1,554,089 Shares in AbbVie Inc. $ABBV Purchased by Eurizon Capital SGR S.p.A.

Key Points

• Eurizon Capital SGR S.p.A. opened a new position in AbbVie during the fourth quarter, buying 1,554,089 shares worth about $355.5 million. The stake represented roughly 1.1% of the fund’s portfolio and about 0.09% of AbbVie.
• AbbVie continues to attract heavy institutional investor interest, with firms like Vanguard, Geode, and Wellington also expanding their holdings. Institutional investors now own 70.23% of the company, while insider ownership remains very small at 0.06%.
• Analysts are generally constructive on the stock: Bank of America upgraded AbbVie to buy, and the overall consensus rating is Moderate Buy with an average price target of $253.43. Recent company updates also highlight positive pipeline and regulatory developments, including FDA approval for DECNUPAZ and an expanded European label for VENCLYXTO.

Eurizon Capital SGR S.p.A. purchased a new position in AbbVie Inc. (NYSE:ABBV - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,554,089 shares of the company's stock, valued at approximately $355,453,000. AbbVie makes up 1.1% of Eurizon Capital SGR S.p.A.'s investment portfolio, making the stock its 13th largest holding. Eurizon Capital SGR S.p.A. owned approximately 0.09% of AbbVie at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ABBV. Wellington Management Group LLP boosted its stake in AbbVie by 457.4% in the 3rd quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company's stock worth $2,439,714,000 after purchasing an additional 8,646,424 shares in the last quarter. Geode Capital Management LLC boosted its stake in AbbVie by 10.4% in the 4th quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company's stock worth $10,179,099,000 after purchasing an additional 4,190,487 shares in the last quarter. Vanguard Group Inc. boosted its stake in AbbVie by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company's stock worth $41,306,353,000 after purchasing an additional 3,032,438 shares in the last quarter. Raymond James Financial Inc. lifted its stake in AbbVie by 41.8% during the 2nd quarter. Raymond James Financial Inc. now owns 9,337,480 shares of the company's stock valued at $1,733,222,000 after acquiring an additional 2,753,312 shares during the period. Finally, Alliancebernstein L.P. lifted its stake in AbbVie by 31.8% during the 3rd quarter. Alliancebernstein L.P. now owns 7,281,327 shares of the company's stock valued at $1,685,918,000 after acquiring an additional 1,758,657 shares during the period. Institutional investors own 70.23% of the company's stock.

Insider Buying and Selling

In other AbbVie news, SVP David Ryan Purdue sold 5,230 shares of the firm's stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $233.56, for a total transaction of $1,221,518.80. Following the sale, the senior vice president owned 2,654 shares in the company, valued at approximately $619,868.24. This trade represents a 66.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.06% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on ABBV shares. Bank of America upgraded shares of AbbVie from a "neutral" rating to a "buy" rating and set a $234.00 target price on the stock in a research note on Thursday, April 30th. Piper Sandler upped their target price on shares of AbbVie from $294.00 to $298.00 and gave the company an "overweight" rating in a research note on Thursday, May 14th. Sanford C. Bernstein restated a "market perform" rating on shares of AbbVie in a research note on Thursday, February 5th. Royal Bank Of Canada started coverage on shares of AbbVie in a research note on Tuesday, February 24th. They set an "outperform" rating and a $260.00 target price on the stock. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $240.00 target price on shares of AbbVie in a research note on Thursday, April 30th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, AbbVie has a consensus rating of "Moderate Buy" and an average target price of $253.43.

More AbbVie News

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?

AbbVie Trading Down 0.4%

NYSE ABBV opened at $217.83 on Friday. AbbVie Inc. has a 12 month low of $181.73 and a 12 month high of $244.81. The stock has a market cap of $384.85 billion, a price-to-earnings ratio of 107.30, a PEG ratio of 0.75 and a beta of 0.32. The company's 50 day moving average is $208.43 and its two-hundred day moving average is $219.66.

AbbVie (NYSE:ABBV - Get Free Report) last released its earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, topping analysts' consensus estimates of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The company had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.72 billion. During the same quarter last year, the business earned $2.46 EPS. The firm's revenue was up 12.4% compared to the same quarter last year. Sell-side analysts forecast that AbbVie Inc. will post 14.3 EPS for the current year.

About AbbVie

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.