Huntington National Bank Buys 17,446 Shares of AbbVie Inc. $ABBV

Key Points

• Huntington National Bank increased its AbbVie stake by 2.5% in the fourth quarter, buying 17,446 additional shares and bringing its total holding to 716,764 shares valued at about $163.8 million.
• AbbVie reported solid quarterly results, with earnings of $2.65 per share and revenue of $15 billion, both ahead of Wall Street expectations; revenue also rose 12.4% year over year.
• Analyst sentiment remains positive, with several firms raising price targets and the stock carrying a consensus “Moderate Buy” rating and an average target price of $253.43.

Huntington National Bank raised its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 2.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 716,764 shares of the company's stock after buying an additional 17,446 shares during the period. AbbVie accounts for approximately 1.0% of Huntington National Bank's portfolio, making the stock its 23rd biggest holding. Huntington National Bank's holdings in AbbVie were worth $163,773,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Connecticut Capital Management Group LLC bought a new position in AbbVie during the fourth quarter valued at about $732,000. Kingsview Wealth Management LLC raised its holdings in AbbVie by 1.2% during the fourth quarter. Kingsview Wealth Management LLC now owns 71,830 shares of the company's stock valued at $16,413,000 after buying an additional 883 shares in the last quarter. Smith Chas P & Associates PA Cpas raised its holdings in AbbVie by 34.9% during the fourth quarter. Smith Chas P & Associates PA Cpas now owns 4,249 shares of the company's stock valued at $971,000 after buying an additional 1,100 shares in the last quarter. TradeWell Securities LLC. raised its holdings in AbbVie by 8.9% during the fourth quarter. TradeWell Securities LLC. now owns 9,596 shares of the company's stock valued at $2,193,000 after buying an additional 788 shares in the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc raised its holdings in AbbVie by 15.5% during the fourth quarter. Texas Capital Bank Wealth Management Services Inc now owns 12,196 shares of the company's stock valued at $2,787,000 after buying an additional 1,640 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other AbbVie news, SVP David Ryan Purdue sold 5,230 shares of AbbVie stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $233.56, for a total transaction of $1,221,518.80. Following the sale, the senior vice president directly owned 2,654 shares of the company's stock, valued at approximately $619,868.24. The trade was a 66.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.06% of the company's stock.

AbbVie News Summary

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie received FDA approval for DECNUPAZ, its first ADC approved for blood cancer, creating a new revenue opportunity and boosting its oncology pipeline. US FDA approves AbbVie's rare blood cancer drug
• Positive Sentiment: AbbVie and Ironwood won a U.S. label expansion for Linzess in pediatric constipation, expanding the drug’s addressable market. Ironwood, AbbVie win US label expansion for Linzess in pediatric constipation
• Positive Sentiment: Piper Sandler raised its price target on AbbVie and pointed to strong progress in the company’s inflammatory bowel disease pipeline. Piper Sandler Raises Price Target on AbbVie (ABBV) Amid Strong IBD Pipeline Progress
• Neutral Sentiment: AbbVie’s oncology revenue slipped in Q1 as Imbruvica sales declined, though newer drugs Venclexta, Elahere, and Epkinly continued to grow. How Did AbbVie's Oncology Portfolio Perform in Q1 Despite Headwinds?

AbbVie Stock Performance

Shares of NYSE:ABBV opened at $215.42 on Thursday. The company has a market cap of $380.61 billion, a P/E ratio of 106.12, a P/E/G ratio of 0.74 and a beta of 0.32. The stock's 50-day moving average is $208.27 and its 200-day moving average is $219.68. AbbVie Inc. has a 52-week low of $181.73 and a 52-week high of $244.81.

AbbVie (NYSE:ABBV - Get Free Report) last released its 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. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.72 billion. During the same period last year, the business earned $2.46 earnings per share. The firm's revenue for the quarter was up 12.4% compared to the same quarter last year. As a group, equities analysts predict that AbbVie Inc. will post 14.3 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Evercore set a $235.00 target price on AbbVie in a report on Friday, May 15th. Canaccord Genuity Group raised their target price on AbbVie from $262.00 to $265.00 and gave the company a "buy" rating in a report on Thursday, April 30th. Sanford C. Bernstein restated a "market perform" rating on shares of AbbVie in a report on Thursday, February 5th. Cantor Fitzgerald restated an "overweight" rating and set a $240.00 target price on shares of AbbVie in a report on Thursday, April 30th. Finally, Barclays assumed coverage on AbbVie in a research report on Thursday, February 19th. They issued an "overweight" rating and a $275.00 price target on the stock. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $253.43.

AbbVie Company 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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