AbbVie Inc. $ABBV Shares Sold by FUKOKU MUTUAL LIFE INSURANCE Co

Key Points

• FUKOKU MUTUAL LIFE INSURANCE Co cut its AbbVie stake by 29.5% in the fourth quarter, selling 71,822 shares and leaving it with 171,861 shares worth about $39.3 million.
• AbbVie received a boost from the FDA approval of DECNUPAZ for a rare blood cancer, which could add a new revenue stream and strengthen its oncology business. The company also began a first-in-human Phase 1 study for ABBV-1451, showing continued pipeline investment.
• The company posted better-than-expected quarterly results, with earnings of $2.65 per share on revenue of $15 billion, and analysts maintain a Moderate Buy rating with an average price target of about $253.43.

FUKOKU MUTUAL LIFE INSURANCE Co lowered its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 29.5% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 171,861 shares of the company's stock after selling 71,822 shares during the quarter. AbbVie comprises 2.6% of FUKOKU MUTUAL LIFE INSURANCE Co's holdings, making the stock its 9th biggest position. FUKOKU MUTUAL LIFE INSURANCE Co's holdings in AbbVie were worth $39,269,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Marshall & Sterling Wealth Advisors Inc. raised its stake in AbbVie by 12.9% in the fourth quarter. Marshall & Sterling Wealth Advisors Inc. now owns 1,800 shares of the company's stock valued at $411,000 after purchasing an additional 206 shares in the last quarter. South Street Advisors LLC raised its stake in AbbVie by 10.7% in the fourth quarter. South Street Advisors LLC now owns 13,971 shares of the company's stock valued at $3,192,000 after purchasing an additional 1,345 shares in the last quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. acquired a new position in AbbVie in the fourth quarter valued at about $279,000. Pasadena Private Wealth LLC raised its stake in AbbVie by 69.2% in the fourth quarter. Pasadena Private Wealth LLC now owns 2,217 shares of the company's stock valued at $507,000 after purchasing an additional 907 shares in the last quarter. Finally, SBI Okasan Asset Management Co.Ltd. acquired a new position in AbbVie in the fourth quarter valued at about $970,000. Institutional investors and hedge funds own 70.23% of the company's stock.

More AbbVie News

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

Insider Activity

In other news, SVP David Ryan Purdue sold 5,230 shares of the company'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 completion of the transaction, the senior vice president owned 2,654 shares of the company's stock, valued at $619,868.24. This represents a 66.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.06% of the stock is owned by corporate insiders.

AbbVie Trading Up 1.5%

Shares of NYSE ABBV opened at $218.66 on Friday. The company has a market cap of $386.32 billion, a price-to-earnings ratio of 107.71, a PEG ratio of 0.74 and a beta of 0.32. AbbVie Inc. has a 12 month low of $181.73 and a 12 month high of $244.81. The stock has a 50-day moving average price of $208.25 and a two-hundred day moving average price of $219.68.

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, topping analysts' consensus estimates of $2.59 by $0.06. The business 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 quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.46 EPS. On average, sell-side analysts predict that AbbVie Inc. will post 14.3 earnings per share for the current year.

Analysts Set New Price Targets

ABBV has been the subject of a number of analyst reports. Barclays initiated coverage on AbbVie in a research note on Thursday, February 19th. They issued an "overweight" rating and a $275.00 price target for the company. William Blair reaffirmed an "outperform" rating on shares of AbbVie in a research note on Monday, March 9th. Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Sunday, May 17th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $240.00 price target on shares of AbbVie in a research note on Thursday, April 30th. Finally, Canaccord Genuity Group boosted their target price on AbbVie from $262.00 to $265.00 and gave the stock a "buy" rating in a research note on Thursday, April 30th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $253.43.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.