Conning Inc. Purchases 6,523 Shares of AbbVie Inc. $ABBV

Key Points

• Conning Inc. boosted its AbbVie stake by 4.2% in Q1, buying 6,523 additional shares and bringing its total holdings to 163,437 shares worth about $35.5 million.
• AbbVie reported better-than-expected quarterly results, with earnings per share of $2.65 and revenue of $15 billion, while revenue rose 12.4% year over year.
• Several major analysts turned more bullish on AbbVie, with price target increases from Bank of America, RBC Capital, and JPMorgan; the stock also pays a quarterly dividend of $1.73 per share, yielding about 2.8%.

Conning Inc. increased its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 4.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 163,437 shares of the company's stock after acquiring an additional 6,523 shares during the quarter. AbbVie comprises about 1.2% of Conning Inc.'s investment portfolio, making the stock its 28th biggest position. Conning Inc.'s holdings in AbbVie were worth $35,546,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank of Jackson Hole Trust grew its position in shares of AbbVie by 0.6% in the fourth quarter. Bank of Jackson Hole Trust now owns 7,213 shares of the company's stock valued at $1,648,000 after purchasing an additional 44 shares during the last quarter. Eclectic Associates Inc. ADV lifted its position in shares of AbbVie by 0.8% during the 4th quarter. Eclectic Associates Inc. ADV now owns 5,852 shares of the company's stock worth $1,337,000 after purchasing an additional 45 shares during the last quarter. Imprint Wealth LLC boosted its stake in AbbVie by 56.2% during the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company's stock valued at $29,000 after purchasing an additional 45 shares during the period. Hardin Capital Partners LLC grew its holdings in AbbVie by 1.4% in the 4th quarter. Hardin Capital Partners LLC now owns 3,321 shares of the company's stock valued at $759,000 after buying an additional 46 shares during the last quarter. Finally, Dogwood Wealth Management LLC grew its holdings in AbbVie by 10.8% in the 4th quarter. Dogwood Wealth Management LLC now owns 473 shares of the company's stock valued at $108,000 after buying an additional 46 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Trading Down 0.8%

ABBV opened at $248.00 on Friday. The stock's 50 day simple moving average is $225.42 and its 200-day simple moving average is $221.25. The stock has a market cap of $438.17 billion, a PE ratio of 122.17, a P/E/G 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.

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, topping analysts' consensus estimates of $2.59 by $0.06. The firm had revenue of $15 billion for 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 business's revenue was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.46 earnings per share. Equities analysts forecast that AbbVie Inc. will post 14.39 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be given 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 News Summary

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

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upped their price target on AbbVie from $260.00 to $280.00 and gave the stock an "overweight" rating in a report on Thursday. Sanford C. Bernstein reaffirmed a "market perform" rating on shares of AbbVie in a research report on Tuesday, June 23rd. Weiss Ratings reiterated a "hold (c)" rating on shares of AbbVie in a research note on Monday, June 8th. Bank of America raised their price target on shares of AbbVie from $234.00 to $276.00 and gave the stock a "buy" rating in a research report on Friday. Finally, Canaccord Genuity Group boosted their price objective on shares of AbbVie from $265.00 to $273.00 and gave the stock a "buy" rating in a report on Tuesday, June 23rd. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $262.81.

About AbbVie

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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