Cypress Capital Group Has $24.02 Million Stake in AbbVie Inc. $ABBV

Cypress Capital Group trimmed its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.9% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 110,435 shares of the company’s stock after selling 2,179 shares during the period. AbbVie accounts for 2.7% of Cypress Capital Group’s portfolio, making the stock its 4th largest holding. Cypress Capital Group’s holdings in AbbVie were worth $24,019,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of ABBV. Litman Gregory Wealth Management LLC purchased a new position in shares of AbbVie during the fourth quarter valued at about $28,000. Westend Capital Management LLC bought a new stake in shares of AbbVie in the fourth quarter worth about $29,000. Imprint Wealth LLC lifted its position in shares of 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. Legacy Wealth Managment LLC ID lifted its position in shares of AbbVie by 115.9% in the fourth quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock worth $31,000 after buying an additional 73 shares in the last quarter. Finally, IFC & Insurance Marketing Inc. bought a new position in AbbVie during the fourth quarter valued at approximately $31,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Trading Up 0.8%

ABBV opened at $259.10 on Friday. The stock has a 50-day moving average of $234.57 and a 200 day moving average of $222.86. AbbVie Inc. has a 12 month low of $187.62 and a 12 month high of $261.64. The firm has a market cap of $457.78 billion, a P/E ratio of 127.64, a P/E/G ratio of 0.86 and a beta of 0.30.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data 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 business had revenue of $15 billion for 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 company’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same period in the prior year, the business posted $2.46 earnings per share. On average, research analysts forecast that AbbVie Inc. will post 14.18 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced 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 of this dividend is Wednesday, July 15th. This represents a $6.92 annualized dividend and a dividend yield of 2.7%. AbbVie’s payout ratio is currently 340.89%.

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

Analysts Set New Price Targets

ABBV has been the subject of several research analyst reports. JPMorgan Chase & Co. raised their price target on AbbVie from $260.00 to $280.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Cantor Fitzgerald upped their price objective on AbbVie from $240.00 to $265.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Sanford C. Bernstein reiterated a “market perform” rating on shares of AbbVie in a research report on Tuesday, June 23rd. Evercore set a $235.00 target price on shares of AbbVie in a report on Friday, May 15th. Finally, Citigroup boosted their price target on shares of AbbVie from $230.00 to $260.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. Two 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.com, AbbVie presently has a consensus rating of “Moderate Buy” and an average price target of $268.10.

AbbVie 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.