AbbVie Inc. $ABBV Shares Purchased by Lazard Asset Management LLC

Key Points

• Lazard Asset Management increased its AbbVie stake by 145.7% in the first quarter, bringing its holdings to 157,597 shares valued at approximately $34.3 million. Institutional investors collectively own 70.23% of AbbVie.
• AbbVie exceeded quarterly expectations, reporting $2.65 in adjusted EPS and $15 billion in revenue, with revenue up 12.4% year over year. The company also declared a quarterly dividend of $1.73 per share, equivalent to a 2.6% annualized yield.
• Analysts maintain a favorable outlook, with AbbVie carrying a consensus “Moderate Buy” rating and an average price target of $268.10. Recent targets range from $260 to $280, while Skyrizi and Rinvoq remain key growth drivers.

Lazard Asset Management LLC grew its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 145.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 157,597 shares of the company's stock after buying an additional 93,445 shares during the period. Lazard Asset Management LLC's holdings in AbbVie were worth $34,276,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new position in AbbVie in the fourth quarter worth $5,865,055,000. Wellington Management Group LLP lifted its position in shares of AbbVie by 457.4% in the 3rd quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company's stock worth $2,439,714,000 after buying an additional 8,646,424 shares during the last quarter. Capital World Investors lifted its position in shares of AbbVie by 106.3% in the 4th quarter. Capital World Investors now owns 13,071,444 shares of the company's stock worth $2,986,777,000 after buying an additional 6,736,161 shares during the last quarter. Cardano Risk Management B.V. boosted its holdings in shares of AbbVie by 914.6% in the 4th quarter. Cardano Risk Management B.V. now owns 5,444,930 shares of the company's stock valued at $1,244,112,000 after buying an additional 4,908,260 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of AbbVie by 10.4% in the 4th quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company's stock valued at $10,179,099,000 after buying an additional 4,190,487 shares during the period. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Stock Performance

Shares of ABBV opened at $263.49 on Wednesday. AbbVie Inc. has a one year low of $187.62 and a one year high of $266.92. The stock's fifty day moving average is $236.52 and its 200-day moving average is $223.32. The firm has a market capitalization of $465.53 billion, a price-to-earnings ratio of 129.80, a price-to-earnings-growth ratio of 0.85 and a beta of 0.30.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.59 by $0.06. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The company's quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.46 earnings per share. Analysts forecast that AbbVie Inc. will post 14.16 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be paid a $1.73 dividend. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Wednesday, July 15th. AbbVie's dividend payout ratio is currently 340.89%.

Analysts Set New Price Targets

Several research firms recently weighed in on ABBV. Weiss Ratings reiterated a "hold (c)" rating on shares of AbbVie in a research note on Monday, June 8th. Citigroup lifted their target price on AbbVie from $230.00 to $260.00 and gave the company a "neutral" rating in a research note on Wednesday, July 15th. Morgan Stanley upped their target price on AbbVie from $270.00 to $278.00 and gave the company an "overweight" rating in a report on Thursday, April 30th. Royal Bank Of Canada increased their price target on AbbVie from $260.00 to $280.00 and gave the stock an "outperform" rating in a research report on Friday, July 10th. Finally, Guggenheim raised their price target on AbbVie from $249.00 to $261.00 and gave the stock a "buy" rating in a report on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, AbbVie presently has a consensus rating of "Moderate Buy" and an average price target of $268.10.

Key AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Skyrizi and Rinvoq remain key growth drivers. The two immunology drugs are reportedly growing at more than 20% and have increasingly offset Humira’s loss of exclusivity, strengthening confidence in AbbVie’s long-term revenue outlook. Should You Buy, Hold or Sell ABBV Stock Ahead of Q2 Earnings?
• Positive Sentiment: Income and guidance support the investment case. Coverage highlights AbbVie’s roughly 2.62% dividend yield and raised earnings guidance, presenting ABBV as a combination of income, growth and comparatively low volatility ahead of the quarterly report. 3 Major Reasons for Investors to Buy AbbVie Stock Before July 31st
• Positive Sentiment: Pipeline and real-world data provide additional support. AbbVie completed a real-world RINVOQ study in psoriatic arthritis, while early safety data from the ABBV-722 Phase 1 program offer incremental pipeline visibility, though neither update is yet a major revenue catalyst. AbbVie Wraps Up Real-World RINVOQ Study in Psoriatic Arthritis
• Neutral Sentiment: Former AbbVie executive Michael Severino was named Sarepta Therapeutics’ CEO. The appointment is not expected to materially affect AbbVie’s operations, but it highlights the departure of a longtime AbbVie leader from the broader biopharmaceutical sector. Sarepta Names Former AbbVie President as CEO
• Negative Sentiment: Near-term “sell the news” risk remains. AbbVie’s recent rally has raised the possibility of profit-taking if second-quarter results, guidance or drug sales fail to exceed elevated expectations, despite the favorable long-term view. Should You Buy AbbVie Stock Hand Over Fist Before July 31?

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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