Cypress Capital Group Lowers Stock Holdings in AbbVie Inc. $ABBV

Cypress Capital Group cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 1.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 110,435 shares of the company’s stock after selling 2,179 shares during the period. AbbVie makes up 2.7% of Cypress Capital Group’s portfolio, making the stock its 4th biggest position. Cypress Capital Group’s holdings in AbbVie were worth $24,019,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the business. Ranch Capital Advisors Inc. boosted its stake in shares of AbbVie by 37.0% during the 1st quarter. Ranch Capital Advisors Inc. now owns 14,888 shares of the company’s stock worth $3,238,000 after acquiring an additional 4,017 shares during the last quarter. Waycross Partners LLC increased its stake in shares of AbbVie by 2.9% in the 4th quarter. Waycross Partners LLC now owns 182,476 shares of the company’s stock worth $41,694,000 after purchasing an additional 5,063 shares in the last quarter. Calamos Advisors LLC increased its stake in shares of AbbVie by 3.4% in the 4th quarter. Calamos Advisors LLC now owns 466,290 shares of the company’s stock worth $106,543,000 after purchasing an additional 15,458 shares in the last quarter. Savvy Advisors Inc. raised its holdings in AbbVie by 22.2% in the 4th quarter. Savvy Advisors Inc. now owns 36,568 shares of the company’s stock worth $8,355,000 after purchasing an additional 6,646 shares during the period. Finally, Bingham Private Wealth LLC bought a new position in AbbVie in the 4th quarter worth $1,147,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Performance

Shares of AbbVie stock opened at $259.10 on Friday. AbbVie Inc. has a fifty-two week low of $187.62 and a fifty-two week high of $261.64. The company has a market capitalization of $457.78 billion, a P/E ratio of 127.64, a P/E/G ratio of 0.86 and a beta of 0.30. The company has a fifty day moving average of $234.57 and a 200 day moving average of $222.86.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The business had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.72 billion. During the same period last year, the firm earned $2.46 earnings per share. The business’s quarterly revenue was up 12.4% on a year-over-year basis. Analysts forecast that AbbVie Inc. will post 14.18 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be paid a dividend of $1.73 per share. This represents a $6.92 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Wednesday, July 15th. AbbVie’s dividend payout ratio (DPR) is 340.89%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. BMO Capital Markets boosted their price target on AbbVie from $258.00 to $300.00 and gave the company an “outperform” rating in a report on Monday, July 13th. Guggenheim raised their price objective on AbbVie from $249.00 to $261.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Evercore set a $235.00 price objective on AbbVie in a research report on Friday, May 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a research note on Monday, June 8th. Finally, Canaccord Genuity Group increased their target price on shares of AbbVie from $273.00 to $282.00 and gave the stock a “buy” rating in a report on Wednesday. Two 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 company’s stock. According to data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and an average target price of $268.10.

AbbVie News Roundup

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie is expected to report earnings next week, and several market write-ups highlight the stock as a potential winner if results or guidance beat expectations. Analysts also noted the shares may have room to rise if the company delivers on revenue and profit growth. AbbVie (ABBV) Earnings Expected to Grow: What to Know Ahead of Next Week’s Release
• Positive Sentiment: Canaccord Genuity reiterated a constructive view on AbbVie, with a report saying the stock price is expected to rise, which may be helping sentiment around the name. AbbVie (NYSE:ABBV) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says
• Neutral Sentiment: AbbVie also announced progress on early-stage pipeline work for nacresertib and ABBV-313, but these updates are preliminary and are unlikely to move the stock as much as late-stage clinical data. AbbVie Advances Nacresertib With Key Drug–Drug Interaction Study AbbVie’s ABBV-313 Phase 1 Trial: What Early Safety Work Means for Investors
• Negative Sentiment: AbbVie and Genmab said the Phase 3 EPCORE DLBCL-1 trial for lymphoma drug epcoritamab missed its sole U.S. primary endpoint, a setback that could weigh on sentiment toward the company’s oncology pipeline. Genmab, AbbVie Say Lymphoma Drug Failed to Meet Primary Endpoint in Phase 3 Trial

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.