AbbVie Inc. $ABBV Stock Sold by Axxcess Wealth Management LLC

Key Points

• Axxcess Wealth Management cut its AbbVie stake by 45.1% in the third quarter, selling 39,607 shares and retaining 48,309 shares valued at approximately $12.6 million.
• Institutional ownership remains substantial at 70.23%, with several funds increasing their positions despite the Axxcess sale. AbbVie also received a “Moderate Buy” consensus rating, with analysts’ average price target at $278.07.
• AbbVie reported stronger-than-expected quarterly results, with revenue up 10.2% year over year, and declared a quarterly dividend of $1.73 per share, equivalent to a 2.4% annual yield.

Axxcess Wealth Management LLC decreased its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 45.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 48,309 shares of the company's stock after selling 39,607 shares during the period. Axxcess Wealth Management LLC's holdings in AbbVie were worth $12,637,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Ranch Capital Advisors Inc. increased its stake in shares of AbbVie by 37.0% in the first quarter. Ranch Capital Advisors Inc. now owns 14,888 shares of the company's stock worth $3,238,000 after acquiring an additional 4,017 shares during the last quarter. Capital Advisors Inc. OK increased its position in AbbVie by 11.2% in the 2nd quarter. Capital Advisors Inc. OK now owns 447,129 shares of the company's stock worth $112,516,000 after purchasing an additional 45,132 shares during the last quarter. Danica Pension Livsforsikringsaktieselskab purchased a new stake in shares of AbbVie during the 2nd quarter worth about $23,557,000. Wedge Capital Management L L P NC raised its stake in shares of AbbVie by 7.5% during the 2nd quarter. Wedge Capital Management L L P NC now owns 134,579 shares of the company's stock worth $33,865,000 after purchasing an additional 9,380 shares in the last quarter. Finally, State Street Corp raised its stake in shares of AbbVie by 1.7% during the 2nd quarter. State Street Corp now owns 82,596,748 shares of the company's stock worth $20,784,646,000 after purchasing an additional 1,379,232 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ABBV has been the subject of several recent research reports. Citigroup boosted their price target on AbbVie from $230.00 to $260.00 and gave the company a "neutral" rating in a research note on Wednesday, July 15th. BNP Paribas Exane raised their price objective on shares of AbbVie from $218.00 to $247.00 and gave the company a "neutral" rating in a research report on Tuesday, August 11th. UBS Group raised their price objective on shares of AbbVie from $260.00 to $275.00 and gave the company a "neutral" rating in a research report on Tuesday, October 6th. Bank of America reiterated a "buy" rating on shares of AbbVie in a research note on Tuesday, September 8th. Finally, Canaccord Genuity Group boosted their target price on shares of AbbVie from $282.00 to $290.00 and gave the stock a "buy" rating in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $278.07.

AbbVie News Summary

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie reported encouraging Phase 2a data for ABBV-466, an investigational combination treatment for Crohn’s disease. The therapy reportedly outperformed Skyrizi alone, strengthening the company’s immunology pipeline and helping offset concerns about the eventual loss of exclusivity for Humira. AbbVie’s Crohn’s Combo Topped Skyrizi Alone in a Phase 2a Trial
• Positive Sentiment: Allergan Aesthetics, AbbVie’s aesthetics business, presented new and long-term evidence for HArmonyCa, JUVÉDERM, SKINVIVE and BOTOX Cosmetic. Continued product adoption and clinical support could aid growth in the aesthetics segment. Allergan Aesthetics Deepens Science Behind Multimodal Approach
• Positive Sentiment: The company launched a multiyear partnership with McLaren Racing, including the “AbbVie Race to Innovate” patient-advocacy campaign. The agreement is primarily a branding initiative, but it may increase awareness of AbbVie’s immunology franchise. McLaren Racing Announces Partnership With AbbVie
• Neutral Sentiment: Analyst comparisons continue to highlight AbbVie’s revenue growth, strong free cash flow and dependable dividend increases. However, the stock’s elevated valuation after its rally leaves less room for disappointment.
• Negative Sentiment: AbbVie halted a Phase 1b combination trial for early-stage liver cancer. Because the study was in an early development stage, the direct financial impact may be limited, but the decision removes a potential pipeline opportunity and likely weighed on sentiment. AbbVie Halts Early-Stage Liver Cancer Combo Trial

Insider Activity at AbbVie

In other news, EVP Nicholas Donoghoe sold 32,710 shares of the business's stock in a transaction on Friday, August 14th. The shares were sold at an average price of $250.00, for a total value of $8,177,500.00. Following the completion of the sale, the executive vice president directly owned 74,430 shares in the company, valued at approximately $18,607,500. The trade was a 30.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.06% of the stock is currently owned by corporate insiders.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $284.63 on Thursday. The firm has a market cap of $502.89 billion, a price-to-earnings ratio of 80.41, a P/E/G ratio of 1.32 and a beta of 0.24. The business's 50-day simple moving average is $264.93 and its 200-day simple moving average is $240.92. AbbVie Inc. has a 52 week low of $190.75 and a 52 week high of $291.40.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The company reported $3.65 earnings per share for the quarter, beating analysts' consensus estimates of $3.61 by $0.04. AbbVie had a negative return on equity of 422.07% and a net margin of 9.80%. The business had revenue of $16.99 billion for the quarter, compared to the consensus estimate of $16.80 billion. During the same period last year, the business earned $2.97 EPS. The firm's revenue was up 10.2% compared to the same quarter last year. AbbVie has set its Q3 2026 guidance at 3.840-3.880 EPS. As a group, equities research analysts forecast that AbbVie Inc. will post 13.94 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Thursday, October 15th will be given a $1.73 dividend. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.4%. AbbVie's dividend payout ratio (DPR) is currently 195.48%.

About AbbVie

AbbVie Inc NYSE: ABBV is a global biopharmaceutical company that discovers, develops and commercializes medicines and other healthcare products. Its portfolio focuses on immunology, oncology, neuroscience, aesthetics and eye care, serving patients and healthcare providers in markets around the world.

The company's key products include immunology medicines such as Skyrizi and Rinvoq; neuroscience treatments including Vraylar, Ubrelvy and Qulipta; and oncology products such as Imbruvica and Venclexta.

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