AbbVie Inc. $ABBV Stock Position Cut by CFO Capital Management LLC

Key Points

• CFO Capital Management cut its AbbVie stake by 62.2% in the first quarter, selling 6,660 shares and leaving it with 4,049 shares valued at about $881,000.
• Recent analyst sentiment has been mostly constructive, with firms like BMO Capital Markets, Wells Fargo, Piper Sandler, HSBC, and UBS raising or maintaining positive ratings and higher price targets; BMO now sees the stock at $300.
• AbbVie remains supported by solid fundamentals and shareholder returns: the company topped its latest earnings and revenue estimates, and it announced a quarterly dividend of $1.73 per share, or $6.92 annualized.

CFO Capital Management LLC decreased its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 62.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,049 shares of the company's stock after selling 6,660 shares during the period. CFO Capital Management LLC's holdings in AbbVie were worth $881,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC increased its stake in shares of AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock valued at $4,072,000 after acquiring an additional 3,401 shares during the period. Revolve Wealth Partners LLC boosted its stake in AbbVie by 72.7% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock valued at $1,294,000 after purchasing an additional 3,064 shares in the last quarter. Schnieders Capital Management LLC. boosted its stake in AbbVie by 5.0% during the 2nd quarter. Schnieders Capital Management LLC. now owns 16,466 shares of the company's stock valued at $3,056,000 after purchasing an additional 789 shares in the last quarter. Ieq Capital LLC increased its position in shares of AbbVie by 4.6% during the 2nd quarter. Ieq Capital LLC now owns 120,035 shares of the company's stock valued at $22,281,000 after purchasing an additional 5,274 shares during the period. Finally, Worldquant Millennium Advisors LLC raised its stake in shares of AbbVie by 117.3% in the 2nd quarter. Worldquant Millennium Advisors LLC now owns 1,135,034 shares of the company's stock worth $210,685,000 after buying an additional 612,702 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie News Summary

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: BMO Capital Markets raised its price target on AbbVie to $300 from $258 and kept an outperform rating, signaling confidence in further upside for the shares.
• Positive Sentiment: Traders bought far more AbbVie call options than usual, suggesting some investors are positioning for a rebound or expecting a near-term catalyst.
• Positive Sentiment: AbbVie’s Allergan Aesthetics unit said SkinMedica is expanding its commitment to regenerative science, including more R&D investment and new advisory support, which reinforces AbbVie’s pipeline and innovation narrative. SkinMedica® Deepens Commitment to Regenerative Science with Continued Investment in Research and Development
• Positive Sentiment: Reports that AbbVie’s pharmaceutical project in Durham is moving forward point to continued operational expansion and investment.
• Neutral Sentiment: Analyst commentary from Zacks discussed whether AbbVie is a buy as Wall Street remains optimistic, but it did not introduce a new material corporate event. Is AbbVie (ABBV) a Buy as Wall Street Analysts Look Optimistic?
• Neutral Sentiment: AbbVie-related community and employee engagement updates in Asia are unlikely to move the stock much in the near term.
• Negative Sentiment: The stock has continued to slide for a seventh straight session, suggesting momentum has remained weak even with supportive analyst and options activity.
• Negative Sentiment: Broader sector concerns about big pharma’s looming patent-expiration problem may keep pressure on AbbVie and other drugmakers as investors focus on future revenue replacement needs.

Analyst Upgrades and Downgrades

ABBV has been the subject of several research reports. UBS Group raised their target price on AbbVie from $230.00 to $260.00 and gave the company a "neutral" rating in a research note on Monday. HSBC reiterated a "buy" rating and issued a $300.00 price target on shares of AbbVie in a research report on Monday, July 6th. Piper Sandler reissued an "overweight" rating and issued a $298.00 price target on shares of AbbVie in a report on Tuesday, June 23rd. Wells Fargo & Company raised their price objective on shares of AbbVie from $260.00 to $295.00 and gave the company an "overweight" rating in a research report on Friday. Finally, BMO Capital Markets boosted their target price on shares of AbbVie from $258.00 to $300.00 and gave the stock an "outperform" rating in a report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $266.24.

AbbVie Stock Down 1.3%

ABBV opened at $244.75 on Wednesday. The firm has a market capitalization of $432.42 billion, a P/E ratio of 120.57, a PEG ratio of 0.82 and a beta of 0.30. The stock has a fifty day moving average of $226.92 and a 200-day moving average of $221.44. AbbVie Inc. has a 12-month low of $184.63 and a 12-month high of $261.64.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.59 by $0.06. The firm 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% on a year-over-year basis. During the same period in the previous year, the firm earned $2.46 earnings per share. On average, analysts expect that AbbVie Inc. will post 14.22 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be issued a $1.73 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.8%. AbbVie's dividend payout ratio is currently 340.89%.

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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