NewEdge Wealth LLC Raises Stake in AbbVie Inc. $ABBV

Key Points

• NewEdge Wealth LLC increased its AbbVie stake by 2.1% in Q1, buying 8,385 more shares and bringing its total holdings to 406,062 shares worth about $88.3 million.
• Several major brokerages turned more positive on AbbVie, with Canaccord Genuity, JPMorgan, and RBC all lifting price targets to as high as $282. The stock currently carries a consensus rating of Moderate Buy.
• AbbVie reported solid recent results, with Q1 earnings of $2.65 per share beating estimates and revenue of $15 billion up 12.4% year over year. The company also announced a quarterly dividend of $1.73 per share, implying an annualized yield of about 2.7%.

NewEdge Wealth LLC raised its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 2.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 406,062 shares of the company's stock after acquiring an additional 8,385 shares during the period. AbbVie makes up about 1.1% of NewEdge Wealth LLC's portfolio, making the stock its 15th biggest position. NewEdge Wealth LLC's holdings in AbbVie were worth $88,314,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Litman Gregory Wealth Management LLC purchased a new stake in AbbVie in the 4th quarter worth approximately $28,000. Westend Capital Management LLC purchased a new position in AbbVie during the fourth quarter worth approximately $29,000. Imprint Wealth LLC grew 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 purchasing an additional 45 shares during the period. Legacy Wealth Managment LLC ID increased its position in shares of AbbVie by 115.9% in the fourth quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company's stock valued at $31,000 after buying an additional 73 shares in the last quarter. Finally, IFC & Insurance Marketing Inc. acquired a new position in shares of AbbVie during the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 70.23% of the company's stock.

Analyst Ratings Changes

Several brokerages recently commented on ABBV. Canaccord Genuity Group boosted their price target on shares of AbbVie from $273.00 to $282.00 and gave the stock a "buy" rating in a report on Wednesday. JPMorgan Chase & Co. lifted their target price on shares of AbbVie from $260.00 to $280.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. Sanford C. Bernstein reissued a "market perform" rating on shares of AbbVie in a research note on Tuesday, June 23rd. Royal Bank Of Canada upped their price target on shares of AbbVie from $260.00 to $280.00 and gave the stock an "outperform" rating in a research report on Friday, July 10th. Finally, Citigroup raised their price target on shares of AbbVie from $230.00 to $260.00 and gave the company a "neutral" rating in a research note on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $268.10.

Key Stories Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Canaccord Genuity raised its price target on AbbVie to $282 from $273 and reiterated a buy rating, signaling confidence in further upside for AbbVie Inc. (ABBV). Benzinga report
• Positive Sentiment: AbbVie’s aesthetics business got a boost after Allergan Aesthetics received European Commission approval for Boey, expanding the company’s portfolio in Europe and potentially supporting future revenue growth. Yahoo Finance article
• Neutral Sentiment: Several recent articles characterized AbbVie as a strong buy-and-hold name and noted that the stock has recently outperformed the broader market, reinforcing a generally constructive long-term view. Yahoo Finance article
• Negative Sentiment: Investors are watching AbbVie’s Q2 oncology revenue closely, with analysts warning that weakness in Imbruvica may outweigh gains from Venclexta and newer cancer treatments, which could pressure results. Yahoo Finance article

AbbVie Trading Down 0.9%

Shares of NYSE ABBV opened at $253.75 on Thursday. AbbVie Inc. has a 12-month low of $186.77 and a 12-month high of $261.64. The stock has a market cap of $448.32 billion, a PE ratio of 125.00, a P/E/G ratio of 0.85 and a beta of 0.30. The company has a 50-day moving average of $232.69 and a 200 day moving average of $222.41.

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. 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 business's revenue was up 12.4% on a year-over-year basis. During the same period last year, the company posted $2.46 EPS. On average, sell-side analysts forecast that AbbVie Inc. will post 14.18 EPS for the current fiscal year.

AbbVie Announces Dividend

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

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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