Bessemer Group Inc. Buys 42,695 Shares of AbbVie Inc. $ABBV

Key Points

• Bessemer Group Inc. increased its AbbVie stake by 1.4% in the first quarter, buying 42,695 more shares and bringing its total to 3,157,936 shares worth about $686.8 million.
• Wall Street remains generally upbeat on AbbVie, with multiple brokerages raising price targets and the stock carrying a consensus rating of “Moderate Buy” and an average target price of $267.67.
• AbbVie reported strong recent results, beating Q1 earnings and revenue estimates, and it also announced a quarterly dividend of $1.73 per share, payable August 14, implying a 2.7% yield.

Bessemer Group Inc. lifted its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 1.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,157,936 shares of the company's stock after buying an additional 42,695 shares during the period. AbbVie comprises 1.1% of Bessemer Group Inc.'s portfolio, making the stock its 13th biggest holding. Bessemer Group Inc. owned approximately 0.18% of AbbVie worth $686,821,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Chelsea Counsel Co. bought a new position in AbbVie in the third quarter worth $26,000. Litman Gregory Wealth Management LLC bought a new stake in AbbVie in the 4th quarter valued at $28,000. Imprint Wealth LLC lifted its holdings in shares of AbbVie by 56.2% during the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company's stock worth $29,000 after acquiring an additional 45 shares during the period. Westend Capital Management LLC acquired a new stake in shares of AbbVie during the 4th quarter valued at about $29,000. Finally, IFC & Insurance Marketing Inc. bought a new stake in AbbVie in the fourth quarter valued at about $31,000. 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’s neuroscience business is expected to post solid Q2 growth, with key brands and Vyalev in focus ahead of earnings on July 31. Will AbbVie's Neuroscience Franchise Deliver Another Strong Quarter?
• Positive Sentiment: Multiple analysts have recently raised price targets or kept a constructive view on ABBV, reinforcing confidence in the company’s post-Humira growth strategy and pipeline. AbbVie Inc. NYSE: ABBV Receives Average Recommendation of "Moderate Buy" from Brokerages
• Positive Sentiment: Investors are also responding to recent regulatory updates for RINVOQ in severe alopecia areata and a subcutaneous induction option for SKYRIZI in Crohn’s disease, which highlight additional growth drivers. AbbVie regulatory submissions update
• Positive Sentiment: AbbVie has also been the subject of upbeat technical and valuation-focused coverage, with commentary pointing to strong momentum and continued investor interest after a multi-year run. AbbVie vs Baxter: One Golden Cross Is Real, One Is a Trap
• Neutral Sentiment: One article questioned whether AbbVie is fully valued after Tepkinly, but it did not signal a clear bearish catalyst. Is AbbVie NYSE: ABBV Fully Valued After Tepkinly?
• Neutral Sentiment: AbbVie’s stock has also drawn attention from traders and long-term holders as they wait for earnings and updates on its pipeline and guidance. AbbVie Inc. (ABBV) Is a Trending Stock: Facts to Know Before Betting on It

Wall Street Analyst Weigh In

A number of brokerages have commented on ABBV. Piper Sandler restated an "overweight" rating and set a $298.00 price target on shares of AbbVie in a research note on Tuesday, June 23rd. UBS Group upped their price objective on AbbVie from $230.00 to $260.00 and gave the company a "neutral" rating in a research note on Monday. Wells Fargo & Company raised their target price on AbbVie from $260.00 to $295.00 and gave the stock an "overweight" rating in a research report on Friday, July 10th. BMO Capital Markets boosted their price target on AbbVie from $258.00 to $300.00 and gave the company an "outperform" rating in a research note on Monday. Finally, Bank of America upped their price target on AbbVie from $234.00 to $276.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $267.67.

AbbVie Trading Up 4.2%

NYSE:ABBV opened at $254.29 on Friday. The stock has a market capitalization of $449.28 billion, a P/E ratio of 125.27, a price-to-earnings-growth ratio of 0.81 and a beta of 0.30. AbbVie Inc. has a 1 year low of $184.63 and a 1 year high of $261.64. The firm has a 50 day moving average of $228.73 and a 200-day moving average of $221.71.

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 analysts' consensus estimates of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.72 billion. During the same period in the prior year, the company earned $2.46 EPS. AbbVie's revenue for the quarter was up 12.4% on a year-over-year basis. As a group, analysts forecast that AbbVie Inc. will post 14.18 EPS 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 dividend of $1.73 per share. This represents a $6.92 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Wednesday, July 15th. AbbVie's dividend payout ratio is presently 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.

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.