Simplicity Wealth LLC Raises Position in AbbVie Inc. $ABBV

Simplicity Wealth LLC increased its stake in AbbVie Inc. (NYSE:ABBV) by 35.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 42,840 shares of the company’s stock after buying an additional 11,328 shares during the quarter. Simplicity Wealth LLC’s holdings in AbbVie were worth $9,317,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of ABBV. Bank of Jackson Hole Trust raised its stake in shares of AbbVie by 0.6% during the fourth quarter. Bank of Jackson Hole Trust now owns 7,213 shares of the company’s stock valued at $1,648,000 after purchasing an additional 44 shares during the period. Eclectic Associates Inc. ADV boosted its stake in shares of AbbVie by 0.8% in the fourth quarter. Eclectic Associates Inc. ADV now owns 5,852 shares of the company’s stock valued at $1,337,000 after purchasing an additional 45 shares during the period. Imprint Wealth LLC boosted its stake in shares of AbbVie by 56.2% in the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock valued at $29,000 after purchasing an additional 45 shares during the period. Hardin Capital Partners LLC grew its holdings in AbbVie by 1.4% during the 4th quarter. Hardin Capital Partners LLC now owns 3,321 shares of the company’s stock valued at $759,000 after purchasing an additional 46 shares in the last quarter. Finally, Dogwood Wealth Management LLC increased its stake 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 buying an additional 46 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Price Performance

NYSE:ABBV traded down $1.91 during mid-day trading on Friday, reaching $248.00. The stock had a trading volume of 5,780,723 shares, compared to its average volume of 8,942,850. The company has a market capitalization of $438.17 billion, a price-to-earnings ratio of 122.17, a price-to-earnings-growth ratio of 0.81 and a beta of 0.30. AbbVie Inc. has a 1-year low of $184.63 and a 1-year high of $261.64. The stock’s 50 day simple moving average is $225.42 and its two-hundred day simple moving average is $221.25.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data 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 firm 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 firm posted $2.46 earnings per share. AbbVie’s revenue for the quarter was up 12.4% compared to the same quarter last year. Sell-side analysts anticipate that AbbVie Inc. will post 14.39 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be paid a dividend of $1.73 per share. The ex-dividend date is Wednesday, July 15th. This represents a $6.92 annualized dividend and a yield of 2.8%. AbbVie’s payout ratio is presently 340.89%.

AbbVie News Summary

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ABBV. Cantor Fitzgerald upped their price objective on shares of AbbVie from $240.00 to $265.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Guggenheim boosted their price target on AbbVie from $249.00 to $261.00 and gave the stock a “buy” rating in a research note on Thursday. Morgan Stanley raised their price objective on AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 5th. Finally, Wells Fargo & Company increased their target price on AbbVie from $260.00 to $295.00 and gave the company an “overweight” rating in a research note on Friday. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $262.81.

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.