MV Capital Management Inc. Takes $61.86 Million Position in AbbVie Inc. $ABBV

Key Points

• MV Capital Management opened a new stake in AbbVie during the fourth quarter, buying 270,741 shares worth about $61.86 million. AbbVie now represents 5.9% of the firm’s portfolio and is its fourth-largest holding.
• AbbVie continues to attract significant institutional interest, with large investors including Norges Bank and Wellington Management also expanding or initiating positions. Overall, institutional investors and hedge funds own 70.23% of the stock.
• The company’s recent news flow was mixed but mostly positive, including a $1.73 quarterly dividend, new SKINVIVE approval, and encouraging trial data for its pipeline. However, a legal overhang remains as HHS seeks to dismiss AbbVie’s lawsuit over drug-discount patients.

MV Capital Management Inc. purchased a new stake in AbbVie Inc. (NYSE:ABBV - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 270,741 shares of the company's stock, valued at approximately $61,862,000. AbbVie makes up 5.9% of MV Capital Management Inc.'s investment portfolio, making the stock its 4th largest holding.

Several other large investors have also recently bought and sold shares of ABBV. Norges Bank acquired a new stake in shares of AbbVie in the 4th quarter valued at $5,865,055,000. Wellington Management Group LLP raised its position in shares of AbbVie by 457.4% during the third quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company's stock worth $2,439,714,000 after acquiring an additional 8,646,424 shares during the last quarter. Capital World Investors lifted its stake in shares of AbbVie by 106.3% during the fourth quarter. Capital World Investors now owns 13,071,444 shares of the company's stock valued at $2,986,777,000 after acquiring an additional 6,736,161 shares during the period. Cardano Risk Management B.V. boosted its holdings in AbbVie by 914.6% in the fourth quarter. Cardano Risk Management B.V. now owns 5,444,930 shares of the company's stock valued at $1,244,112,000 after acquiring an additional 4,908,260 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in AbbVie by 10.4% in the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company's stock valued at $10,179,099,000 after acquiring an additional 4,190,487 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie News Roundup

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie declared a quarterly cash dividend of $1.73 per share, reinforcing its shareholder-return profile and highlighting the company’s ability to generate strong cash flow. AbbVie Declares Quarterly Dividend
• Positive Sentiment: AbbVie also got a regulatory boost with new SKINVIVE approval and reported encouraging CLL trial results, which support the company’s oncology and aesthetics growth pipeline. AbbVie (ABBV) Lands New SKINVIVE Approval As CLL Trial Results Impress
• Positive Sentiment: The company presented new Phase 3 data on a venetoclax-based combination and highlighted its late-stage ABBV-400 colorectal cancer program, adding to investor confidence in AbbVie’s long-term pipeline. AbbVie Inc. (ABBV) Presents Data on Fixed-Duration Venetoclax-Based Combination
• Neutral Sentiment: AbbVie has been attracting extra trader attention recently, but the stock’s near-term direction still depends on whether dividend income and pipeline progress can outweigh broader market weakness and legal uncertainty. AbbVie Inc. (ABBV) Is a Trending Stock: Facts to Know Before Betting on It
• Negative Sentiment: The biggest overhang is a reported HHS move to ask a court to dismiss AbbVie’s lawsuit over drug-discount patients, which could increase regulatory and legal pressure on the stock. HHS Asks Court to Toss AbbVie Suit Over Drug Discount Patients

AbbVie Price Performance

AbbVie stock opened at $216.63 on Friday. The firm has a market capitalization of $382.74 billion, a price-to-earnings ratio of 106.71, a PEG ratio of 0.68 and a beta of 0.32. The company's 50 day simple moving average is $212.08 and its 200 day simple moving average is $218.78. AbbVie Inc. has a fifty-two week low of $181.73 and a fifty-two week high of $244.81.

AbbVie (NYSE:ABBV - Get Free Report) last issued its earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.59 by $0.06. The firm had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The business's quarterly revenue was up 12.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.46 earnings per share. As a group, analysts predict that AbbVie Inc. will post 14.3 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be issued a $1.73 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $6.92 annualized dividend and a dividend yield of 3.2%. AbbVie's payout ratio is 340.89%.

Analyst Ratings Changes

Several brokerages have weighed in on ABBV. Guggenheim reissued a "buy" rating and set a $249.00 price objective on shares of AbbVie in a report on Friday, May 1st. DZ Bank raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 30th. Barclays initiated coverage on shares of AbbVie in a research report on Thursday, February 19th. They set an "overweight" rating and a $275.00 price target for the company. BMO Capital Markets restated an "outperform" rating on shares of AbbVie in a report on Monday, March 9th. Finally, Morgan Stanley increased their price objective on shares of AbbVie from $270.00 to $278.00 and gave the company an "overweight" rating in a report on Thursday, April 30th. Three 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 company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $253.43.

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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