AbbVie Inc. $ABBV Shares Bought by Hillsdale Investment Management Inc.

Key Points

• Hillsdale Investment Management increased its AbbVie stake by 66.4% in the fourth quarter, buying 6,130 additional shares and bringing its total holdings to 15,368 shares worth about $3.51 million.
• AbbVie reported better-than-expected quarterly results, with EPS of $2.65 versus a $2.59 estimate and revenue of $15 billion, up 12.4% from a year earlier.
• Recent developments were mostly positive, including FDA approval of DECNUPAZ, an expanded European label for VENCLYXTO, and several analyst firms raising targets or ratings; the stock has a consensus Moderate Buy rating.

Hillsdale Investment Management Inc. raised its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 66.4% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 15,368 shares of the company's stock after acquiring an additional 6,130 shares during the period. Hillsdale Investment Management Inc.'s holdings in AbbVie were worth $3,511,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Chelsea Counsel Co. purchased a new position in shares of AbbVie in the 3rd quarter valued at about $26,000. Westend Capital Management LLC purchased a new position in shares of AbbVie in the 4th quarter valued at about $29,000. Texas Capital Bancshares Inc TX purchased a new position in shares of AbbVie in the 3rd quarter valued at about $31,000. Legacy Wealth Managment LLC ID increased its holdings in shares of AbbVie by 115.9% in the 4th quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company's stock valued at $31,000 after purchasing an additional 73 shares in the last quarter. Finally, WestEnd Advisors LLC increased its holdings in shares of AbbVie by 160.4% in the 4th quarter. WestEnd Advisors LLC now owns 138 shares of the company's stock valued at $32,000 after purchasing an additional 85 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Stock Performance

NYSE ABBV opened at $217.83 on Monday. AbbVie Inc. has a one year low of $181.73 and a one year high of $244.81. The company's 50 day moving average price is $208.43 and its 200 day moving average price is $219.67. The firm has a market capitalization of $384.85 billion, a price-to-earnings ratio of 107.30, a PEG ratio of 0.75 and a beta of 0.32.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.72 billion. During the same quarter last year, the firm posted $2.46 earnings per share. AbbVie's revenue for the quarter 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 fiscal year.

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?

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Morgan Stanley increased their price target on shares of AbbVie from $270.00 to $278.00 and gave the company an "overweight" rating in a report on Thursday, April 30th. Bank of America raised shares of AbbVie from a "neutral" rating to a "buy" rating and set a $234.00 price target on the stock in a research note on Thursday, April 30th. Sanford C. Bernstein reissued a "market perform" rating on shares of AbbVie in a research report on Thursday, February 5th. Canaccord Genuity Group raised their target price on shares of AbbVie from $262.00 to $265.00 and gave the stock a "buy" rating in a research report on Thursday, April 30th. Finally, Evercore set a $235.00 target price on shares of AbbVie in a research report on Friday, May 15th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $253.43.

Insider Activity

In other news, SVP David Ryan Purdue sold 5,230 shares of AbbVie 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 $619,868.24. This trade represents a 66.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.06% of the stock is owned by corporate insiders.

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.

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