Chicago Partners Investment Group LLC Grows Holdings in AbbVie Inc. $ABBV

Key Points

• Chicago Partners Investment Group LLC increased its AbbVie stake by 13.4% in the first quarter, buying an additional 6,927 shares and bringing its position to 58,582 shares worth about $11.7 million.
• Several major analysts turned more bullish on AbbVie, with Bank of America, RBC Capital, JPMorgan, Wells Fargo, and Piper Sandler all raising price targets and maintaining positive ratings. The consensus view remains Moderate Buy with an average target price of $262.81.
• AbbVie recently reported better-than-expected quarterly results, including EPS of $2.65 versus $2.59 expected and revenue of $15 billion, while also announcing a quarterly dividend of $1.73 per share to be paid on August 14.

Chicago Partners Investment Group LLC lifted its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 13.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 58,582 shares of the company's stock after acquiring an additional 6,927 shares during the quarter. Chicago Partners Investment Group LLC's holdings in AbbVie were worth $11,746,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Brighton Jones LLC boosted its holdings in AbbVie by 17.4% during the 4th 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 lifted its position in shares of AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock worth $1,294,000 after purchasing an additional 3,064 shares in the last quarter. Schnieders Capital Management LLC. boosted its stake in shares of AbbVie by 5.0% in the second 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 during the period. Ieq Capital LLC grew its holdings in shares of AbbVie by 4.6% in the second 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 in the last quarter. Finally, Worldquant Millennium Advisors LLC grew its holdings in shares of AbbVie by 117.3% in the second quarter. Worldquant Millennium Advisors LLC now owns 1,135,034 shares of the company's stock valued at $210,685,000 after purchasing an additional 612,702 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

More AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Bank of America raised AbbVie’s price target to $276 from $234 and reiterated a buy rating, signaling confidence in additional upside for the shares. Bank of America raises AbbVie price target
• Positive Sentiment: RBC Capital also increased its price target to $280 from $260 and kept an outperform rating, adding to the wave of analyst support. RBC raises AbbVie price target
• Positive Sentiment: JPMorgan likewise lifted its target to $280 from $260 and maintained an overweight rating, reinforcing a favorable near-term outlook for AbbVie. JPMorgan raises AbbVie price target
• Neutral Sentiment: Recent coverage comparing Johnson & Johnson and AbbVie highlighted how both pharma giants’ latest quarterly results are shaping income-investor preferences, but it did not point to a clear new catalyst for AbbVie. Johnson & Johnson vs AbbVie article
• Neutral Sentiment: AbbVie also appeared in an industry piece on the expanding cystic fibrosis market, which may be supportive of long-term therapeutic demand but is not an immediate stock-moving event. Cystic fibrosis market article
• Negative Sentiment: Despite the analyst upgrades, AbbVie was recently reported as having moved lower in trading, suggesting the stock is still contending with profit-taking or broader market pressure. AbbVie stock drops despite market gains
• Neutral Sentiment: West Pharmaceutical completed the SmartDose sale to AbbVie, a routine transaction that may support AbbVie’s drug-delivery capabilities but is unlikely to move the stock on its own. West Pharmaceutical SmartDose sale to AbbVie

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ABBV shares. Canaccord Genuity Group increased their target price on shares of AbbVie from $265.00 to $273.00 and gave the stock a "buy" rating in a report on Tuesday, June 23rd. Wells Fargo & Company boosted their price target on shares of AbbVie from $260.00 to $295.00 and gave the stock an "overweight" rating in a research note on Friday. Weiss Ratings reaffirmed a "hold (c)" rating on shares of AbbVie in a research report on Monday, June 8th. Piper Sandler reaffirmed an "overweight" rating and set a $298.00 price objective on shares of AbbVie in a research report on Tuesday, June 23rd. Finally, Guggenheim increased their price objective on AbbVie from $249.00 to $261.00 and gave the company a "buy" rating in a research note on Thursday. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $262.81.

AbbVie Stock Down 0.0%

Shares of NYSE:ABBV opened at $248.00 on Monday. AbbVie Inc. has a fifty-two week low of $184.63 and a fifty-two week high of $261.64. The firm's 50 day moving average price is $225.42 and its 200 day moving average price is $221.20. The stock has a market cap of $438.17 billion, a price-to-earnings ratio of 122.17, a price-to-earnings-growth ratio of 0.81 and a beta of 0.30.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, beating analysts' consensus estimates of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.72 billion. During the same period in the prior year, the firm posted $2.46 EPS. The company's quarterly revenue was up 12.4% compared to the same quarter last year. On average, equities analysts anticipate that AbbVie Inc. will post 14.3 EPS for the current year.

AbbVie Dividend Announcement

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

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.

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