Lombard Odier Asset Management Switzerland SA Buys 6,900 Shares of AbbVie Inc. $ABBV

Lombard Odier Asset Management Switzerland SA increased its position in AbbVie Inc. (NYSE:ABBV) by 9.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 80,658 shares of the company’s stock after buying an additional 6,900 shares during the period. AbbVie accounts for approximately 0.7% of Lombard Odier Asset Management Switzerland SA’s investment portfolio, making the stock its 24th biggest holding. Lombard Odier Asset Management Switzerland SA’s holdings in AbbVie were worth $17,542,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Litman Gregory Wealth Management LLC acquired a new stake in AbbVie in the fourth quarter valued at approximately $28,000. Westend Capital Management LLC bought a new stake in shares of AbbVie during the fourth quarter valued at approximately $29,000. Imprint Wealth LLC raised its position in shares of AbbVie by 56.2% during the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after purchasing an additional 45 shares during the period. Legacy Wealth Managment LLC ID raised its position in shares of AbbVie by 115.9% during the fourth quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock worth $31,000 after purchasing an additional 73 shares during the period. Finally, IFC & Insurance Marketing Inc. bought a new position in shares of AbbVie in the 4th quarter worth $31,000. 70.23% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. UBS Group lifted their price target on shares of AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a research report on Monday, July 13th. Citigroup raised their price objective on shares of AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. HSBC reiterated a “buy” rating and set a $300.00 price objective on shares of AbbVie in a report on Monday, July 6th. JPMorgan Chase & Co. boosted their target price on shares of AbbVie from $260.00 to $280.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Finally, BMO Capital Markets upped their target price on shares of AbbVie from $258.00 to $300.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $268.10.

More AbbVie News

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 Performance

Shares of ABBV opened at $259.10 on Friday. AbbVie Inc. has a fifty-two week low of $187.62 and a fifty-two week high of $261.64. The business has a 50-day moving average of $234.57 and a 200 day moving average of $222.86. The firm has a market cap of $457.78 billion, a P/E ratio of 127.64, a price-to-earnings-growth ratio of 0.86 and a beta of 0.30.

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

AbbVie Announces Dividend

The firm also recently disclosed 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 presently 340.89%.

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.