AbbVie Inc. $ABBV Shares Sold by Nomura Asset Management Co. Ltd.

Key Points

• Nomura Asset Management cut its AbbVie stake by 7.1% in the fourth quarter, selling 77,737 shares and leaving it with 1,024,782 shares worth about $234.2 million.
• AbbVie continues to see positive pipeline and product developments, including FDA approval for DECNUPAZ in blood cancer and an expanded European label for VENCLYXTO in untreated CLL.
• The company recently beat earnings expectations, reporting $2.65 EPS on $15 billion in revenue, while analysts remain generally bullish with a consensus rating of Moderate Buy and a target price around $253.43.

Nomura Asset Management Co. Ltd. lessened its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 7.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,024,782 shares of the company's stock after selling 77,737 shares during the quarter. AbbVie makes up approximately 0.6% of Nomura Asset Management Co. Ltd.'s holdings, making the stock its 22nd biggest holding. Nomura Asset Management Co. Ltd. owned about 0.06% of AbbVie worth $234,152,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Eclectic Associates Inc. ADV raised its stake in shares of AbbVie by 0.8% in the 4th quarter. Eclectic Associates Inc. ADV now owns 5,852 shares of the company's stock valued at $1,337,000 after purchasing an additional 45 shares in the last quarter. Weil Company Inc. raised its stake in shares of AbbVie by 2.3% in the 3rd quarter. Weil Company Inc. now owns 2,026 shares of the company's stock valued at $469,000 after purchasing an additional 46 shares in the last quarter. Hardin Capital Partners LLC raised its stake in shares of AbbVie by 1.4% in the 4th quarter. Hardin Capital Partners LLC now owns 3,321 shares of the company's stock valued at $759,000 after purchasing an additional 46 shares in the last quarter. Dogwood Wealth Management LLC raised its stake in shares of AbbVie by 10.8% in the 4th quarter. Dogwood Wealth Management LLC now owns 473 shares of the company's stock valued at $108,000 after purchasing an additional 46 shares in the last quarter. Finally, Quantum Private Wealth LLC raised its stake in shares of AbbVie by 2.0% in the 4th quarter. Quantum Private Wealth LLC now owns 2,376 shares of the company's stock valued at $543,000 after purchasing an additional 46 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

Key AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie received U.S. FDA approval for DECNUPAZ, its first ADC approved for blood cancer, opening a new potential revenue stream in a highly specialized oncology market. U.S. FDA Approves DECNUPAZTM (pivekimab sunirine-pvzy) for Treatment of Adult Patients with Blastic Plasmacytoid Dendritic Cell Neoplasm, an Ultra-Rare and Aggressive Blood Cancer With Limited Treatment Options
• Positive Sentiment: The European Commission expanded the VENCLYXTO label in untreated CLL, broadening use of an established oncology drug and potentially supporting international sales. AbbVie Announces European Commission Authorization of Expanded Label for VENCLYXTO® (venetoclax) to Include Additional Combinations in Previously Untreated Chronic Lymphocytic Leukemia
• Positive Sentiment: AbbVie advanced ABBV-519 into first-in-human testing, signaling continued momentum in its immunology pipeline. AbbVie Inc. (ABBV) Presents at EU Clinical Trial Regulation: Latest Developments and Upcoming Opportunities Transcript
• Neutral Sentiment: Recent articles note ABBV has outperformed since its last earnings report and remains viewed as reasonably valued by some analysts, but these are more commentary than fresh business catalysts. AbbVie (ABBV) Up 3.5% Since Last Earnings Report: Can It Continue?

AbbVie Trading Down 0.4%

NYSE ABBV opened at $217.83 on Friday. AbbVie Inc. has a 52 week low of $181.73 and a 52 week high of $244.81. The stock has a market cap of $384.85 billion, a price-to-earnings ratio of 107.30, a price-to-earnings-growth ratio of 0.75 and a beta of 0.32. The company has a 50-day moving average price of $208.43 and a two-hundred day moving average price of $219.66.

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. 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 analysts' expectations of $14.72 billion. During the same quarter in the prior year, the firm earned $2.46 EPS. AbbVie's quarterly revenue was up 12.4% on a year-over-year basis. As a group, equities research analysts expect that AbbVie Inc. will post 14.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of AbbVie from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Cantor Fitzgerald restated an "overweight" rating and issued a $240.00 target price on shares of AbbVie in a research note on Thursday, April 30th. Royal Bank Of Canada assumed coverage on shares of AbbVie in a research note on Tuesday, February 24th. They issued an "outperform" rating and a $260.00 target price on the stock. Piper Sandler upped their target price on shares of AbbVie from $294.00 to $298.00 and gave the company an "overweight" rating in a research note on Thursday, May 14th. Finally, William Blair reiterated an "outperform" rating on shares of AbbVie in a research note on Monday, March 9th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $253.43.

Insider Buying and Selling

In other AbbVie news, SVP David Ryan Purdue sold 5,230 shares of the company's stock in a transaction dated Wednesday, March 4th. The shares were 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 in the company, valued at approximately $619,868.24. This represents a 66.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.06% of the company's stock.

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.