Bank of New York Mellon Corp Sells 221,190 Shares of AbbVie Inc. $ABBV

Bank of New York Mellon Corp trimmed its stake in AbbVie Inc. (NYSE:ABBV) by 1.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,278,161 shares of the company’s stock after selling 221,190 shares during the quarter. AbbVie accounts for 0.5% of Bank of New York Mellon Corp’s portfolio, making the stock its 27th biggest holding. Bank of New York Mellon Corp’s holdings in AbbVie were worth $2,887,867,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. Bank of Jackson Hole Trust boosted its stake in AbbVie by 0.6% in the 4th quarter. Bank of Jackson Hole Trust now owns 7,213 shares of the company’s stock worth $1,648,000 after purchasing an additional 44 shares in the last quarter. Eclectic Associates Inc. ADV grew its position in AbbVie by 0.8% during the 4th quarter. Eclectic Associates Inc. ADV now owns 5,852 shares of the company’s stock valued at $1,337,000 after purchasing an additional 45 shares during the last quarter. Imprint Wealth LLC increased its stake in AbbVie by 56.2% during the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock valued at $29,000 after purchasing an additional 45 shares in the last quarter. Hardin Capital Partners LLC raised its holdings in AbbVie by 1.4% in the fourth quarter. Hardin Capital Partners LLC now owns 3,321 shares of the company’s stock worth $759,000 after buying an additional 46 shares during the last quarter. Finally, Dogwood Wealth Management LLC raised its holdings in 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 last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

More AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie’s long-term safety and efficacy extension data for Bimatoprost SR could strengthen the case for its glaucoma pipeline if results continue to show durable safety and benefit. AbbVie’s Bimatoprost SR Extension Data: Why Long-Term Glaucoma Safety Matters for Investors
• Positive Sentiment: Analyst commentary highlighted confidence in AbbVie’s ability to replace Humira revenue, with Skyrizi and Rinvoq helping ease concerns about the company’s long-term earnings outlook. Should You Buy, Sell or Hold ABBV Stock After Its 9% YTD Rise?
• Positive Sentiment: AbbVie has also been described as a trending stock, suggesting elevated investor attention that can reinforce momentum in the shares. AbbVie Inc. (ABBV) Is a Trending Stock: Facts to Know Before Betting on It
• Positive Sentiment: Separate technical coverage pointed to a bullish “golden cross” setup, which may be encouraging traders looking for continued upside momentum in AbbVie. AbbVie vs Baxter: One Golden Cross Is Real, One Is a Trap
• Neutral Sentiment: AbbVie was the target of unusually heavy call-option buying, which shows speculation and near-term trading interest but does not by itself confirm fundamental strength.
• Neutral Sentiment: Some valuation-focused commentary said the stock may be fully priced after its multi-year run, which could temper enthusiasm even as the growth story remains intact. AbbVie (ABBV) Stock Looks Fully Priced After A 152% Run
• Negative Sentiment: Reports that AbbVie has extended a slide for multiple sessions suggest some traders have been taking profits or reacting to valuation concerns in the near term. AbbVie extends slide to a seventh straight session

Analysts Set New Price Targets

ABBV has been the topic of a number of recent analyst reports. Morgan Stanley increased their price target on shares of AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. BMO Capital Markets boosted their price objective on shares of AbbVie from $258.00 to $300.00 and gave the stock an “outperform” rating in a report on Monday. Royal Bank Of Canada upped their price objective on AbbVie from $260.00 to $280.00 and gave the company an “outperform” rating in a research report on Friday, July 10th. Wall Street Zen downgraded AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 5th. Finally, HSBC reissued a “buy” rating and issued a $300.00 target price on shares of AbbVie 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 stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $267.67.

AbbVie Stock Down 0.2%

ABBV stock opened at $244.21 on Thursday. The stock has a market cap of $431.47 billion, a P/E ratio of 120.30, a PEG ratio of 0.81 and a beta of 0.30. AbbVie Inc. has a twelve month low of $184.63 and a twelve month high of $261.64. The business’s 50-day moving average price is $227.70 and its 200-day moving average price is $221.54.

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 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 during the quarter, compared to analyst estimates of $14.72 billion. During the same quarter in the prior year, the business posted $2.46 EPS. AbbVie’s revenue for the quarter was up 12.4% compared to the same quarter last year. On average, equities research analysts expect that AbbVie Inc. will post 14.22 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be given a dividend of $1.73 per share. The ex-dividend date is Wednesday, July 15th. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.8%. 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.