Gateway Wealth Partners LLC Boosts Holdings in AbbVie Inc. $ABBV

Gateway Wealth Partners LLC raised its position in shares of AbbVie Inc. (NYSE:ABBV) by 787.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,993 shares of the company’s stock after acquiring an additional 25,727 shares during the period. Gateway Wealth Partners LLC’s holdings in AbbVie were worth $6,305,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of AbbVie in the 4th quarter worth $5,865,055,000. Wellington Management Group LLP grew its position in AbbVie by 457.4% during the 3rd quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company’s stock worth $2,439,714,000 after purchasing an additional 8,646,424 shares during the last quarter. Capital World Investors increased its stake in AbbVie by 106.3% during the 4th quarter. Capital World Investors now owns 13,071,444 shares of the company’s stock valued at $2,986,777,000 after purchasing an additional 6,736,161 shares in the last quarter. Cardano Risk Management B.V. raised its holdings in shares of AbbVie by 914.6% in the fourth quarter. Cardano Risk Management B.V. now owns 5,444,930 shares of the company’s stock worth $1,244,112,000 after buying an additional 4,908,260 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of AbbVie by 10.4% during the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock worth $10,179,099,000 after buying an additional 4,190,487 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting 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

Analyst Ratings Changes

Several analysts have weighed in on ABBV shares. Canaccord Genuity Group boosted their price target on AbbVie from $273.00 to $282.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Bank of America increased their price target on AbbVie from $234.00 to $276.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. UBS Group lifted their price objective on AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a research note on Monday, July 13th. BMO Capital Markets upped their target price on AbbVie from $258.00 to $300.00 and gave the stock an “outperform” rating in a research note on Monday, July 13th. Finally, Morgan Stanley raised their target price on AbbVie from $270.00 to $278.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $268.10.

AbbVie Stock Performance

NYSE ABBV opened at $259.10 on Monday. The company 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. The business has a fifty day moving average price of $234.57 and a 200 day moving average price of $222.88. AbbVie Inc. has a one year low of $187.62 and a one year high of $261.64.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $14.72 billion. During the same quarter last year, the firm earned $2.46 earnings per share. The firm’s quarterly revenue was up 12.4% compared to the same quarter last year. As a group, sell-side analysts predict that AbbVie Inc. will post 14.18 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be paid 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 yield of 2.7%. AbbVie’s dividend payout ratio is 340.89%.

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.