Strs Ohio Sells 28,400 Shares of AbbVie Inc. $ABBV

Key Points

• Strs Ohio trimmed its AbbVie stake by 3.6% in the first quarter, selling 28,400 shares and leaving it with 767,288 shares valued at about $166.9 million.
• AbbVie beat earnings and revenue expectations in its latest quarterly report, posting $2.65 EPS on $15 billion in revenue, both above analyst estimates. Revenue rose 12.4% year over year.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $253.81, while the company also continues to support investor appeal with a $1.73 quarterly dividend.

Strs Ohio cut its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 3.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 767,288 shares of the company's stock after selling 28,400 shares during the period. AbbVie accounts for 0.7% of Strs Ohio's holdings, making the stock its 19th largest position. Strs Ohio's holdings in AbbVie were worth $166,877,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the company. Chelsea Counsel Co. bought a new stake in AbbVie in the 3rd quarter valued at $26,000. Litman Gregory Wealth Management LLC bought a new position in AbbVie during the 4th quarter worth $28,000. Westend Capital Management LLC acquired a new stake in shares of AbbVie during the fourth quarter worth $29,000. Imprint Wealth LLC lifted its holdings in shares of AbbVie by 56.2% during the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company's stock worth $29,000 after buying an additional 45 shares in the last quarter. Finally, Texas Capital Bancshares Inc TX bought a new stake in shares of AbbVie in the third quarter valued at about $31,000. Institutional investors own 70.23% of the company's stock.

AbbVie Stock Performance

ABBV opened at $260.88 on Friday. AbbVie Inc. has a 52-week low of $184.63 and a 52-week high of $261.64. The firm has a market cap of $460.92 billion, a P/E ratio of 128.51, a price-to-earnings-growth ratio of 0.82 and a beta of 0.30. The business's fifty day moving average is $218.98 and its 200-day moving average is $220.02.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, beating analysts' consensus estimates of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.72 billion. During the same quarter in the previous year, the firm earned $2.46 earnings per share. AbbVie's revenue for the quarter was up 12.4% compared to the same quarter last year. On average, research analysts predict that AbbVie Inc. will post 14.28 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be given a $1.73 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $6.92 annualized dividend and a dividend yield of 2.7%. AbbVie's payout ratio is presently 340.89%.

Analyst Ratings Changes

Several equities analysts recently commented on ABBV shares. Wall Street Zen upgraded shares of AbbVie from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 27th. Guggenheim reissued a "buy" rating and issued a $249.00 price objective on shares of AbbVie in a report on Friday, May 1st. Morgan Stanley increased their target price on shares of AbbVie from $270.00 to $278.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Evercore set a $235.00 target price on shares of AbbVie in a report on Friday, May 15th. Finally, Sanford C. Bernstein reiterated a "market perform" rating on shares of AbbVie in a research report on Tuesday, June 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, AbbVie has a consensus rating of "Moderate Buy" and an average price target of $253.81.

Key Stories Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie said its ongoing post-market study for CoolSculpting Elite supports the aesthetics franchise, bolstering the outlook for a business that can diversify revenue beyond core pharma. AbbVie’s CoolSculpting Elite Study Update Strengthens Aesthetics Outlook
• Positive Sentiment: AbbVie’s venetoclax data in chronic lymphocytic leukemia added to confidence in the company’s hematology pipeline and long-term commercialization potential. AbbVie Inc. (ABBV) Hits New Milestone with Venetoclax on Chronic Lymphocytic Leukemia (CLL) Treatment
• Positive Sentiment: Commentary around AbbVie as a top dividend and value stock continues to highlight its strong cash flow, income appeal, and recent operating momentum. 3 Dividend Stocks to Buy Hand Over Fist in July
• Neutral Sentiment: Several articles framed AbbVie as an attractive long-term portfolio holding versus peers like Johnson & Johnson, but these pieces were largely comparative and not direct new catalysts. J&J or AbbVie: Which Stock Deserves a Place in Your Portfolio Now?
• Neutral Sentiment: Analyst estimate revisions were mixed but only slightly trimmed FY2027 earnings expectations, suggesting no major change to the fundamental view. AbbVie analyst estimate update
• Positive Sentiment: Coverage around AbbVie’s Apogee acquisition also pointed to a broader strategic moat and pipeline expansion, which can support sentiment on the stock. AbbVie: Apogee Deal Just Widened An Already Dominant Moat

AbbVie Company 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.