CI Investments Inc. Trims Holdings in AbbVie Inc. $ABBV

CI Investments Inc. lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 42.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 123,910 shares of the company’s stock after selling 89,801 shares during the period. CI Investments Inc.’s holdings in AbbVie were worth $26,949,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in ABBV. Litman Gregory Wealth Management LLC acquired a new position in shares of AbbVie in the 4th quarter valued at $28,000. Westend Capital Management LLC acquired a new stake in AbbVie during the fourth quarter valued at $29,000. Imprint Wealth LLC increased its holdings in AbbVie by 56.2% in the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock valued at $29,000 after buying an additional 45 shares in the last quarter. Legacy Wealth Managment LLC ID boosted its stake in shares of AbbVie by 115.9% during the 4th quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock worth $31,000 after acquiring an additional 73 shares in the last quarter. Finally, IFC & Insurance Marketing Inc. acquired a new stake in shares of AbbVie during the 4th quarter valued at about $31,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ABBV. Canaccord Genuity Group upped their price target on AbbVie from $273.00 to $282.00 and gave the stock a “buy” rating in a report on Wednesday. Morgan Stanley upped their price target on AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. BMO Capital Markets boosted their price objective on AbbVie from $258.00 to $300.00 and gave the stock an “outperform” rating in a research note on Monday, July 13th. UBS Group lifted their price target on AbbVie from $230.00 to $260.00 and gave the stock a “neutral” rating in a report on Monday, July 13th. Finally, Bank of America boosted their price target on shares of AbbVie from $234.00 to $276.00 and gave the company 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 given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $268.10.

Key Headlines Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Canaccord Genuity raised its price target on AbbVie to $282 from $273 and reiterated a buy rating, signaling confidence in further upside for AbbVie Inc. (ABBV). Benzinga report
• Positive Sentiment: AbbVie’s aesthetics business got a boost after Allergan Aesthetics received European Commission approval for Boey, expanding the company’s portfolio in Europe and potentially supporting future revenue growth. Yahoo Finance article
• Neutral Sentiment: Several recent articles characterized AbbVie as a strong buy-and-hold name and noted that the stock has recently outperformed the broader market, reinforcing a generally constructive long-term view. Yahoo Finance article
• Negative Sentiment: Investors are watching AbbVie’s Q2 oncology revenue closely, with analysts warning that weakness in Imbruvica may outweigh gains from Venclexta and newer cancer treatments, which could pressure results. Yahoo Finance article

AbbVie Price Performance

Shares of NYSE:ABBV opened at $253.75 on Thursday. The firm has a market capitalization of $448.32 billion, a PE ratio of 125.00, a price-to-earnings-growth ratio of 0.85 and a beta of 0.30. AbbVie Inc. has a 1 year low of $186.77 and a 1 year high of $261.64. The firm’s 50-day moving average is $232.69 and its two-hundred day moving average is $222.41.

AbbVie (NYSE:ABBV) last released its earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.59 by $0.06. The firm had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.AbbVie’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.46 EPS. Analysts expect that AbbVie Inc. will post 14.18 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be issued a dividend of $1.73 per share. This represents a $6.92 annualized dividend and a yield of 2.7%. The ex-dividend date is Wednesday, July 15th. AbbVie’s payout ratio is 340.89%.

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.