Peapack Gladstone Financial Corp Has $49.27 Million Holdings in AbbVie Inc. $ABBV

Peapack Gladstone Financial Corp lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 1.1% during the fourth quarter, HoldingsChannel reports. The fund owned 215,639 shares of the company’s stock after selling 2,321 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in AbbVie were worth $49,271,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Chelsea Counsel Co. acquired a new stake in shares of AbbVie in the 3rd quarter worth about $26,000. Westend Capital Management LLC acquired a new stake in shares of AbbVie in the 4th quarter worth about $29,000. Texas Capital Bancshares Inc TX acquired a new stake in shares of AbbVie in the 3rd quarter worth about $31,000. Legacy Wealth Managment LLC ID raised its holdings 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 acquiring an additional 73 shares during the last quarter. Finally, WestEnd Advisors LLC raised its holdings in shares of AbbVie by 160.4% in the 4th quarter. WestEnd Advisors LLC now owns 138 shares of the company’s stock worth $32,000 after acquiring an additional 85 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

More AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie received U.S. FDA approval for DECNUPAZ, its first ADC approved for blood cancer, opening a new potential revenue stream in a highly specialized oncology market. U.S. FDA Approves DECNUPAZTM (pivekimab sunirine-pvzy) for Treatment of Adult Patients with Blastic Plasmacytoid Dendritic Cell Neoplasm, an Ultra-Rare and Aggressive Blood Cancer With Limited Treatment Options
• Positive Sentiment: The European Commission expanded the VENCLYXTO label in untreated CLL, broadening use of an established oncology drug and potentially supporting international sales. AbbVie Announces European Commission Authorization of Expanded Label for VENCLYXTO® (venetoclax) to Include Additional Combinations in Previously Untreated Chronic Lymphocytic Leukemia
• Positive Sentiment: AbbVie advanced ABBV-519 into first-in-human testing, signaling continued momentum in its immunology pipeline. AbbVie Inc. (ABBV) Presents at EU Clinical Trial Regulation: Latest Developments and Upcoming Opportunities Transcript
• Neutral Sentiment: Recent articles note ABBV has outperformed since its last earnings report and remains viewed as reasonably valued by some analysts, but these are more commentary than fresh business catalysts. AbbVie (ABBV) Up 3.5% Since Last Earnings Report: Can It Continue?

AbbVie Stock Up 0.0%

Shares of ABBV stock opened at $217.83 on Monday. The company has a 50 day moving average of $208.43 and a 200-day moving average of $219.67. AbbVie Inc. has a 12-month low of $181.73 and a 12-month high of $244.81. The firm has a market cap of $384.85 billion, a P/E ratio of 107.30, a PEG ratio of 0.75 and a beta of 0.32.

AbbVie (NYSE:ABBV) last issued 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. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.72 billion. During the same quarter last year, the business posted $2.46 EPS. AbbVie’s quarterly revenue was up 12.4% compared to the same quarter last year. As a group, equities analysts expect that AbbVie Inc. will post 14.3 EPS for the current year.

Insider Activity

In other news, SVP David Ryan Purdue sold 5,230 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $233.56, for a total transaction of $1,221,518.80. Following the completion of the sale, the senior vice president owned 2,654 shares in the company, valued at $619,868.24. This trade represents a 66.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.06% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. DZ Bank upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Piper Sandler increased their price objective on shares of AbbVie from $294.00 to $298.00 and gave the company an “overweight” rating in a research note on Thursday, May 14th. Wall Street Zen upgraded shares of AbbVie from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Royal Bank Of Canada assumed coverage on shares of AbbVie in a research note on Tuesday, February 24th. They issued an “outperform” rating and a $260.00 price objective for the company. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of AbbVie in a research note on Monday, March 9th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $253.43.

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.