Glenview Trust Co Buys 5,930 Shares of AbbVie Inc. $ABBV

Glenview Trust Co lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 421,257 shares of the company’s stock after buying an additional 5,930 shares during the quarter. AbbVie comprises 1.4% of Glenview Trust Co’s portfolio, making the stock its 18th largest position. Glenview Trust Co’s holdings in AbbVie were worth $91,619,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in ABBV. Litman Gregory Wealth Management LLC purchased a new stake in AbbVie in the fourth quarter worth $28,000. Westend Capital Management LLC bought a new stake in shares of AbbVie during the 4th quarter valued at $29,000. Imprint Wealth LLC grew its position in shares of AbbVie by 56.2% in the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after buying an additional 45 shares during the period. Legacy Wealth Managment LLC ID grew its position in shares of AbbVie by 115.9% in the 4th quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock worth $31,000 after buying an additional 73 shares during the period. Finally, IFC & Insurance Marketing Inc. bought a new position in shares of AbbVie in the 4th quarter worth about $31,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of recent research reports. Guggenheim lifted their price target on shares of AbbVie from $249.00 to $261.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. DZ Bank upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Citigroup raised their target price on shares of AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Evercore set a $235.00 target price on shares of AbbVie in a report on Friday, May 15th. Finally, Bank of America boosted their price target on AbbVie from $234.00 to $276.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $267.67.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $253.37 on Tuesday. The business has a fifty day moving average price of $230.81 and a 200-day moving average price of $222.04. The company has a market capitalization of $447.66 billion, a PE ratio of 124.81, a PEG ratio of 0.84 and a beta of 0.30. AbbVie Inc. has a 1-year low of $184.63 and a 1-year high of $261.64.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results 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. The company had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. AbbVie’s revenue was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.46 EPS. On average, sell-side analysts anticipate that AbbVie Inc. will post 14.18 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be issued 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 dividend yield of 2.7%. AbbVie’s dividend payout ratio is presently 340.89%.

Key Headlines Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie reported quiet but meaningful pipeline progress in its ABBV-8736 injection study, which could support longer-term growth expectations if the program continues to advance. AbbVie’s ABBV-8736 Injection Study Signals Quiet But Meaningful Pipeline Progress
• Positive Sentiment: Some coverage says AbbVie should be able to preserve its dividend even after the $10.9 billion Apogee acquisition because the deal is being funded with debt rather than cash, reducing immediate pressure on reserves. How Will AbbVie’s $10.9 Billion Acquisition of Apogee Impact Its Dividend?
• Neutral Sentiment: Broker coverage and article commentary pointed to higher earnings estimates for AbbVie, but also noted the stock may be stretched versus its growth outlook, leaving the market split on whether upside is already priced in. Erste Group Bank Brokers Boost Earnings Estimates for AbbVie
• Neutral Sentiment: Broader pharma commentary placed AbbVie alongside other large drugmakers and suggested it has outperformed the S&P 500, but also described its valuation as relatively elevated compared with growth expectations. 3 Biggest Pharma Giants: Buy, Sell or Hold?
• Negative Sentiment: Some market commentary around AbbVie’s eye-care exposure raised questions about whether the company is pulling back from that segment, which could signal strategic uncertainty for part of its portfolio. BLOG: Exit stage left: Is AbbVie leaving eye care?

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.