Investment Management Corp of Ontario Increases Stock Position in AbbVie Inc. $ABBV

Investment Management Corp of Ontario boosted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 8.3% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 181,359 shares of the company’s stock after acquiring an additional 13,924 shares during the quarter. AbbVie makes up 0.6% of Investment Management Corp of Ontario’s investment portfolio, making the stock its 25th biggest position. Investment Management Corp of Ontario’s holdings in AbbVie were worth $41,439,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of ABBV. Chelsea Counsel Co. purchased a new position in shares of AbbVie in the third quarter valued at approximately $26,000. Litman Gregory Wealth Management LLC purchased a new position in shares of AbbVie in the fourth quarter valued at approximately $28,000. Westend Capital Management LLC purchased a new position in shares of AbbVie in the fourth quarter valued at approximately $29,000. Imprint Wealth LLC boosted its stake in shares of AbbVie by 56.3% in the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock valued at $29,000 after purchasing an additional 45 shares during the period. Finally, Texas Capital Bancshares Inc TX purchased a new position in shares of AbbVie in the third quarter valued at approximately $31,000. 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: AbbVie presented new Phase 3 data on its fixed-duration venetoclax-based combination at the European Hematology Association Congress, adding to the company’s oncology pipeline credibility and reinforcing the long-term growth case for ABBV. AbbVie Inc. (ABBV) Presents Data on Fixed-Duration Venetoclax-Based Combination
• Positive Sentiment: AbbVie also highlighted progress in a late-stage colorectal cancer study for ABBV-400, keeping the drug candidate in the spotlight and signaling that the company still has multiple pipeline catalysts beyond its core immunology franchise. AbbVie’s New Phase 3 Colorectal Cancer Trial Puts ABBV-400 in the Late-Stage Spotlight
• Positive Sentiment: Recent commentary has focused on AbbVie’s strong first-quarter execution, including revenue of about $15.0 billion and raised full-year EPS guidance, which supports the view that the business is performing better than many expected. This $15 Billion Operational Beat Just Rewrote the Entire Bear Thesis for AbbVie
• Neutral Sentiment: Several articles noted that AbbVie remains a widely watched and frequently recommended stock, with investors focusing on analyst sentiment, dividend appeal, and the company’s valuation as they assess whether recent gains can continue. AbbVie Inc. (ABBV) Is a Trending Stock: Facts to Know Before Betting on It
• Neutral Sentiment: Broader market coverage also pointed to AbbVie as a possible dividend and defensive healthcare holding, but these pieces were mostly reiterations of the stock’s established investment case rather than new price-moving developments. Brokers Suggest Investing in AbbVie (ABBV): Read This Before Placing a Bet

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ABBV. Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a research note on Monday, June 8th. Morgan Stanley raised their price objective on shares of AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. BMO Capital Markets reissued an “outperform” rating on shares of AbbVie in a research note on Monday, March 9th. Barclays began coverage on shares of AbbVie in a research note on Thursday, February 19th. They issued an “overweight” rating and a $275.00 price objective for the company. Finally, Royal Bank Of Canada began coverage on shares of AbbVie in a research note on Tuesday, February 24th. They issued an “outperform” rating and a $260.00 price objective for the company. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $253.43.

AbbVie Stock Down 0.6%

Shares of NYSE:ABBV opened at $221.25 on Thursday. The firm’s 50 day moving average price is $211.87 and its 200 day moving average price is $218.85. The stock has a market cap of $390.90 billion, a price-to-earnings ratio of 108.99, a price-to-earnings-growth ratio of 0.68 and a beta of 0.32. AbbVie Inc. has a fifty-two week low of $181.73 and a fifty-two week high of $244.81.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.59 by $0.06. The firm had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The firm’s revenue was up 12.4% compared to the same quarter last year. During the same quarter last year, the company earned $2.46 earnings per share. On average, equities analysts anticipate that AbbVie Inc. will post 14.3 EPS for the current year.

AbbVie Company 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.