Simplicity Wealth LLC Raises Holdings in AbbVie Inc. $ABBV

Key Points

• Simplicity Wealth LLC increased its AbbVie stake by 35.9% in the first quarter, adding 11,328 shares and bringing its total holding to 42,840 shares worth about $9.3 million.
• AbbVie’s latest quarterly results beat expectations, with EPS of $2.65 versus $2.59 expected and revenue of $15 billion, up 12.4% year over year.
• Analysts remain broadly positive: several firms raised price targets to around $280, and MarketBeat’s consensus rating on the stock is Moderate Buy with an average target of $262.81.

Simplicity Wealth LLC boosted its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 35.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 42,840 shares of the company's stock after acquiring an additional 11,328 shares during the quarter. Simplicity Wealth LLC's holdings in AbbVie were worth $9,317,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ABBV. Candriam S.C.A. raised its position in shares of AbbVie by 6.2% during the 1st quarter. Candriam S.C.A. now owns 1,144,668 shares of the company's stock worth $248,954,000 after acquiring an additional 67,035 shares in the last quarter. Osprey Private Wealth LLC raised its position in AbbVie by 6.0% in the 1st quarter. Osprey Private Wealth LLC now owns 59,160 shares of the company's stock valued at $12,867,000 after purchasing an additional 3,360 shares during the last quarter. Conning Inc. raised its holdings in shares of AbbVie by 4.2% in the first quarter. Conning Inc. now owns 163,437 shares of the company's stock valued at $35,546,000 after buying an additional 6,523 shares during the last quarter. Independence Bank of Kentucky raised its stake in AbbVie by 9.4% during the 1st quarter. Independence Bank of Kentucky now owns 29,847 shares of the company's stock valued at $6,491,000 after acquiring an additional 2,572 shares during the last quarter. Finally, OMC Financial Services LTD raised its stake in shares of AbbVie by 5.6% during the first quarter. OMC Financial Services LTD now owns 53,921 shares of the company's stock worth $11,727,000 after purchasing an additional 2,839 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Down 0.8%

Shares of ABBV stock traded down $1.91 on Friday, reaching $248.00. 5,780,723 shares of the stock were exchanged, compared to its average volume of 8,942,850. AbbVie Inc. has a 1-year low of $184.63 and a 1-year high of $261.64. The stock has a market cap of $438.17 billion, a P/E ratio of 122.17, a price-to-earnings-growth ratio of 0.81 and a beta of 0.30. The firm has a 50 day moving average of $225.42 and a two-hundred day moving average of $221.25.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share 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 analyst estimates of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The company's revenue was up 12.4% compared to the same quarter last year. During the same period in the previous year, the company posted $2.46 EPS. On average, equities research analysts predict that AbbVie Inc. will post 14.39 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm 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. This represents a $6.92 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, July 15th. AbbVie's payout ratio is currently 340.89%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Piper Sandler restated an "overweight" rating and issued a $298.00 price objective on shares of AbbVie in a research report on Tuesday, June 23rd. JPMorgan Chase & Co. increased their price objective on shares of AbbVie from $260.00 to $280.00 and gave the company an "overweight" rating in a research note on Thursday. Royal Bank Of Canada boosted their price target on AbbVie from $260.00 to $280.00 and gave the stock an "outperform" rating in a report on Friday. Cantor Fitzgerald lifted their price target on shares of AbbVie from $240.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday, July 6th. Finally, DZ Bank raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $262.81.

AbbVie News Summary

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Bank of America raised AbbVie’s price target to $276 from $234 and reiterated a buy rating, signaling confidence in additional upside for the shares. Bank of America raises AbbVie price target
• Positive Sentiment: RBC Capital also increased its price target to $280 from $260 and kept an outperform rating, adding to the wave of analyst support. RBC raises AbbVie price target
• Positive Sentiment: JPMorgan likewise lifted its target to $280 from $260 and maintained an overweight rating, reinforcing a favorable near-term outlook for AbbVie. JPMorgan raises AbbVie price target
• Neutral Sentiment: Recent coverage comparing Johnson & Johnson and AbbVie highlighted how both pharma giants’ latest quarterly results are shaping income-investor preferences, but it did not point to a clear new catalyst for AbbVie. Johnson & Johnson vs AbbVie article
• Neutral Sentiment: AbbVie also appeared in an industry piece on the expanding cystic fibrosis market, which may be supportive of long-term therapeutic demand but is not an immediate stock-moving event. Cystic fibrosis market article
• Negative Sentiment: Despite the analyst upgrades, AbbVie was recently reported as having moved lower in trading, suggesting the stock is still contending with profit-taking or broader market pressure. AbbVie stock drops despite market gains
• Neutral Sentiment: West Pharmaceutical completed the SmartDose sale to AbbVie, a routine transaction that may support AbbVie’s drug-delivery capabilities but is unlikely to move the stock on its own. West Pharmaceutical SmartDose sale to AbbVie

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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