Norges Bank Takes $5.87 Billion Position in AbbVie Inc. $ABBV

Key Points

• Norges Bank disclosed a new fourth-quarter stake in AbbVie worth about $5.87 billion, making the drugmaker its 19th-largest holding and about 1.45% of AbbVie’s shares outstanding.
• AbbVie is seeing several positive business catalysts, including FDA approval for DECNUPAZ in a rare blood cancer, an expanded European label for VENCLYXTO, and first-in-human testing for ABBV-519.
• The company recently beat quarterly earnings and revenue estimates, and analysts remain generally constructive, with a consensus rating of Moderate Buy and an average price target of $253.43.

Norges Bank acquired a new stake in AbbVie Inc. (NYSE:ABBV - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 25,668,761 shares of the company's stock, valued at approximately $5,865,055,000. AbbVie comprises about 0.6% of Norges Bank's portfolio, making the stock its 19th largest position. Norges Bank owned about 1.45% of AbbVie at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in ABBV. Chelsea Counsel Co. purchased a new stake in AbbVie during the third quarter worth $26,000. Westend Capital Management LLC purchased a new stake in AbbVie during the fourth quarter worth $29,000. Texas Capital Bancshares Inc TX purchased a new stake in AbbVie during the third quarter worth $31,000. Legacy Wealth Managment LLC ID boosted its holdings in AbbVie by 115.9% during the fourth quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company's stock worth $31,000 after buying an additional 73 shares in the last quarter. Finally, WestEnd Advisors LLC boosted its holdings in AbbVie by 160.4% during the fourth quarter. WestEnd Advisors LLC now owns 138 shares of the company's stock worth $32,000 after buying an additional 85 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie received U.S. FDA approval for DECNUPAZ, its first ADC approved for blood cancer, opening a new potential revenue stream in a highly specialized oncology market. U.S. FDA Approves DECNUPAZTM (pivekimab sunirine-pvzy) for Treatment of Adult Patients with Blastic Plasmacytoid Dendritic Cell Neoplasm, an Ultra-Rare and Aggressive Blood Cancer With Limited Treatment Options
• Positive Sentiment: The European Commission expanded the VENCLYXTO label in untreated CLL, broadening use of an established oncology drug and potentially supporting international sales. AbbVie Announces European Commission Authorization of Expanded Label for VENCLYXTO® (venetoclax) to Include Additional Combinations in Previously Untreated Chronic Lymphocytic Leukemia
• Positive Sentiment: AbbVie advanced ABBV-519 into first-in-human testing, signaling continued momentum in its immunology pipeline. AbbVie Inc. (ABBV) Presents at EU Clinical Trial Regulation: Latest Developments and Upcoming Opportunities Transcript
• Neutral Sentiment: Recent articles note ABBV has outperformed since its last earnings report and remains viewed as reasonably valued by some analysts, but these are more commentary than fresh business catalysts. AbbVie (ABBV) Up 3.5% Since Last Earnings Report: Can It Continue?

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ABBV shares. Royal Bank Of Canada started coverage on shares of AbbVie in a report on Tuesday, February 24th. They set an "outperform" rating and a $260.00 price target on the stock. Barclays started coverage on shares of AbbVie in a report on Thursday, February 19th. They set an "overweight" rating and a $275.00 price target on the stock. Sanford C. Bernstein reissued a "market perform" rating on shares of AbbVie in a report on Thursday, February 5th. Wall Street Zen raised shares of AbbVie from a "buy" rating to a "strong-buy" rating in a report on Saturday. Finally, Guggenheim reaffirmed a "buy" rating and set a $249.00 price objective on shares of AbbVie in a report on Friday, May 1st. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $253.43.

AbbVie Stock Down 0.4%

ABBV opened at $217.83 on Friday. The company has a market cap of $384.85 billion, a price-to-earnings ratio of 107.30, a PEG ratio of 0.75 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 firm's fifty day simple moving average is $208.43 and its two-hundred day simple moving average is $219.66.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.06. The business had revenue of $15 billion for 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 company's revenue was up 12.4% compared to the same quarter last year. During the same period last year, the firm posted $2.46 earnings per share. On average, research analysts forecast that AbbVie Inc. will post 14.3 EPS for the current year.

Insider Transactions at AbbVie

In other news, SVP David Ryan Purdue sold 5,230 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $233.56, for a total value of $1,221,518.80. Following the completion of the sale, the senior vice president directly owned 2,654 shares in the company, valued at $619,868.24. This represents a 66.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.06% of the stock is currently owned by insiders.

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.

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.