AbbVie Inc. $ABBV Stake Boosted by Choreo LLC

Choreo LLC lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 7.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 113,422 shares of the company’s stock after buying an additional 8,102 shares during the quarter. Choreo LLC’s holdings in AbbVie were worth $29,670,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Burk Holdings LLC purchased a new position in AbbVie in the second quarter worth approximately $30,000. Marquette Asset Management LLC grew its holdings in AbbVie by 52.2% during the 2nd quarter. Marquette Asset Management LLC now owns 140 shares of the company’s stock worth $35,000 after acquiring an additional 48 shares in the last quarter. IMG Wealth Management Inc. increased its position in shares of AbbVie by 3,060.0% in the 2nd quarter. IMG Wealth Management Inc. now owns 158 shares of the company’s stock valued at $40,000 after purchasing an additional 153 shares during the last quarter. Principia Wealth Advisory LLC increased its position in shares of AbbVie by 38.9% in the 2nd quarter. Principia Wealth Advisory LLC now owns 157 shares of the company’s stock valued at $40,000 after purchasing an additional 44 shares during the last quarter. Finally, Tacita Capital Inc purchased a new stake in shares of AbbVie in the 2nd quarter valued at approximately $42,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Key Headlines Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: QULIPTA delivered favorable Phase 3 results. AbbVie said its migraine-prevention treatment atogepant (QULIPTA) demonstrated superior efficacy and tolerability versus topiramate in the TEMPLE head-to-head study. The data could strengthen QULIPTA’s competitive position and support future growth. AbbVie’s QULIPTA Outperforms Topiramate in Phase 3 Migraine Prevention Study
• Positive Sentiment: Analysts expect a better-than-expected third quarter. The preview points to continued momentum from immunology drugs Skyrizi and Rinvoq, which are increasingly important as AbbVie replaces lost Humira revenue. A strong report and maintained or improved guidance could provide a near-term catalyst. AbbVie Q3 Preview
• Positive Sentiment: AbbVie filed for FDA review of etentamig. The multiple myeloma candidate is backed by a positive pivotal Phase 3 trial and could expand AbbVie’s oncology portfolio if approved. The monthly dosing schedule may also improve its commercial appeal. AbbVie Seeks FDA Approval for Etentamig
• Neutral Sentiment: Early-stage pipeline activity continues. An updated Phase 1 study of ABBV-7828 signals ongoing investment in new medicines, but the program remains preliminary and is unlikely to materially affect near-term earnings. AbbVie’s ABBV-7828 Trial
• Negative Sentiment: Patent-cliff concerns remain. Analysts continue to warn that Humira’s loss of exclusivity and future patent expirations could pressure revenue and earnings, placing greater importance on Skyrizi, Rinvoq, QULIPTA and the broader pipeline. AbbVie Still Strong Growth, but Patent Cliff Is Getting Closer

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Cantor Fitzgerald lifted their price objective on shares of AbbVie from $285.00 to $290.00 and gave the stock an “overweight” rating in a research report on Thursday, October 8th. The Goldman Sachs Group increased their target price on AbbVie from $258.00 to $294.00 and gave the company a “neutral” rating in a report on Friday, October 23rd. Leerink Partners raised their price target on AbbVie from $245.00 to $279.00 and gave the company an “outperform” rating in a research note on Wednesday, August 5th. BMO Capital Markets lifted their price target on AbbVie from $258.00 to $300.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Finally, Citigroup upped their price objective on AbbVie from $230.00 to $260.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $279.86.

AbbVie Price Performance

NYSE ABBV opened at $289.85 on Friday. The firm’s fifty day moving average price is $268.69 and its 200 day moving average price is $236.86. The company has a market capitalization of $512.10 billion, a price-to-earnings ratio of 81.88, a price-to-earnings-growth ratio of 1.31 and a beta of 0.24. AbbVie Inc. has a 12 month low of $190.75 and a 12 month high of $292.67.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, July 31st. The company reported $3.65 EPS for the quarter, topping the consensus estimate of $3.61 by $0.04. AbbVie had a net margin of 9.80% and a negative return on equity of 422.07%. The firm had revenue of $16.99 billion for the quarter, compared to analyst estimates of $16.80 billion. During the same period last year, the business earned $2.97 EPS. AbbVie’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, sell-side analysts forecast that AbbVie Inc. will post 13.92 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Thursday, October 15th will be issued a dividend of $1.73 per share. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $6.92 annualized dividend and a dividend yield of 2.4%. AbbVie’s dividend payout ratio (DPR) is presently 195.48%.

Insider Activity

In other news, EVP Nicholas Donoghoe sold 32,710 shares of AbbVie stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $250.00, for a total transaction of $8,177,500.00. Following the sale, the executive vice president owned 74,430 shares in the company, valued at approximately $18,607,500. The trade was a 30.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.06% of the company’s stock.

About AbbVie

AbbVie Inc (NYSE: ABBV) is a global biopharmaceutical company that discovers, develops and commercializes medicines and other healthcare products. Its portfolio focuses on immunology, oncology, neuroscience, aesthetics and eye care, serving patients and healthcare providers in markets around the world.

The company’s key products include immunology medicines such as Skyrizi and Rinvoq; neuroscience treatments including Vraylar, Ubrelvy and Qulipta; and oncology products such as Imbruvica and Venclexta.