Generate Investment Management Ltd Sells 5,261 Shares of AbbVie Inc. $ABBV

Key Points

• Generate Investment Management Ltd cut its AbbVie stake by 14.0% in the first quarter, selling 5,261 shares and leaving it with 32,184 shares valued at about $7 million.
• AbbVie reported strong quarterly results, with earnings per share of $2.65 topping estimates and revenue of $15 billion, up 12.4% year over year.
• The company also announced a quarterly dividend of $1.73 per share, equal to an annualized yield of about 3.0%, while analysts currently rate the stock a Moderate Buy with an average price target of $253.43.

Generate Investment Management Ltd lessened its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 14.0% in the first quarter, according to its most recent filing with the SEC. The firm owned 32,184 shares of the company's stock after selling 5,261 shares during the quarter. Generate Investment Management Ltd's holdings in AbbVie were worth $7,000,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Chelsea Counsel Co. acquired a new stake in shares of AbbVie during the third quarter worth $26,000. Litman Gregory Wealth Management LLC bought a new position in AbbVie during the fourth quarter worth $28,000. Imprint Wealth LLC lifted its holdings in AbbVie by 56.2% in the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company's stock valued at $29,000 after buying an additional 45 shares during the period. Westend Capital Management LLC acquired a new position in AbbVie in the fourth quarter valued at $29,000. Finally, IFC & Insurance Marketing Inc. bought a new stake in AbbVie during the fourth quarter valued at $31,000. Institutional investors own 70.23% of the company's stock.

AbbVie Stock Performance

Shares of ABBV opened at $230.10 on Tuesday. The firm has a market capitalization of $406.54 billion, a P/E ratio of 113.35, a P/E/G ratio of 0.66 and a beta of 0.32. AbbVie Inc. has a 52 week low of $181.73 and a 52 week high of $244.81. The stock has a 50 day moving average price of $212.53 and a two-hundred day moving average price of $218.76.

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

AbbVie Announces Dividend

The business 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 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, July 15th. AbbVie's dividend payout ratio is presently 340.89%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ABBV. Evercore set a $235.00 price target on AbbVie in a report on Friday, May 15th. Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Sunday, June 7th. BMO Capital Markets restated an "outperform" rating on shares of AbbVie in a research report on Monday, March 9th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of AbbVie in a research note on Monday, June 8th. Finally, Bank of America raised AbbVie from a "neutral" rating to a "buy" rating and set a $234.00 price target on the stock in a research note on Thursday, April 30th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, AbbVie currently has a consensus rating of "Moderate Buy" and an average price target of $253.43.

Key Headlines Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Expands AbbVie’s immunology franchise with late-stage assets that may help offset future patent and revenue pressures. Reuters: AbbVie strikes $10.9 billion deal for Apogee Therapeutics
• Positive Sentiment: Supports confidence in AbbVie’s ability to keep growing beyond Humira, helped by strength in newer drugs like Skyrizi and Rinvoq. Quiver Quant: AbbVie gains as investors weigh stronger growth outlook and recent pipeline wins
• Neutral Sentiment: Analysts and media outlets are framing the transaction as strategic, but the size of the deal also adds integration and execution risk. WSJ: AbbVie to Buy Apogee Therapeutics for $10.9 Billion in Cash
• Neutral Sentiment: AbbVie also received attention for recent product news, including FDA approval for Allergan Aesthetics’ Skinvive by Juvéderm, which adds another modest positive backdrop. Yahoo Finance: AbbVie’s Allergan Aesthetics Wins FDA Approval for Skinvive by Juvederm

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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