Prestige Wealth Management Group LLC Raises Position in AbbVie Inc. $ABBV

Key Points

• Prestige Wealth Management Group increased its AbbVie stake by 42.6% in the fourth quarter, ending with 17,386 shares worth about $3.97 million. Several other hedge funds also added to their positions, and institutional investors now own 70.23% of the stock.
• AbbVie shares were up 3.5%, opening at $224.81. The company’s stock has ranged from $181.73 to $244.81 over the past 12 months and currently carries a market cap of about $397.19 billion.
• Recent business updates were mostly positive: AbbVie beat quarterly earnings and revenue estimates, and analysts remain broadly constructive with a Moderate Buy consensus and an average price target of $253.43. The article also highlights favorable pipeline and regulatory news, including NHS support for Elahere and European approval for Aquipta, though one early-stage lung cancer trial was ended.

Prestige Wealth Management Group LLC grew its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 42.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,386 shares of the company's stock after acquiring an additional 5,190 shares during the period. AbbVie comprises 0.8% of Prestige Wealth Management Group LLC's portfolio, making the stock its 27th largest holding. Prestige Wealth Management Group LLC's holdings in AbbVie were worth $3,973,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ABBV. Brighton Jones LLC boosted its holdings in shares of AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock valued at $4,072,000 after acquiring an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC boosted its holdings in shares of AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock valued at $1,294,000 after acquiring an additional 3,064 shares in the last quarter. Schnieders Capital Management LLC. boosted its holdings in shares of AbbVie by 5.0% in the second quarter. Schnieders Capital Management LLC. now owns 16,466 shares of the company's stock valued at $3,056,000 after acquiring an additional 789 shares in the last quarter. Ieq Capital LLC boosted its holdings in shares of AbbVie by 4.6% in the second quarter. Ieq Capital LLC now owns 120,035 shares of the company's stock valued at $22,281,000 after acquiring an additional 5,274 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC boosted its holdings in shares of AbbVie by 117.3% in the second quarter. Worldquant Millennium Advisors LLC now owns 1,135,034 shares of the company's stock valued at $210,685,000 after acquiring an additional 612,702 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Trading Up 3.5%

Shares of ABBV opened at $224.81 on Friday. The stock has a market cap of $397.19 billion, a P/E ratio of 110.74, a PEG ratio of 0.66 and a beta of 0.32. The company has a 50-day moving average of $209.43 and a two-hundred day moving average of $219.30. AbbVie Inc. has a 12-month low of $181.73 and a 12-month high of $244.81.

AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.59 by $0.06. The company had revenue of $15 billion during the quarter, compared to analysts' expectations 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 previous year, the business posted $2.46 earnings per share. As a group, analysts forecast that AbbVie Inc. will post 14.3 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Sanford C. Bernstein reiterated a "market perform" rating on shares of AbbVie in a research note on Thursday, February 5th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $240.00 price objective on shares of AbbVie in a research note on Thursday, April 30th. Bank of America upgraded shares of AbbVie from a "neutral" rating to a "buy" rating and set a $234.00 price objective for the company in a research note on Thursday, April 30th. Morgan Stanley raised their price objective on shares of AbbVie from $270.00 to $278.00 and gave the company an "overweight" rating in a research note on Thursday, April 30th. Finally, Piper Sandler raised their price objective on shares of AbbVie from $294.00 to $298.00 and gave the company an "overweight" rating in a research note on Thursday, May 14th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $253.43.

Key Stories Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie won U.K. NHS backing for Elahere, its ovarian cancer therapy, and Reuters reported the British drug-cost watchdog recommended the treatment for a hard-to-treat form of ovarian cancer, improving access and potential sales in a key market. British drug-cost watchdog recommends use of AbbVie's ovarian cancer therapy
• Positive Sentiment: The company also received European Commission approval for Aquipta to treat migraine, adding a second approved migraine indication and broadening the drug’s commercial opportunity. AbbVie receives EC approval for Aquipta to treat migraine
• Positive Sentiment: Analyst coverage also highlighted AbbVie’s oncology strategy after Decnupaz approval, signaling that management is building a larger antibody-drug conjugate pipeline that could create longer-term upside. Does Decnupaz Approval Validate ABBV's ADC Strategy in Oncology?
• Neutral Sentiment: Several recent clinical-study updates, including completion of an upadacitinib study in China and a bioavailability study for ABBV-932, suggest steady pipeline progress, but they are not immediate revenue catalysts. AbbVie Completes Real World Upadacitinib Study in China: What Investors Should Watch AbbVie Advances ABBV-932 With Completed Bioavailability Study
• Negative Sentiment: AbbVie also ended an early-stage lung cancer trial for ABBV-647, which trims one potential oncology growth driver and adds some caution around pipeline execution. AbbVie Ends Early Lung Cancer Trial for ABBV-647

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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