AbbVie Inc. $ABBV is OMC Financial Services LTD’s 6th Largest Position

OMC Financial Services LTD lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 5.6% in the first quarter, Holdings Channel reports. The institutional investor owned 53,921 shares of the company’s stock after buying an additional 2,839 shares during the quarter. AbbVie accounts for approximately 4.5% of OMC Financial Services LTD’s portfolio, making the stock its 6th biggest position. OMC Financial Services LTD’s holdings in AbbVie were worth $11,727,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of AbbVie by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company’s stock valued at $41,306,353,000 after purchasing an additional 3,032,438 shares in the last quarter. State Street Corp increased its holdings in AbbVie by 1.4% in the fourth quarter. State Street Corp now owns 80,940,931 shares of the company’s stock valued at $18,494,193,000 after buying an additional 1,119,274 shares during the last quarter. Geode Capital Management LLC increased its holdings in AbbVie by 10.4% in the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock valued at $10,179,099,000 after buying an additional 4,190,487 shares during the last quarter. Bank of America Corp DE raised its stake in AbbVie by 1.4% during the fourth quarter. Bank of America Corp DE now owns 25,824,399 shares of the company’s stock valued at $5,900,617,000 after buying an additional 356,394 shares in the last quarter. Finally, Norges Bank acquired a new stake in AbbVie during the fourth quarter valued at approximately $5,865,055,000. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Down 0.8%

Shares of NYSE:ABBV traded down $1.91 during trading on Friday, hitting $248.00. 5,780,723 shares of the company traded hands, compared to its average volume of 8,942,850. The stock has a market capitalization of $438.17 billion, a price-to-earnings ratio of 122.17, a PEG ratio of 0.81 and a beta of 0.30. The business’s fifty day moving average is $225.42 and its 200-day moving average is $221.25. AbbVie Inc. has a one year low of $184.63 and a one 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 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 business had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.72 billion. During the same period in the prior year, the firm earned $2.46 EPS. The business’s quarterly revenue was up 12.4% on a year-over-year basis. On average, analysts forecast that AbbVie Inc. will post 14.39 EPS for the current year.

AbbVie Dividend Announcement

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

AbbVie News Roundup

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

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ABBV shares. Piper Sandler reiterated an “overweight” rating and issued a $298.00 target price on shares of AbbVie in a research report on Tuesday, June 23rd. 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. Royal Bank Of Canada lifted their price objective on shares of AbbVie from $260.00 to $280.00 and gave the stock an “outperform” rating in a report on Friday. Evercore set a $235.00 target price on shares of AbbVie in a research note on Friday, May 15th. Finally, Cantor Fitzgerald increased their target price on shares of AbbVie from $240.00 to $265.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $262.81.

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.