Cumberland Partners Ltd Reduces Holdings in AbbVie Inc. $ABBV

Cumberland Partners Ltd cut its position in AbbVie Inc. (NYSE:ABBV) by 36.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,507 shares of the company’s stock after selling 14,525 shares during the quarter. Cumberland Partners Ltd’s holdings in AbbVie were worth $5,548,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Ranch Capital Advisors Inc. increased its stake in shares of AbbVie by 37.0% during the 1st quarter. Ranch Capital Advisors Inc. now owns 14,888 shares of the company’s stock worth $3,238,000 after purchasing an additional 4,017 shares in the last quarter. Waycross Partners LLC increased its position in AbbVie by 2.9% during the fourth quarter. Waycross Partners LLC now owns 182,476 shares of the company’s stock worth $41,694,000 after buying an additional 5,063 shares in the last quarter. Calamos Advisors LLC raised its holdings in shares of AbbVie by 3.4% in the fourth quarter. Calamos Advisors LLC now owns 466,290 shares of the company’s stock worth $106,543,000 after acquiring an additional 15,458 shares during the last quarter. Savvy Advisors Inc. lifted its position in shares of AbbVie by 22.2% in the fourth quarter. Savvy Advisors Inc. now owns 36,568 shares of the company’s stock valued at $8,355,000 after acquiring an additional 6,646 shares in the last quarter. Finally, Bingham Private Wealth LLC purchased a new stake in shares of AbbVie in the fourth quarter valued at $1,147,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of recent research reports. Wells Fargo & Company lifted their price objective on AbbVie from $260.00 to $295.00 and gave the stock an “overweight” rating in a research report on Friday, July 10th. Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a research note on Monday, June 8th. Royal Bank Of Canada lifted their target price on shares of AbbVie from $260.00 to $280.00 and gave the stock an “outperform” rating in a research note on Friday, July 10th. Guggenheim boosted their price target on AbbVie from $249.00 to $261.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Finally, Bank of America raised their price objective on AbbVie from $234.00 to $276.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and an average price target of $268.10.

AbbVie Stock Up 0.8%

ABBV stock opened at $259.10 on Friday. The company has a market cap of $457.78 billion, a price-to-earnings ratio of 127.64, a PEG ratio of 0.85 and a beta of 0.30. The business has a fifty day simple moving average of $234.57 and a 200-day simple moving average of $222.86. AbbVie Inc. has a 52 week low of $187.62 and a 52 week high of $261.64.

AbbVie (NYSE:ABBV) last posted 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 during the quarter, compared to the consensus estimate of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The firm’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.46 earnings per share. As a group, analysts expect that AbbVie Inc. will post 14.18 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be issued 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 2.7%. AbbVie’s payout ratio is presently 340.89%.

Trending Headlines about AbbVie

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

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.