Fifth Third Bancorp Increases Stock Holdings in AbbVie Inc. $ABBV

Key Points

• Fifth Third Bancorp boosted its AbbVie stake by 47.4% in the first quarter, adding 706,723 shares and bringing its total holdings to 2,197,894 shares valued at about $478 million.
• AbbVie has been getting a wave of bullish analyst action, including higher price targets from Bank of America, RBC Capital, JPMorgan, and Wells Fargo, with several firms reiterating buy or overweight ratings.
• Despite the positive sentiment, ABBV shares fell 0.8% to $248.00 in recent trading, even after the company beat quarterly earnings and revenue estimates and announced a $1.73 quarterly dividend.

Fifth Third Bancorp grew its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 47.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,197,894 shares of the company's stock after acquiring an additional 706,723 shares during the period. AbbVie comprises approximately 0.9% of Fifth Third Bancorp's portfolio, making the stock its 19th largest position. Fifth Third Bancorp owned 0.12% of AbbVie worth $478,020,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Bank of Jackson Hole Trust increased its holdings in 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 buying an additional 44 shares during the last quarter. Eclectic Associates Inc. ADV increased its position in AbbVie by 0.8% during the fourth quarter. Eclectic Associates Inc. ADV now owns 5,852 shares of the company's stock worth $1,337,000 after buying an additional 45 shares during the period. Imprint Wealth LLC raised its position in AbbVie by 56.2% in 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. Hardin Capital Partners LLC raised its holdings in shares of AbbVie by 1.4% in the fourth 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 lifted its position in AbbVie by 10.8% during the 4th quarter. Dogwood Wealth Management LLC now owns 473 shares of the company's stock worth $108,000 after acquiring an additional 46 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about AbbVie

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

AbbVie Trading Down 0.8%

NYSE ABBV traded down $1.91 on Friday, hitting $248.00. 5,780,723 shares of the stock traded hands, compared to its average volume of 8,942,850. AbbVie Inc. has a twelve month low of $184.63 and a twelve month high of $261.64. The stock has a 50-day moving average of $225.42 and a 200 day moving average of $221.25. The company has a market capitalization of $438.17 billion, a P/E 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 released its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.72 billion. During the same quarter in the prior year, the business earned $2.46 earnings per share. AbbVie's quarterly revenue was up 12.4% on a year-over-year basis. As a group, equities research analysts expect that AbbVie Inc. will post 14.3 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis 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%.

Analyst Ratings Changes

Several analysts have recently commented on the stock. JPMorgan Chase & Co. raised their target price on shares of AbbVie from $260.00 to $280.00 and gave the stock an "overweight" rating in a research note on Thursday. Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 5th. HSBC restated a "buy" rating and set a $300.00 price objective on shares of AbbVie in a research report on Monday, July 6th. Morgan Stanley boosted their target price on shares of AbbVie from $270.00 to $278.00 and gave the company an "overweight" rating in a research note on Thursday, April 30th. Finally, Wells Fargo & Company increased their price target on AbbVie from $260.00 to $295.00 and gave the stock an "overweight" rating in a research note on Friday. Two investment 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. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $262.81.

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.

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