Dai ichi Life Insurance Company Ltd Sells 18,953 Shares of AbbVie Inc. $ABBV

Dai ichi Life Insurance Company Ltd trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 12.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 139,196 shares of the company’s stock after selling 18,953 shares during the quarter. AbbVie makes up about 0.9% of Dai ichi Life Insurance Company Ltd’s investment portfolio, making the stock its 20th largest holding. Dai ichi Life Insurance Company Ltd’s holdings in AbbVie were worth $30,274,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Bank of Jackson Hole Trust lifted its position in AbbVie by 0.6% during the fourth quarter. Bank of Jackson Hole Trust now owns 7,213 shares of the company’s stock valued at $1,648,000 after purchasing an additional 44 shares in the last quarter. Eclectic Associates Inc. ADV increased its position in AbbVie by 0.8% in the fourth quarter. Eclectic Associates Inc. ADV now owns 5,852 shares of the company’s stock worth $1,337,000 after buying an additional 45 shares in the last quarter. Imprint Wealth LLC increased its position in AbbVie by 56.2% in the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after buying an additional 45 shares in the last quarter. Dogwood Wealth Management LLC raised its stake in shares of AbbVie by 10.8% in the fourth quarter. Dogwood Wealth Management LLC now owns 473 shares of the company’s stock worth $108,000 after buying an additional 46 shares during the period. Finally, Quantum Private Wealth LLC lifted its position in shares of AbbVie by 2.0% during the 4th quarter. Quantum Private Wealth LLC now owns 2,376 shares of the company’s stock valued at $543,000 after buying an additional 46 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie News Roundup

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie is expected to report earnings next week, and several market write-ups highlight the stock as a potential winner if results or guidance beat expectations. Analysts also noted the shares may have room to rise if the company delivers on revenue and profit growth. AbbVie (ABBV) Earnings Expected to Grow: What to Know Ahead of Next Week’s Release
• Positive Sentiment: Canaccord Genuity reiterated a constructive view on AbbVie, with a report saying the stock price is expected to rise, which may be helping sentiment around the name. AbbVie (NYSE:ABBV) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says
• Neutral Sentiment: AbbVie also announced progress on early-stage pipeline work for nacresertib and ABBV-313, but these updates are preliminary and are unlikely to move the stock as much as late-stage clinical data. AbbVie Advances Nacresertib With Key Drug–Drug Interaction Study AbbVie’s ABBV-313 Phase 1 Trial: What Early Safety Work Means for Investors
• Negative Sentiment: AbbVie and Genmab said the Phase 3 EPCORE DLBCL-1 trial for lymphoma drug epcoritamab missed its sole U.S. primary endpoint, a setback that could weigh on sentiment toward the company’s oncology pipeline. Genmab, AbbVie Say Lymphoma Drug Failed to Meet Primary Endpoint in Phase 3 Trial

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ABBV shares. Wells Fargo & Company boosted their price objective on AbbVie from $260.00 to $295.00 and gave the company an “overweight” rating in a research note on Friday, July 10th. Evercore set a $235.00 price target on shares of AbbVie in a report on Friday, May 15th. JPMorgan Chase & Co. upped their price target on shares of AbbVie from $260.00 to $280.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Piper Sandler reissued an “overweight” rating and issued a $298.00 price objective on shares of AbbVie in a research note on Tuesday, June 23rd. Finally, Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 5th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $268.10.

AbbVie Trading Up 0.8%

Shares of ABBV opened at $259.10 on Friday. The business’s 50 day moving average is $234.57 and its 200 day moving average is $222.86. The company has a market capitalization of $457.78 billion, a PE ratio of 127.64, a price-to-earnings-growth ratio of 0.85 and a beta of 0.30. AbbVie Inc. has a 12-month low of $187.62 and a 12-month high of $261.64.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 EPS 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 for the quarter, compared to analysts’ expectations of $14.72 billion. During the same period in the previous year, the firm earned $2.46 EPS. The firm’s revenue was up 12.4% compared to the same quarter last year. Equities research analysts predict that AbbVie Inc. will post 14.18 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be paid a dividend of $1.73 per share. This represents a $6.92 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Wednesday, July 15th. AbbVie’s dividend payout ratio (DPR) is presently 340.89%.

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.