought a new position in shares of AbbVie in the fourth quarter worth approximately $672,000. Impact Partnership Wealth LLC boosted its position in shares of AbbVie by 51.9% in the fourth quarter. Impact Partnership Wealth LLC now owns 1,599 shares of the company’s stock worth $365,000 after purchasing an additional 546 shares during the period. Cherry Tree Wealth Management LLC boosted its position in shares of AbbVie by 29.2% in the fourth quarter. Cherry Tree Wealth Management LLC now owns 208 shares of the company’s stock worth $48,000 after purchasing an additional 47 shares during the period. Finally, Forsta AP Fonden raised its holdings in AbbVie by 2.5% during the fourth quarter. Forsta AP Fonden now owns 447,362 shares of the company’s stock valued at $102,218,000 after acquiring an additional 11,000 shares during the period. 70.23% of the stock is owned by institutional investors.

Insider Activity

In other news, SVP David Ryan Purdue sold 5,230 shares of AbbVie stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $233.56, for a total value of $1,221,518.80. Following the sale, the senior vice president directly owned 2,654 shares of the company’s stock, valued at approximately $619,868.24. The trade was a 66.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.06% of the company’s stock.

AbbVie Trading Down 0.4%

Shares of ABBV opened at $217.83 on Friday. The business’s 50 day moving average is $208.43 and its 200 day moving average is $219.66. The company has a market capitalization of $384.85 billion, a PE ratio of 107.30, a price-to-earnings-growth ratio of 0.75 and a beta of 0.32. AbbVie Inc. has a 12-month low of $181.73 and a 12-month high of $244.81.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.72 billion. During the same period in the previous year, the firm posted $2.46 earnings per share. The business’s revenue was up 12.4% compared to the same quarter last year. Equities research analysts predict that AbbVie Inc. will post 14.3 earnings per share for the current year.

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?

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on ABBV shares. Bank of America raised AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 price target on the stock in a report on Thursday, April 30th. Sanford C. Bernstein reissued a “market perform” rating on shares of AbbVie in a report on Thursday, February 5th. Barclays assumed coverage on AbbVie in a research note on Thursday, February 19th. They set an “overweight” rating and a $275.00 target price on the stock. Piper Sandler lifted their target price on AbbVie from $294.00 to $298.00 and gave the company an “overweight” rating in a research note on Thursday, May 14th. Finally, Guggenheim reissued a “buy” rating and set a $249.00 target price on shares of AbbVie in a research note on Friday, May 1st. Three investment 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 company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus 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.