Weiss Asset Management LP Has $3.65 Million Stock Position in AbbVie Inc. $ABBV

Weiss Asset Management LP lifted its position in shares of AbbVie Inc. (NYSE:ABBV) by 272.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,765 shares of the company’s stock after purchasing an additional 12,268 shares during the quarter. Weiss Asset Management LP’s holdings in AbbVie were worth $3,646,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of ABBV. Bank of Jackson Hole Trust lifted its position in AbbVie by 0.6% in the fourth 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 during the period. Eclectic Associates Inc. ADV boosted its stake in AbbVie by 0.8% during the fourth quarter. Eclectic Associates Inc. ADV now owns 5,852 shares of the company’s stock worth $1,337,000 after buying an additional 45 shares in the last quarter. Imprint Wealth LLC increased its holdings in AbbVie by 56.2% in the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock valued at $29,000 after buying an additional 45 shares during the period. Dogwood Wealth Management LLC raised its stake in shares of AbbVie by 10.8% in the 4th quarter. Dogwood Wealth Management LLC now owns 473 shares of the company’s stock valued at $108,000 after buying an additional 46 shares in the last quarter. Finally, Quantum Private Wealth LLC raised its stake in shares of AbbVie by 2.0% in the 4th quarter. Quantum Private Wealth LLC now owns 2,376 shares of the company’s stock valued at $543,000 after buying an additional 46 shares in the last quarter. 70.23% of the stock is currently owned by 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

AbbVie Stock Down 0.1%

Shares of ABBV stock opened at $259.10 on Monday. The company has a market capitalization 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 Inc. has a 12-month low of $187.62 and a 12-month high of $261.64. The firm has a 50-day moving average price of $234.57 and a 200 day moving average price of $222.88.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.72 billion. During the same quarter last year, the business posted $2.46 earnings per share. The company’s revenue was up 12.4% on a year-over-year basis. As a group, research analysts expect that AbbVie Inc. will post 14.18 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be issued a dividend of $1.73 per share. This represents a $6.92 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Wednesday, July 15th. AbbVie’s dividend payout ratio (DPR) is currently 340.89%.

Analysts Set New Price Targets

A number of analysts recently weighed in on ABBV shares. HSBC reissued a “buy” rating and issued a $300.00 target price on shares of AbbVie in a research note on Monday, July 6th. Weiss Ratings restated a “hold (c)” rating on shares of AbbVie in a research note on Monday, June 8th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of AbbVie in a report on Tuesday, June 23rd. Bank of America upped their price objective on AbbVie from $234.00 to $276.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Finally, Royal Bank Of Canada increased their target price on AbbVie from $260.00 to $280.00 and gave the stock an “outperform” rating in a report on Friday, July 10th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, AbbVie has an average rating of “Moderate Buy” and an average target price 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.