CrossGen Wealth LLC Invests $1.17 Million in AbbVie Inc. $ABBV

CrossGen Wealth LLC acquired a new stake in shares of AbbVie Inc. (NYSE:ABBV) in the 4th quarter, HoldingsChannel.com reports. The firm acquired 5,117 shares of the company’s stock, valued at approximately $1,169,000. AbbVie accounts for about 1.0% of CrossGen Wealth LLC’s investment portfolio, making the stock its 29th biggest position.

A number of other institutional investors have also recently made changes to their positions in ABBV. Norges Bank purchased a new stake in AbbVie in the fourth quarter valued at about $5,865,055,000. Wellington Management Group LLP grew its stake in shares of AbbVie by 457.4% during the third quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company’s stock worth $2,439,714,000 after acquiring an additional 8,646,424 shares during the last quarter. Capital World Investors grew its stake in shares of AbbVie by 106.3% during the fourth quarter. Capital World Investors now owns 13,071,444 shares of the company’s stock worth $2,986,777,000 after acquiring an additional 6,736,161 shares during the last quarter. Cardano Risk Management B.V. increased its holdings in shares of AbbVie by 914.6% during the fourth quarter. Cardano Risk Management B.V. now owns 5,444,930 shares of the company’s stock valued at $1,244,112,000 after acquiring an additional 4,908,260 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings 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 valued at $10,179,099,000 after acquiring an additional 4,190,487 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ABBV. Royal Bank Of Canada initiated coverage on shares of AbbVie in a research note on Tuesday, February 24th. They issued an “outperform” rating and a $260.00 target price for the company. Wall Street Zen lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Sunday, June 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $240.00 price target on shares of AbbVie in a report on Thursday, April 30th. William Blair reiterated an “outperform” rating on shares of AbbVie in a research note on Monday, March 9th. Finally, Evercore set a $235.00 price objective on shares of AbbVie in a report on Friday, May 15th. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $253.43.

Key Headlines Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie declared a quarterly cash dividend of $1.73 per share, reinforcing its shareholder-return profile and highlighting the company’s ability to generate strong cash flow. AbbVie Declares Quarterly Dividend
• Positive Sentiment: AbbVie also got a regulatory boost with new SKINVIVE approval and reported encouraging CLL trial results, which support the company’s oncology and aesthetics growth pipeline. AbbVie (ABBV) Lands New SKINVIVE Approval As CLL Trial Results Impress
• Positive Sentiment: The company presented new Phase 3 data on a venetoclax-based combination and highlighted its late-stage ABBV-400 colorectal cancer program, adding to investor confidence in AbbVie’s long-term pipeline. AbbVie Inc. (ABBV) Presents Data on Fixed-Duration Venetoclax-Based Combination
• Neutral Sentiment: AbbVie has been attracting extra trader attention recently, but the stock’s near-term direction still depends on whether dividend income and pipeline progress can outweigh broader market weakness and legal uncertainty. AbbVie Inc. (ABBV) Is a Trending Stock: Facts to Know Before Betting on It
• Negative Sentiment: The biggest overhang is a reported HHS move to ask a court to dismiss AbbVie’s lawsuit over drug-discount patients, which could increase regulatory and legal pressure on the stock. HHS Asks Court to Toss AbbVie Suit Over Drug Discount Patients

AbbVie Stock Down 2.1%

AbbVie stock opened at $216.63 on Friday. The stock has a 50-day moving average price of $212.08 and a 200 day moving average price of $218.78. The company has a market capitalization of $382.74 billion, a price-to-earnings ratio of 106.71, a price-to-earnings-growth ratio of 0.68 and a beta of 0.32. AbbVie Inc. has a 52 week low of $181.73 and a 52 week high of $244.81.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $14.72 billion. During the same quarter in the prior year, the company earned $2.46 EPS. AbbVie’s quarterly revenue was up 12.4% on a year-over-year basis. Research analysts anticipate that AbbVie Inc. will post 14.3 EPS for the current fiscal year.

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.