AbbVie Inc. $ABBV Shares Bought by Cibc World Market Inc.

Key Points

• Cibc World Market Inc. increased its AbbVie stake by 5.7% in the fourth quarter, buying 37,143 additional shares and bringing its total holding to 694,415 shares worth about $158.7 million.
• AbbVie received several positive regulatory updates, including UK recommendation for Elahere in hard-to-treat ovarian cancer, EU approval for Aquipta as an acute migraine treatment, and an expanded EU label for Venclyxto.
• The company’s latest earnings beat expectations, with Q1 revenue of $15 billion and EPS of $2.65, while analysts remain broadly positive with a consensus rating of Moderate Buy and an average price target of $253.43.

Cibc World Market Inc. grew its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 5.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 694,415 shares of the company's stock after purchasing an additional 37,143 shares during the quarter. Cibc World Market Inc.'s holdings in AbbVie were worth $158,667,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ABBV. Norges Bank acquired a new stake in AbbVie during the 4th quarter worth $5,865,055,000. Wellington Management Group LLP boosted its stake in AbbVie by 457.4% during 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 during the last quarter. Geode Capital Management LLC boosted its stake in AbbVie by 10.4% during 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 during the last quarter. Vanguard Group Inc. boosted its stake in AbbVie by 1.7% during 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 during the last quarter. Finally, Raymond James Financial Inc. boosted 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 worth $1,733,222,000 after purchasing an additional 2,753,312 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

Key Headlines Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: The UK drug-cost watchdog recommended AbbVie’s ovarian cancer therapy Elahere for patients with a hard-to-treat form of ovarian cancer, boosting the drug’s commercial prospects in a key market. British drug-cost watchdog recommends use of AbbVie's ovarian cancer therapy
• Positive Sentiment: AbbVie won EU approval for AQUIPTA (atogepant) as an acute treatment for migraine in adults, adding a second approved migraine indication and expanding the drug’s revenue opportunity. AbbVie Gets EU Nod for Aquipta as Acute Treatment for Migraine
• Positive Sentiment: The European Commission also authorized an expanded label for VENCLYXTO, which could broaden use in combination therapies and support oncology sales. AbbVie Inc. (ABBV) Announces EC Authorization of Expanded Label for VENCLYXTO®
• Positive Sentiment: AbbVie’s update on a Japan safety study for RINVOQ drew attention to ongoing development and post-market monitoring, though the details appear to be part of routine clinical follow-up rather than a major catalyst. AbbVie’s RINVOQ Safety Study In Japan
• Neutral Sentiment: AbbVie also said it will present at the Goldman Sachs healthcare conference next week, which usually keeps investors focused on management commentary but is not a direct business update. AbbVie to Present at the Goldman Sachs 47th Annual Global Healthcare Conference

AbbVie Price Performance

NYSE ABBV opened at $217.24 on Thursday. The firm's 50-day moving average is $209.03 and its two-hundred day moving average is $219.35. AbbVie Inc. has a 12 month low of $181.73 and a 12 month high of $244.81. The stock has a market capitalization of $383.82 billion, a P/E ratio of 107.02, a PEG ratio of 0.66 and a beta of 0.32.

AbbVie (NYSE:ABBV - Get Free Report) last posted its 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 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 in the prior year, the company posted $2.46 earnings per share. AbbVie's revenue for the quarter was up 12.4% compared to the same quarter last year. As a group, analysts anticipate that AbbVie Inc. will post 14.3 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ABBV. Cantor Fitzgerald reissued an "overweight" rating and set a $240.00 price target on shares of AbbVie in a research report on Thursday, April 30th. UBS Group dropped their price objective on shares of AbbVie from $240.00 to $230.00 and set a "neutral" rating for the company in a report on Thursday, February 5th. Guggenheim reissued a "buy" rating and issued a $249.00 price objective on shares of AbbVie in a report on Friday, May 1st. William Blair reissued an "outperform" rating on shares of AbbVie in a report on Monday, March 9th. Finally, Piper Sandler upped their price objective on shares of AbbVie from $294.00 to $298.00 and gave the company an "overweight" rating in a report on Thursday, May 14th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $253.43.

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.

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.