Hilltop Holdings Inc. Has $6.51 Million Stock Holdings in AbbVie Inc. $ABBV

Key Points

• Hilltop Holdings cut its AbbVie stake sharply in the first quarter, reducing holdings by 46.5% and selling 25,986 shares. The firm ended the period with 29,941 shares valued at about $6.51 million.
• Institutional interest in AbbVie remains strong, with hedge funds and other investors still owning about 70.23% of the company. Several firms increased positions, including Morningstar Investment Management and RMG Wealth Management.
• Analysts remain broadly positive on AbbVie, with a consensus rating of “Moderate Buy” and an average price target of $268.10. Recent targets from firms like HSBC, RBC, and BMO Capital Markets were also raised or reiterated at bullish levels.

Hilltop Holdings Inc. decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 46.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 29,941 shares of the company's stock after selling 25,986 shares during the quarter. Hilltop Holdings Inc.'s holdings in AbbVie were worth $6,512,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Morningstar Investment Management LLC grew its position in AbbVie by 129.8% in the 1st quarter. Morningstar Investment Management LLC now owns 14,799 shares of the company's stock worth $3,219,000 after purchasing an additional 8,358 shares during the last quarter. Modern Wealth Management LLC raised its position in shares of AbbVie by 1.1% during the first quarter. Modern Wealth Management LLC now owns 55,617 shares of the company's stock valued at $11,957,000 after buying an additional 610 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of AbbVie during the first quarter valued at about $26,573,000. Bowen Hanes & Co. Inc. lifted its stake in shares of AbbVie by 4.2% in the first quarter. Bowen Hanes & Co. Inc. now owns 12,440 shares of the company's stock valued at $2,706,000 after buying an additional 500 shares during the period. Finally, RMG Wealth Management LLC grew its position in AbbVie by 117.5% during the first quarter. RMG Wealth Management LLC now owns 918 shares of the company's stock worth $186,000 after buying an additional 496 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

Analyst Ratings Changes

ABBV has been the topic of several research reports. Evercore set a $235.00 price target on AbbVie in a research note on Friday, May 15th. HSBC reissued a "buy" rating and set a $300.00 price objective on shares of AbbVie in a report on Monday, July 6th. Wall Street Zen cut AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 5th. Royal Bank Of Canada upped their target price on AbbVie from $260.00 to $280.00 and gave the company an "outperform" rating in a research note on Friday, July 10th. Finally, BMO Capital Markets raised their target price on AbbVie from $258.00 to $300.00 and gave the stock an "outperform" rating in a research report on Monday, July 13th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, AbbVie currently has an average rating of "Moderate Buy" and a consensus target price of $268.10.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $259.10 on Friday. AbbVie Inc. has a 52-week low of $187.62 and a 52-week high of $261.64. The business has a fifty day moving average of $234.57 and a two-hundred day moving average of $222.86. The stock has a market cap of $457.78 billion, a PE ratio of 127.64, a PEG ratio of 0.85 and a beta of 0.30.

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, topping the consensus estimate of $2.59 by $0.06. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The firm's quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.46 EPS. Analysts predict that AbbVie Inc. will post 14.18 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be issued a dividend of $1.73 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $6.92 annualized dividend and a dividend yield of 2.7%. AbbVie's dividend payout ratio (DPR) is presently 340.89%.

AbbVie News Summary

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie is expected to report earnings next week, and several market write-ups highlight the stock as a potential winner if results or guidance beat expectations. Analysts also noted the shares may have room to rise if the company delivers on revenue and profit growth. AbbVie (ABBV) Earnings Expected to Grow: What to Know Ahead of Next Week's Release
• Positive Sentiment: Canaccord Genuity reiterated a constructive view on AbbVie, with a report saying the stock price is expected to rise, which may be helping sentiment around the name. AbbVie NYSE: ABBV Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says
• Neutral Sentiment: AbbVie also announced progress on early-stage pipeline work for nacresertib and ABBV-313, but these updates are preliminary and are unlikely to move the stock as much as late-stage clinical data. AbbVie Advances Nacresertib With Key Drug–Drug Interaction Study AbbVie’s ABBV-313 Phase 1 Trial: What Early Safety Work Means for Investors
• Negative Sentiment: AbbVie and Genmab said the Phase 3 EPCORE DLBCL-1 trial for lymphoma drug epcoritamab missed its sole U.S. primary endpoint, a setback that could weigh on sentiment toward the company’s oncology pipeline. Genmab, AbbVie Say Lymphoma Drug Failed to Meet Primary Endpoint in Phase 3 Trial

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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