AbbVie Inc. $ABBV Shares Sold by Main Street Financial Solutions LLC

Key Points

• Main Street Financial Solutions LLC cut its AbbVie stake by 56.7% in the fourth quarter, selling 13,644 shares and leaving it with 10,409 shares valued at about $2.38 million.
• Other institutions remained active in ABBV, with several funds increasing positions; overall, institutional investors and hedge funds still own 70.23% of the company.
• Analysts remain broadly positive on AbbVie, with an average “Moderate Buy” rating and a consensus price target of $253.43, while recent company updates highlighted encouraging pipeline progress and strong first-quarter results.

Main Street Financial Solutions LLC lowered its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 56.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,409 shares of the company's stock after selling 13,644 shares during the quarter. Main Street Financial Solutions LLC's holdings in AbbVie were worth $2,378,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Thornburg Investment Management Inc. grew its position in AbbVie by 25.5% in the third quarter. Thornburg Investment Management Inc. now owns 401,760 shares of the company's stock worth $93,024,000 after acquiring an additional 81,625 shares during the period. Channing Capital Management LLC grew its position in AbbVie by 10.5% in the third quarter. Channing Capital Management LLC now owns 55,647 shares of the company's stock worth $12,885,000 after acquiring an additional 5,302 shares during the period. Procyon Advisors LLC grew its position in AbbVie by 19.9% in the fourth quarter. Procyon Advisors LLC now owns 32,752 shares of the company's stock worth $7,484,000 after acquiring an additional 5,427 shares during the period. Woodley Farra Manion Portfolio Management Inc. grew its position in AbbVie by 358.1% in the third quarter. Woodley Farra Manion Portfolio Management Inc. now owns 14,746 shares of the company's stock worth $3,414,000 after acquiring an additional 11,527 shares during the period. Finally, Calamos Advisors LLC grew its position in AbbVie by 3.4% in the fourth quarter. Calamos Advisors LLC now owns 466,290 shares of the company's stock worth $106,543,000 after acquiring an additional 15,458 shares during the period. Institutional investors and hedge funds own 70.23% of the company's stock.

Analysts Set New Price Targets

ABBV has been the subject of several analyst reports. Canaccord Genuity Group increased their price objective on AbbVie from $262.00 to $265.00 and gave the stock a "buy" rating in a research report on Thursday, April 30th. DZ Bank upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 30th. Wall Street Zen lowered AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Sunday, June 7th. Guggenheim restated a "buy" rating and set a $249.00 price target on shares of AbbVie in a research report on Friday, May 1st. Finally, Barclays initiated coverage on AbbVie in a research report on Thursday, February 19th. They set an "overweight" rating and a $275.00 price target for the company. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $253.43.

Key Headlines Impacting AbbVie

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 Stock Down 0.6%

ABBV opened at $221.25 on Thursday. AbbVie Inc. has a 52 week low of $181.73 and a 52 week high of $244.81. The business has a fifty day simple moving average of $211.87 and a 200-day simple moving average of $218.85. The firm has a market cap 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 released its quarterly 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 business had revenue of $15 billion during 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%.The company's quarterly revenue was up 12.4% on a year-over-year basis. During the same period last year, the business posted $2.46 earnings per share. Sell-side analysts expect that AbbVie Inc. will post 14.3 earnings per share for the current year.

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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