AbbVie Inc. $ABBV Shares Bought by Jupiter Asset Management Ltd.

Key Points

• Jupiter Asset Management Ltd. dramatically increased its AbbVie stake in the fourth quarter, boosting holdings by 23,216.3% to 535,576 shares valued at about $122.4 million.
• AbbVie reported better-than-expected quarterly results, with EPS of $2.65 versus $2.59 expected and revenue of $15 billion, up 12.4% year over year.
• The company also got a boost from FDA approval of its rare blood cancer drug DECNUPAZ, which could open a new revenue stream and strengthen its oncology pipeline.

Jupiter Asset Management Ltd. raised its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 23,216.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 535,576 shares of the company's stock after buying an additional 533,279 shares during the quarter. AbbVie comprises 1.0% of Jupiter Asset Management Ltd.'s holdings, making the stock its 20th largest position. Jupiter Asset Management Ltd.'s holdings in AbbVie were worth $122,374,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Moors & Cabot Inc. raised its stake in AbbVie by 0.8% in the fourth quarter. Moors & Cabot Inc. now owns 68,825 shares of the company's stock valued at $15,726,000 after buying an additional 517 shares during the last quarter. CFS Investment Advisory Services LLC raised its stake in AbbVie by 0.8% in the fourth quarter. CFS Investment Advisory Services LLC now owns 24,634 shares of the company's stock valued at $5,629,000 after buying an additional 205 shares during the last quarter. Foundations Investment Advisors LLC raised its stake in AbbVie by 64.4% in the fourth quarter. Foundations Investment Advisors LLC now owns 44,529 shares of the company's stock valued at $10,174,000 after buying an additional 17,436 shares during the last quarter. Godfrey Financial Associates Inc. purchased a new stake in AbbVie in the fourth quarter valued at about $99,000. Finally, Thoroughbred Financial Services LLC raised its stake in AbbVie by 1.6% in the fourth quarter. Thoroughbred Financial Services LLC now owns 19,817 shares of the company's stock valued at $4,528,000 after buying an additional 311 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Up 1.5%

AbbVie stock opened at $218.66 on Friday. The firm has a market cap of $386.32 billion, a price-to-earnings ratio of 107.71, a price-to-earnings-growth ratio of 0.74 and a beta of 0.32. AbbVie Inc. has a 52 week low of $181.73 and a 52 week high of $244.81. The business's 50-day moving average price is $208.25 and its 200 day moving average price is $219.68.

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

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 stock was sold at an average price of $233.56, for a total value of $1,221,518.80. Following the sale, the senior vice president directly owned 2,654 shares of the company's stock, valued at approximately $619,868.24. This trade represents a 66.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.06% of the stock is currently owned by company insiders.

Trending Headlines about AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: The U.S. FDA approved AbbVie’s DECNUPAZ (pivekimab sunirine-pvzy) for adults with blastic plasmacytoid dendritic cell neoplasm (BPDCN), an ultra-rare and aggressive blood cancer. This is AbbVie’s first approved antibody-drug conjugate for blood cancer and could open a new revenue stream while strengthening its oncology franchise. Reuters: US FDA approves AbbVie's rare blood cancer drug
• Positive Sentiment: AbbVie also announced it has launched a first-in-human Phase 1 study for ABBV-1451, signaling continued investment in its early-stage pipeline and potentially expanding future growth options beyond its current blockbuster portfolio. Article reference
• Positive Sentiment: Multiple analysts/commentary pieces highlighted AbbVie’s pipeline strength, with Piper Sandler raising its price target and pointing to progress in inflammatory bowel disease and broader development programs. That reinforces the market’s view that ABBV has room for longer-term growth. Yahoo Finance: Piper Sandler raises price target on AbbVie

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of research analyst reports. Canaccord Genuity Group increased their price target on AbbVie from $262.00 to $265.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. Bank of America raised AbbVie from a "neutral" rating to a "buy" rating and set a $234.00 target price for the company in a report on Thursday, April 30th. Piper Sandler lifted their target price on AbbVie from $294.00 to $298.00 and gave the stock an "overweight" rating in a report on Thursday, May 14th. 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, Royal Bank Of Canada started coverage on AbbVie in a report on Tuesday, February 24th. They set an "outperform" rating and a $260.00 target price for the company. 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 company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $253.43.

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.

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