Elevation Point Wealth Partners LLC Takes Position in AbbVie Inc. $ABBV

Key Points

• Elevation Point Wealth Partners acquired 92,097 AbbVie shares worth approximately $23.2 million in the second quarter. Institutional investors collectively own 70.23% of the company.
• Analyst sentiment remains positive: AbbVie has a consensus “Moderate Buy” rating and an average price target of $275.95, with several firms recently raising targets to $280 or higher.
• AbbVie exceeded quarterly earnings and revenue expectations, reporting $3.65 in EPS and $16.99 billion in revenue, while year-over-year revenue increased 10.2%. The company also paid a quarterly dividend of $1.73 per share, representing a 2.6% yield.

Elevation Point Wealth Partners LLC bought a new position in AbbVie Inc. (NYSE:ABBV - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 92,097 shares of the company's stock, valued at approximately $23,175,000.

Several other hedge funds and other institutional investors have also modified their holdings of ABBV. Litman Gregory Wealth Management LLC bought a new stake in shares of AbbVie in the 4th quarter worth about $28,000. Imprint Wealth LLC lifted its holdings 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 last quarter. Legacy Wealth Managment LLC ID lifted its holdings in AbbVie by 115.9% during the 4th quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company's stock valued at $31,000 after purchasing an additional 73 shares during the last quarter. IFC & Insurance Marketing Inc. acquired a new position in AbbVie in the fourth quarter valued at about $31,000. Finally, Abound Financial LLC acquired a new position in AbbVie in the fourth quarter valued at about $32,000. Institutional investors own 70.23% of the company's stock.

Analyst Ratings Changes

ABBV has been the subject of several recent analyst reports. JPMorgan Chase & Co. raised their price objective on shares of AbbVie from $260.00 to $280.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Wolfe Research raised AbbVie from a "peer perform" rating to an "outperform" rating and set a $300.00 target price on the stock in a report on Thursday, August 13th. Erste Group Bank upgraded AbbVie from a "hold" rating to a "buy" rating in a research report on Wednesday, August 5th. Piper Sandler raised their price target on AbbVie from $298.00 to $303.00 and gave the company an "overweight" rating in a report on Thursday, August 20th. Finally, Royal Bank Of Canada lifted their price objective on AbbVie from $260.00 to $280.00 and gave the company an "outperform" rating in a research report on Friday, July 10th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, AbbVie currently has a consensus rating of "Moderate Buy" and a consensus target price of $275.95.

Insider Transactions at AbbVie

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

AbbVie Stock Up 0.6%

Shares of NYSE:ABBV opened at $261.50 on Thursday. The firm has a market cap of $462.02 billion, a P/E ratio of 73.87, a P/E/G ratio of 1.18 and a beta of 0.29. AbbVie Inc. has a 12 month low of $190.75 and a 12 month high of $267.47. The company's 50-day moving average price is $254.23 and its two-hundred day moving average price is $229.67.

AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Friday, July 31st. The company reported $3.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.61 by $0.04. AbbVie had a net margin of 9.80% and a negative return on equity of 422.07%. The company had revenue of $16.99 billion for the quarter, compared to analyst estimates of $16.80 billion. During the same period in the prior year, the business earned $2.97 earnings per share. AbbVie's quarterly revenue was up 10.2% on a year-over-year basis. AbbVie has set its Q3 2026 guidance at 3.840-3.880 EPS. As a group, equities analysts predict that AbbVie Inc. will post 14.05 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Wednesday, July 15th were given a $1.73 dividend. This represents a $6.92 annualized dividend and a yield of 2.6%. The ex-dividend date was Wednesday, July 15th. AbbVie's payout ratio is 195.48%.

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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