Marietta Investment Partners LLC Sells 3,364 Shares of AbbVie Inc. $ABBV

Marietta Investment Partners LLC reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 9.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 34,067 shares of the company’s stock after selling 3,364 shares during the quarter. AbbVie makes up approximately 1.5% of Marietta Investment Partners LLC’s holdings, making the stock its 18th biggest holding. Marietta Investment Partners LLC’s holdings in AbbVie were worth $7,784,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Chelsea Counsel Co. bought a new stake in AbbVie during the 3rd quarter valued at $26,000. Westend Capital Management LLC bought a new stake in AbbVie during the 4th quarter valued at $29,000. Texas Capital Bancshares Inc TX bought a new stake in AbbVie during the 3rd quarter valued at $31,000. Legacy Wealth Managment LLC ID raised its holdings in AbbVie by 115.9% during the 4th quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock valued at $31,000 after buying an additional 73 shares during the last quarter. Finally, WestEnd Advisors LLC raised its holdings in AbbVie by 160.4% in the 4th quarter. WestEnd Advisors LLC now owns 138 shares of the company’s stock worth $32,000 after purchasing an additional 85 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

Key Headlines Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: The UK drug-cost watchdog recommended AbbVie’s ovarian cancer therapy Elahere for patients with a hard-to-treat form of ovarian cancer, boosting the drug’s commercial prospects in a key market. British drug-cost watchdog recommends use of AbbVie’s ovarian cancer therapy
• Positive Sentiment: AbbVie won EU approval for AQUIPTA (atogepant) as an acute treatment for migraine in adults, adding a second approved migraine indication and expanding the drug’s revenue opportunity. AbbVie Gets EU Nod for Aquipta as Acute Treatment for Migraine
• Positive Sentiment: The European Commission also authorized an expanded label for VENCLYXTO, which could broaden use in combination therapies and support oncology sales. AbbVie Inc. (ABBV) Announces EC Authorization of Expanded Label for VENCLYXTO®
• Positive Sentiment: AbbVie’s update on a Japan safety study for RINVOQ drew attention to ongoing development and post-market monitoring, though the details appear to be part of routine clinical follow-up rather than a major catalyst. AbbVie’s RINVOQ Safety Study In Japan
• Neutral Sentiment: AbbVie also said it will present at the Goldman Sachs healthcare conference next week, which usually keeps investors focused on management commentary but is not a direct business update. AbbVie to Present at the Goldman Sachs 47th Annual Global Healthcare Conference

AbbVie Stock Performance

Shares of ABBV stock opened at $217.24 on Thursday. AbbVie Inc. has a one year low of $181.73 and a one year high of $244.81. The company’s 50-day moving average is $209.03 and its 200 day moving average is $219.35. The company has a market capitalization of $383.82 billion, a price-to-earnings ratio of 107.02, a price-to-earnings-growth ratio of 0.66 and a beta of 0.32.

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, beating analysts’ consensus estimates of $2.59 by $0.06. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The business’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter last year, the firm posted $2.46 EPS. As a group, research analysts predict that AbbVie Inc. will post 14.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. William Blair restated an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. BMO Capital Markets restated an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Bank of America upgraded shares of AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 price objective for the company in a report on Thursday, April 30th. Canaccord Genuity Group upped their price objective on shares of AbbVie from $262.00 to $265.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Finally, Guggenheim restated a “buy” rating and issued a $249.00 price objective on shares of AbbVie in a report on Friday, May 1st. Three research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $253.43.

AbbVie Company 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.