SVB Wealth LLC Sells 10,374 Shares of AbbVie Inc. $ABBV

Key Points

• SVB Wealth LLC reduced its AbbVie stake by 15.1% in the first quarter, selling 10,374 shares and leaving it with 58,289 shares worth about $12.7 million.
• AbbVie beat quarterly expectations, reporting EPS of $2.65 on revenue of $15 billion, both above analyst estimates, with revenue up 12.4% year over year.
• The company reiterated shareholder returns and growth momentum with a quarterly dividend of $1.73 per share and recent analyst support, while news also highlighted strategic moves like the $10.9 billion Apogee Therapeutics acquisition and EU approvals for key drugs.

SVB Wealth LLC decreased its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 15.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,289 shares of the company's stock after selling 10,374 shares during the quarter. AbbVie makes up 0.8% of SVB Wealth LLC's portfolio, making the stock its 24th largest position. SVB Wealth LLC's holdings in AbbVie were worth $12,677,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Chelsea Counsel Co. purchased a new stake in shares of AbbVie in the third quarter valued at approximately $26,000. Litman Gregory Wealth Management LLC purchased a new position in AbbVie during the 4th quarter worth $28,000. Imprint Wealth LLC increased its holdings in AbbVie by 56.2% during the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company's stock worth $29,000 after purchasing an additional 45 shares during the period. Westend Capital Management LLC bought a new stake in AbbVie during the 4th quarter valued at $29,000. Finally, IFC & Insurance Marketing Inc. purchased a new stake in shares of AbbVie in the 4th quarter worth $31,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Up 2.2%

NYSE ABBV opened at $235.04 on Wednesday. AbbVie Inc. has a 52 week low of $181.73 and a 52 week high of $244.81. The company has a 50 day moving average price of $213.07 and a 200 day moving average price of $218.79. The firm has a market cap of $415.27 billion, a PE ratio of 115.78, a price-to-earnings-growth ratio of 0.70 and a beta of 0.32.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, topping 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 net margin of 5.79% and a negative return on equity of 576.45%. The business's revenue for the quarter was up 12.4% on a year-over-year basis. During the same period in the previous year, the company earned $2.46 earnings per share. On average, equities research analysts anticipate that AbbVie Inc. will post 14.3 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be given a dividend of $1.73 per share. This represents a $6.92 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, July 15th. AbbVie's dividend payout ratio is currently 340.89%.

Analyst Upgrades and Downgrades

ABBV has been the topic of a number of recent research reports. Weiss Ratings reissued a "hold (c)" rating on shares of AbbVie in a research report on Monday, June 8th. DZ Bank upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 30th. Sanford C. Bernstein reaffirmed a "market perform" rating on shares of AbbVie in a research note on Tuesday. William Blair reiterated an "outperform" rating on shares of AbbVie in a report on Monday, March 9th. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of AbbVie in a research report on Tuesday. Three investment 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $253.81.

AbbVie News Summary

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie agreed to buy Apogee Therapeutics for about $10.9 billion in cash, a move that adds late-stage candidates for atopic dermatitis and asthma and is being viewed as a strategic boost to AbbVie’s immunology franchise. Reuters: AbbVie strikes $10.9 billion deal for Apogee Therapeutics
• Positive Sentiment: Analysts said the Apogee deal could pay off over the long term despite some near-term dilution, since it deepens AbbVie’s immunology pipeline and supports growth beyond Humira. Benzinga: AbbVie’s Costly Apogee Acquisition Has Long-Term Upside: Analyst
• Positive Sentiment: AbbVie also secured European Commission approval for SKYRIZI in pediatric plaque psoriasis, expanding the drug’s addressable market and reinforcing momentum behind one of the company’s key growth products. Yahoo Finance: AbbVie Announces European Commission Approval of SKYRIZI
• Positive Sentiment: The European Commission also approved MAVIRET for acute hepatitis C infection, giving AbbVie a broader EU label for the antiviral and potentially supporting incremental international sales. PR Newswire: AbbVie Announces European Commission Approval of MAVIRET
• Positive Sentiment: Piper Sandler reaffirmed an overweight rating and lifted its price target to $298, signaling continued Wall Street confidence in AbbVie’s growth outlook. Benzinga reference

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.

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