Intech Investment Management LLC Trims Stake in AbbVie Inc. $ABBV

Intech Investment Management LLC reduced its stake in AbbVie Inc. (NYSE:ABBV) by 3.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 68,066 shares of the company’s stock after selling 2,467 shares during the quarter. Intech Investment Management LLC’s holdings in AbbVie were worth $15,552,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. CFS Investment Advisory Services LLC grew its holdings in AbbVie by 0.8% during the fourth quarter. CFS Investment Advisory Services LLC now owns 24,634 shares of the company’s stock valued at $5,629,000 after purchasing an additional 205 shares during the period. Foundations Investment Advisors LLC grew its holdings in AbbVie by 64.4% during the fourth quarter. Foundations Investment Advisors LLC now owns 44,529 shares of the company’s stock valued at $10,174,000 after purchasing an additional 17,436 shares during the period. Godfrey Financial Associates Inc. bought a new stake in AbbVie during the fourth quarter valued at about $99,000. Thoroughbred Financial Services LLC grew its holdings in AbbVie by 1.6% during the fourth quarter. Thoroughbred Financial Services LLC now owns 19,817 shares of the company’s stock valued at $4,528,000 after purchasing an additional 311 shares during the period. Finally, MidAtlantic Capital Management Inc. bought a new stake in AbbVie during the fourth quarter valued at about $46,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP David Ryan Purdue sold 5,230 shares of AbbVie stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $233.56, for a total value of $1,221,518.80. Following the sale, the senior vice president directly owned 2,654 shares of the company’s stock, valued at approximately $619,868.24. The trade was a 66.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.06% of the company’s stock.

AbbVie Trading Down 0.4%

Shares of ABBV stock opened at $217.83 on Friday. AbbVie Inc. has a 12-month low of $181.73 and a 12-month high of $244.81. The stock’s 50-day moving average price is $208.43 and its 200-day moving average price is $219.66. The stock has a market capitalization of $384.85 billion, a price-to-earnings ratio of 107.30, a price-to-earnings-growth ratio of 0.75 and a beta of 0.32.

AbbVie (NYSE:ABBV) last issued 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 firm had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.72 billion. During the same period in the previous year, the firm posted $2.46 earnings per share. The business’s revenue was up 12.4% compared to the same quarter last year. As a group, research analysts predict that AbbVie Inc. will post 14.3 EPS for the current fiscal year.

AbbVie News Roundup

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie received U.S. FDA approval for DECNUPAZ, its first ADC approved for blood cancer, opening a new potential revenue stream in a highly specialized oncology market. U.S. FDA Approves DECNUPAZTM (pivekimab sunirine-pvzy) for Treatment of Adult Patients with Blastic Plasmacytoid Dendritic Cell Neoplasm, an Ultra-Rare and Aggressive Blood Cancer With Limited Treatment Options
• Positive Sentiment: The European Commission expanded the VENCLYXTO label in untreated CLL, broadening use of an established oncology drug and potentially supporting international sales. AbbVie Announces European Commission Authorization of Expanded Label for VENCLYXTO® (venetoclax) to Include Additional Combinations in Previously Untreated Chronic Lymphocytic Leukemia
• Positive Sentiment: AbbVie advanced ABBV-519 into first-in-human testing, signaling continued momentum in its immunology pipeline. AbbVie Inc. (ABBV) Presents at EU Clinical Trial Regulation: Latest Developments and Upcoming Opportunities Transcript
• Neutral Sentiment: Recent articles note ABBV has outperformed since its last earnings report and remains viewed as reasonably valued by some analysts, but these are more commentary than fresh business catalysts. AbbVie (ABBV) Up 3.5% Since Last Earnings Report: Can It Continue?

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. UBS Group cut their price target on AbbVie from $240.00 to $230.00 and set a “neutral” rating for the company in a report on Thursday, February 5th. Royal Bank Of Canada assumed coverage on AbbVie in a report on Tuesday, February 24th. They set an “outperform” rating and a $260.00 price target for the company. BMO Capital Markets reissued an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Wall Street Zen raised AbbVie from a “buy” rating to a “strong-buy” rating in a report on Saturday. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $240.00 price target on shares of AbbVie in a report on Thursday, April 30th. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $253.43.

About AbbVie

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.