AbbVie Inc. $ABBV Shares Bought by Financiere des Professionnels Fonds d investissement inc.

Key Points

• Financiere des Professionnels Fonds d investissement inc. increased its AbbVie stake by 82.3% in the first quarter, adding 44,120 shares to bring its total holdings to 97,716 shares worth about $21.25 million.
• AbbVie reported strong quarterly results, posting EPS of $2.65 versus $2.59 expected and revenue of $15 billion versus $14.72 billion expected, with sales up 12.4% year over year.
• Wall Street remains constructive on ABBV, with several analysts raising price targets; the stock currently has a consensus rating of “Moderate Buy” and an average target price of $267.67.

Financiere des Professionnels Fonds d investissement inc. lifted its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 82.3% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 97,716 shares of the company's stock after buying an additional 44,120 shares during the quarter. AbbVie makes up 1.2% of Financiere des Professionnels Fonds d investissement inc.'s portfolio, making the stock its 18th biggest position. Financiere des Professionnels Fonds d investissement inc.'s holdings in AbbVie were worth $21,252,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Chelsea Counsel Co. bought a new position in AbbVie in the third quarter worth about $26,000. Litman Gregory Wealth Management LLC bought a new position in shares of AbbVie during the fourth quarter valued at approximately $28,000. Westend Capital Management LLC bought a new position in shares of AbbVie during the fourth quarter valued at approximately $29,000. Imprint Wealth LLC raised its position in shares of AbbVie by 56.2% during the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company's stock worth $29,000 after purchasing an additional 45 shares during the period. Finally, Legacy Wealth Managment LLC ID raised its position in shares of AbbVie by 115.9% during the 4th quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company's stock worth $31,000 after purchasing an additional 73 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie’s neuroscience business is expected to post solid Q2 growth, with key brands and Vyalev in focus ahead of earnings on July 31. Will AbbVie's Neuroscience Franchise Deliver Another Strong Quarter?
• Positive Sentiment: Multiple analysts have recently raised price targets or kept a constructive view on ABBV, reinforcing confidence in the company’s post-Humira growth strategy and pipeline. AbbVie Inc. NYSE: ABBV Receives Average Recommendation of "Moderate Buy" from Brokerages
• Positive Sentiment: Investors are also responding to recent regulatory updates for RINVOQ in severe alopecia areata and a subcutaneous induction option for SKYRIZI in Crohn’s disease, which highlight additional growth drivers. AbbVie regulatory submissions update
• Positive Sentiment: AbbVie has also been the subject of upbeat technical and valuation-focused coverage, with commentary pointing to strong momentum and continued investor interest after a multi-year run. AbbVie vs Baxter: One Golden Cross Is Real, One Is a Trap
• Neutral Sentiment: One article questioned whether AbbVie is fully valued after Tepkinly, but it did not signal a clear bearish catalyst. Is AbbVie NYSE: ABBV Fully Valued After Tepkinly?
• Neutral Sentiment: AbbVie’s stock has also drawn attention from traders and long-term holders as they wait for earnings and updates on its pipeline and guidance. AbbVie Inc. (ABBV) Is a Trending Stock: Facts to Know Before Betting on It

AbbVie Stock Performance

NYSE:ABBV opened at $254.29 on Friday. The stock has a market cap of $449.28 billion, a price-to-earnings ratio of 125.27, a PEG ratio of 0.81 and a beta of 0.30. AbbVie Inc. has a 1 year low of $184.63 and a 1 year high of $261.64. The business has a fifty day moving average of $228.73 and a 200-day moving average of $221.71.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, beating analysts' consensus estimates of $2.59 by $0.06. The business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The company's revenue was up 12.4% on a year-over-year basis. During the same period in the previous year, the business earned $2.46 earnings per share. On average, equities research analysts predict that AbbVie Inc. will post 14.18 EPS for the current year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be given a dividend of $1.73 per share. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Wednesday, July 15th. AbbVie's payout ratio is 340.89%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ABBV. DZ Bank upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 30th. Evercore set a $235.00 target price on AbbVie in a research report on Friday, May 15th. Sanford C. Bernstein reissued a "market perform" rating on shares of AbbVie in a report on Tuesday, June 23rd. Wells Fargo & Company upped their price target on shares of AbbVie from $260.00 to $295.00 and gave the stock an "overweight" rating in a research report on Friday, July 10th. Finally, BMO Capital Markets increased their price objective on shares of AbbVie from $258.00 to $300.00 and gave the stock an "outperform" rating in a report on Monday. Two investment 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $267.67.

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.

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