Sei Investments Co. Grows Stock Position in AbbVie Inc. $ABBV

Sei Investments Co. raised its position in AbbVie Inc. (NYSE:ABBV) by 8.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 884,601 shares of the company’s stock after acquiring an additional 65,445 shares during the quarter. Sei Investments Co.’s holdings in AbbVie were worth $192,380,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Litman Gregory Wealth Management LLC purchased a new position in shares of AbbVie in the fourth quarter valued at $28,000. Imprint Wealth LLC increased its stake in AbbVie by 56.2% during the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after buying an additional 45 shares during the period. Westend Capital Management LLC acquired a new position in AbbVie in the 4th quarter worth $29,000. IFC & Insurance Marketing Inc. purchased a new position in AbbVie in the 4th quarter valued at about $31,000. Finally, Legacy Wealth Managment LLC ID boosted its position in AbbVie by 115.9% in the 4th quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock valued at $31,000 after buying an additional 73 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Key AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Canaccord Genuity raised its price target on AbbVie to $282 from $273 and reiterated a buy rating, signaling confidence in further upside for AbbVie Inc. (ABBV). Benzinga report
• Positive Sentiment: AbbVie’s aesthetics business got a boost after Allergan Aesthetics received European Commission approval for Boey, expanding the company’s portfolio in Europe and potentially supporting future revenue growth. Yahoo Finance article
• Neutral Sentiment: Several recent articles characterized AbbVie as a strong buy-and-hold name and noted that the stock has recently outperformed the broader market, reinforcing a generally constructive long-term view. Yahoo Finance article
• Negative Sentiment: Investors are watching AbbVie’s Q2 oncology revenue closely, with analysts warning that weakness in Imbruvica may outweigh gains from Venclexta and newer cancer treatments, which could pressure results. Yahoo Finance article

Wall Street Analyst Weigh In

ABBV has been the topic of a number of analyst reports. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of AbbVie in a research report on Tuesday, June 23rd. Guggenheim increased 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. Canaccord Genuity Group raised their price objective on AbbVie from $273.00 to $282.00 and gave the company a “buy” rating in a research note on Wednesday. Citigroup lifted their price objective on AbbVie from $230.00 to $260.00 and gave the stock a “neutral” rating in a report on Wednesday, July 15th. Finally, Evercore set a $235.00 target price on AbbVie in a research report on Friday, May 15th. 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. Based on data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus price target of $268.10.

AbbVie Stock Performance

Shares of ABBV stock opened at $253.75 on Thursday. AbbVie Inc. has a one year low of $186.77 and a one year high of $261.64. The company’s 50-day simple moving average is $232.69 and its 200-day simple moving average is $222.41. The stock has a market capitalization of $448.32 billion, a price-to-earnings ratio of 125.00, a PEG ratio of 0.85 and a beta of 0.30.

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

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be issued a $1.73 dividend. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Wednesday, July 15th. AbbVie’s 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.