AbbVie Inc. $ABBV Shares Bought by Investment Management Corp of Ontario

Key Points

• Investment Management Corp of Ontario increased its AbbVie stake by 8.3% in the fourth quarter, buying 13,924 more shares and lifting its total holding to 181,359 shares worth about $41.4 million.
• AbbVie’s latest quarterly results topped expectations, with EPS of $2.65 versus the $2.59 consensus and revenue of $15 billion, up 12.4% year over year.
• Wall Street remains upbeat on the stock: analysts currently rate ABBV a Moderate Buy on average, with a consensus target price of $253.43, while recent coverage highlighted progress in the company’s oncology pipeline.

Investment Management Corp of Ontario raised its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 8.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 181,359 shares of the company's stock after buying an additional 13,924 shares during the quarter. AbbVie comprises about 0.6% of Investment Management Corp of Ontario's portfolio, making the stock its 25th biggest holding. Investment Management Corp of Ontario's holdings in AbbVie were worth $41,439,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Chelsea Counsel Co. purchased a new stake in shares of AbbVie during the third quarter worth $26,000. Litman Gregory Wealth Management LLC purchased a new stake in shares of AbbVie during the fourth quarter worth $28,000. Westend Capital Management LLC purchased a new stake in shares of AbbVie during the fourth quarter worth $29,000. Imprint Wealth LLC grew its holdings in shares of AbbVie by 56.3% during the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company's stock worth $29,000 after buying an additional 45 shares in the last quarter. Finally, Texas Capital Bancshares Inc TX purchased a new stake in shares of AbbVie during the third quarter worth $31,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Trading Down 0.6%

Shares of ABBV opened at $221.25 on Thursday. AbbVie Inc. has a 12-month low of $181.73 and a 12-month high of $244.81. The firm has a 50-day moving average price of $211.87 and a 200 day moving average price of $218.85. The firm has a market capitalization of $390.90 billion, a P/E ratio of 108.99, a P/E/G ratio of 0.68 and a beta of 0.32.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share (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 firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.72 billion. During the same quarter in the prior year, the firm posted $2.46 earnings per share. AbbVie's quarterly revenue was up 12.4% on a year-over-year basis. Equities research analysts predict that AbbVie Inc. will post 14.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of research reports. Royal Bank Of Canada initiated coverage on shares of AbbVie in a report on Tuesday, February 24th. They set an "outperform" rating and a $260.00 target price for the company. DZ Bank raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 30th. Evercore set a $235.00 target price on shares of AbbVie in a report on Friday, May 15th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $240.00 target price on shares of AbbVie in a report on Thursday, April 30th. Finally, Bank of America raised shares of AbbVie from a "neutral" rating to a "buy" rating and set a $234.00 price objective for the company in a report on Thursday, April 30th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $253.43.

Key AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie presented new Phase 3 data on its fixed-duration venetoclax-based combination at the European Hematology Association Congress, adding to the company’s oncology pipeline credibility and reinforcing the long-term growth case for ABBV. AbbVie Inc. (ABBV) Presents Data on Fixed-Duration Venetoclax-Based Combination
• Positive Sentiment: AbbVie also highlighted progress in a late-stage colorectal cancer study for ABBV-400, keeping the drug candidate in the spotlight and signaling that the company still has multiple pipeline catalysts beyond its core immunology franchise. AbbVie’s New Phase 3 Colorectal Cancer Trial Puts ABBV-400 in the Late-Stage Spotlight
• Positive Sentiment: Recent commentary has focused on AbbVie’s strong first-quarter execution, including revenue of about $15.0 billion and raised full-year EPS guidance, which supports the view that the business is performing better than many expected. This $15 Billion Operational Beat Just Rewrote the Entire Bear Thesis for AbbVie
• Neutral Sentiment: Several articles noted that AbbVie remains a widely watched and frequently recommended stock, with investors focusing on analyst sentiment, dividend appeal, and the company’s valuation as they assess whether recent gains can continue. AbbVie Inc. (ABBV) Is a Trending Stock: Facts to Know Before Betting on It
• Neutral Sentiment: Broader market coverage also pointed to AbbVie as a possible dividend and defensive healthcare holding, but these pieces were mostly reiterations of the stock’s established investment case rather than new price-moving developments. Brokers Suggest Investing in AbbVie (ABBV): Read This Before Placing a Bet

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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