Vise Technologies Inc. Acquires 25,198 Shares of AbbVie Inc. $ABBV

Key Points

• Vise Technologies Inc. boosted its AbbVie stake by 58.7% in the fourth quarter, buying 25,198 additional shares and bringing its total holdings to 68,156 shares worth about $15.6 million.
• AbbVie shares were up 3.5% to $224.81, and the company continues to attract significant institutional ownership, with institutions holding 70.23% of its stock.
• The company recently beat quarterly expectations, reporting $2.65 EPS on $15 billion in revenue, while analysts maintain a Moderate Buy consensus with an average price target of $253.43.

Vise Technologies Inc. increased its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 58.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,156 shares of the company's stock after acquiring an additional 25,198 shares during the period. Vise Technologies Inc.'s holdings in AbbVie were worth $15,573,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Chelsea Counsel Co. bought a new stake in AbbVie during the third quarter worth about $26,000. Westend Capital Management LLC bought a new stake in AbbVie during the fourth quarter worth about $29,000. Texas Capital Bancshares Inc TX bought a new position in shares of AbbVie in the third quarter worth approximately $31,000. Legacy Wealth Managment LLC ID lifted its stake in shares of AbbVie by 115.9% in 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 lifted its stake in shares of AbbVie by 160.4% in 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. Institutional investors own 70.23% of the company's stock.

AbbVie Stock Up 3.5%

Shares of AbbVie stock opened at $224.81 on Friday. The company has a market cap of $397.19 billion, a price-to-earnings ratio of 110.74, a price-to-earnings-growth ratio of 0.66 and a beta of 0.32. The company's 50 day moving average is $209.43 and its 200 day moving average is $219.30. AbbVie Inc. has a twelve month low of $181.73 and a twelve month high of $244.81.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data 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. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The firm had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.72 billion. During the same period in the prior year, the company posted $2.46 earnings per share. The company's revenue for the quarter was up 12.4% compared to the same quarter last year. Sell-side analysts expect that AbbVie Inc. will post 14.3 EPS for the current fiscal year.

AbbVie News Summary

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie’s ovarian cancer drug Elahere received a green light from the UK’s NHS, expanding access in a hard-to-treat cancer market and reinforcing the drug’s commercial potential. British drug-cost watchdog recommends use of AbbVie's ovarian cancer therapy
• Positive Sentiment: AbbVie also won European approval for Aquipta as a migraine treatment, adding another approved indication and supporting future sales growth for its neurology franchise. AbbVie receives EC approval for Aquipta to treat migraine
• Positive Sentiment: Analyst-style coverage highlighted AbbVie as a “cheap stock” and a potentially undervalued name, which can support investor sentiment around the stock’s longer-term upside. 5 Best Cheap Stocks to Buy for Beginners
• Neutral Sentiment: AbbVie completed several study updates, including a real-world upadacitinib study in China and a bioavailability study for ABBV-932, which are supportive for the pipeline but not immediate commercial catalysts. AbbVie Completes Real World Upadacitinib Study in China AbbVie Advances ABBV-932 With Completed Bioavailability Study
• Negative Sentiment: AbbVie ended an early lung-cancer trial for ABBV-647, which slightly trims one oncology upside avenue, even though it does not change the broader growth story. AbbVie Ends Early Lung Cancer Trial for ABBV-647

Analyst Ratings Changes

Several research analysts have recently issued reports on ABBV shares. UBS Group dropped their target price on shares of AbbVie from $240.00 to $230.00 and set a "neutral" rating on the stock in a research note on Thursday, February 5th. Morgan Stanley upped their target price on shares of AbbVie from $270.00 to $278.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $240.00 target price on shares of AbbVie in a research note on Thursday, April 30th. Sanford C. Bernstein reiterated a "market perform" rating on shares of AbbVie in a research note on Thursday, February 5th. Finally, Evercore set a $235.00 target price on shares of AbbVie in a research note on Friday, May 15th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $253.43.

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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