AbbVie Inc. $ABBV Shares Sold by TD Asset Management Inc

Key Points

• TD Asset Management Inc trimmed its AbbVie stake by 2.3% in the fourth quarter, selling 97,811 shares and still holding 4.16 million shares worth about $950.6 million.
• Wall Street remains broadly positive on AbbVie, with analysts assigning an average “Moderate Buy” rating and a consensus price target of $253.43.
• AbbVie recently reported stronger-than-expected quarterly results, posting $2.65 EPS on $15 billion in revenue, while new drug developments in Europe and the UK could support future sales growth.

TD Asset Management Inc reduced its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 2.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,160,516 shares of the company's stock after selling 97,811 shares during the period. AbbVie accounts for approximately 0.8% of TD Asset Management Inc's holdings, making the stock its 29th biggest position. TD Asset Management Inc owned approximately 0.24% of AbbVie worth $950,636,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Chelsea Counsel Co. acquired a new stake in shares of AbbVie in the 3rd quarter worth approximately $26,000. Westend Capital Management LLC acquired a new stake in shares of AbbVie in the 4th quarter worth approximately $29,000. Texas Capital Bancshares Inc TX acquired a new stake in shares of AbbVie in the 3rd quarter worth approximately $31,000. Legacy Wealth Managment LLC ID lifted its stake in shares of AbbVie by 115.9% in the 4th quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company's stock worth $31,000 after acquiring an additional 73 shares during the period. Finally, WestEnd Advisors LLC lifted its stake in shares of AbbVie by 160.4% in the 4th quarter. WestEnd Advisors LLC now owns 138 shares of the company's stock worth $32,000 after acquiring an additional 85 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Royal Bank Of Canada began coverage on shares of AbbVie in a research note on Tuesday, February 24th. They set an "outperform" rating and a $260.00 target price for the company. William Blair restated an "outperform" rating on shares of AbbVie in a research report on Monday, March 9th. Canaccord Genuity Group lifted their price target on shares of AbbVie from $262.00 to $265.00 and gave the stock a "buy" rating in a research report on Thursday, April 30th. Morgan Stanley lifted their price target on shares of AbbVie from $270.00 to $278.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Finally, DZ Bank upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research report 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 given a Hold rating to the company's stock. According to data from MarketBeat.com, AbbVie presently has an average rating of "Moderate Buy" and a consensus price target of $253.43.

AbbVie Stock Performance

Shares of NYSE:ABBV opened at $217.24 on Thursday. The company has a market cap of $383.82 billion, a PE ratio of 107.02, a price-to-earnings-growth ratio of 0.66 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 firm has a 50 day simple moving average of $209.03 and a 200 day simple moving average of $219.35.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, beating 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 firm's quarterly revenue was up 12.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.46 EPS. On average, equities analysts predict that AbbVie Inc. will post 14.3 earnings per share for the current year.

More AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: The UK drug-cost watchdog recommended AbbVie’s ovarian cancer therapy Elahere for patients with a hard-to-treat form of ovarian cancer, boosting the drug’s commercial prospects in a key market. British drug-cost watchdog recommends use of AbbVie's ovarian cancer therapy
• Positive Sentiment: AbbVie won EU approval for AQUIPTA (atogepant) as an acute treatment for migraine in adults, adding a second approved migraine indication and expanding the drug’s revenue opportunity. AbbVie Gets EU Nod for Aquipta as Acute Treatment for Migraine
• Positive Sentiment: The European Commission also authorized an expanded label for VENCLYXTO, which could broaden use in combination therapies and support oncology sales. AbbVie Inc. (ABBV) Announces EC Authorization of Expanded Label for VENCLYXTO®
• Positive Sentiment: AbbVie’s update on a Japan safety study for RINVOQ drew attention to ongoing development and post-market monitoring, though the details appear to be part of routine clinical follow-up rather than a major catalyst. AbbVie’s RINVOQ Safety Study In Japan
• Neutral Sentiment: AbbVie also said it will present at the Goldman Sachs healthcare conference next week, which usually keeps investors focused on management commentary but is not a direct business update. AbbVie to Present at the Goldman Sachs 47th Annual Global Healthcare Conference

AbbVie 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.

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