Carnegie Investment Counsel Buys 18,381 Shares of AbbVie Inc. $ABBV

Carnegie Investment Counsel lifted its stake in AbbVie Inc. (NYSE:ABBV) by 11.2% in the first quarter, HoldingsChannel reports. The institutional investor owned 182,001 shares of the company’s stock after buying an additional 18,381 shares during the quarter. Carnegie Investment Counsel’s holdings in AbbVie were worth $37,523,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of ABBV. Chelsea Counsel Co. bought a new stake in shares of AbbVie in the 3rd quarter worth about $26,000. Litman Gregory Wealth Management LLC bought a new position in AbbVie during the 4th quarter valued at about $28,000. Westend Capital Management LLC acquired a new position in AbbVie in the fourth quarter valued at about $29,000. Imprint Wealth LLC grew its stake in 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 during the last quarter. Finally, Texas Capital Bancshares Inc TX acquired a new stake in shares of AbbVie during the third quarter worth approximately $31,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

More AbbVie News

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

AbbVie Stock Performance

ABBV traded down $1.91 during mid-day trading on Friday, reaching $248.00. The stock had a trading volume of 5,780,723 shares, compared to its average volume of 8,942,850. The firm’s fifty day simple moving average is $225.42 and its two-hundred day simple moving average is $221.25. The stock has a market capitalization of $438.17 billion, a P/E ratio of 122.17, a P/E/G ratio of 0.81 and a beta of 0.30. AbbVie Inc. has a 52 week low of $184.63 and a 52 week high of $261.64.

AbbVie (NYSE:ABBV) last released its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, topping 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 company 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 company posted $2.46 earnings per share. The firm’s quarterly revenue was up 12.4% on a year-over-year basis. As a group, analysts expect that AbbVie Inc. will post 14.3 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be given a dividend of $1.73 per share. The ex-dividend date is Wednesday, July 15th. This represents a $6.92 dividend on an annualized basis and a yield of 2.8%. AbbVie’s dividend payout ratio is presently 340.89%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Wells Fargo & Company boosted their target price on AbbVie from $260.00 to $295.00 and gave the stock an “overweight” rating in a report on Friday. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 5th. Piper Sandler restated an “overweight” rating and set a $298.00 target price on shares of AbbVie in a report on Tuesday, June 23rd. Bank of America lifted their price target on AbbVie from $234.00 to $276.00 and gave the company a “buy” rating in a report on Friday. Finally, JPMorgan Chase & Co. raised their price objective on shares of AbbVie from $260.00 to $280.00 and gave the company an “overweight” rating in a research report on Thursday. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $262.81.

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.