Summit Financial Strategies Inc. Purchases 4,672 Shares of AbbVie Inc. $ABBV

Summit Financial Strategies Inc. lifted its position in AbbVie Inc. (NYSE:ABBV) by 49.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,151 shares of the company’s stock after acquiring an additional 4,672 shares during the quarter. Summit Financial Strategies Inc.’s holdings in AbbVie were worth $3,078,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in ABBV. Brighton Jones LLC raised its holdings in shares of AbbVie by 17.4% in the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after purchasing an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC boosted its stake in shares of AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after purchasing an additional 3,064 shares in the last quarter. Schnieders Capital Management LLC. increased its holdings in AbbVie by 5.0% during the second quarter. Schnieders Capital Management LLC. now owns 16,466 shares of the company’s stock valued at $3,056,000 after buying an additional 789 shares during the period. Ieq Capital LLC increased its holdings in AbbVie by 4.6% during the second quarter. Ieq Capital LLC now owns 120,035 shares of the company’s stock valued at $22,281,000 after buying an additional 5,274 shares during the period. Finally, Worldquant Millennium Advisors LLC raised its stake in AbbVie by 117.3% in the second quarter. Worldquant Millennium Advisors LLC now owns 1,135,034 shares of the company’s stock worth $210,685,000 after buying an additional 612,702 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on ABBV shares. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 5th. Evercore set a $235.00 price target on AbbVie in a report on Friday, May 15th. HSBC restated a “buy” rating and set a $300.00 price objective on shares of AbbVie in a research note on Monday, July 6th. Morgan Stanley raised their price objective on AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Finally, Canaccord Genuity Group lifted their target price on AbbVie from $265.00 to $273.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $262.81.

AbbVie Price Performance

NYSE ABBV traded down $1.91 on Friday, hitting $248.00. The stock had a trading volume of 5,780,723 shares, compared to its average volume of 8,942,850. The business’s fifty day moving average price is $225.42 and its 200 day moving average price is $221.25. AbbVie Inc. has a 52-week low of $184.63 and a 52-week high of $261.64. The stock has a market cap 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 (NYSE:ABBV) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.59 by $0.06. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The business’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.46 EPS. As a group, sell-side analysts anticipate that AbbVie Inc. will post 14.3 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be paid a $1.73 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $6.92 dividend on an annualized basis and a yield of 2.8%. AbbVie’s dividend payout ratio (DPR) is 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

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.