AbbVie Inc. $ABBV Shares Bought by Midwest Trust Co

Midwest Trust Co grew its position in shares of AbbVie Inc. (NYSE:ABBV) by 0.7% in the first quarter, Holdings Channel reports. The institutional investor owned 485,280 shares of the company’s stock after buying an additional 3,331 shares during the period. AbbVie accounts for 1.3% of Midwest Trust Co’s holdings, making the stock its 13th biggest holding. Midwest Trust Co’s holdings in AbbVie were worth $105,544,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its position in AbbVie by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company’s stock worth $41,306,353,000 after purchasing an additional 3,032,438 shares during the period. State Street Corp boosted its stake in shares of AbbVie by 1.4% in the fourth quarter. State Street Corp now owns 80,940,931 shares of the company’s stock valued at $18,494,193,000 after buying an additional 1,119,274 shares in the last quarter. Geode Capital Management LLC raised its position in AbbVie by 10.4% in the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock worth $10,179,099,000 after acquiring an additional 4,190,487 shares in the last quarter. Bank of America Corp DE lifted its holdings in AbbVie by 1.4% in the fourth quarter. Bank of America Corp DE now owns 25,824,399 shares of the company’s stock valued at $5,900,617,000 after acquiring an additional 356,394 shares during the period. Finally, Norges Bank purchased a new stake in shares of AbbVie during the 4th quarter worth $5,865,055,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on ABBV shares. Wells Fargo & Company raised their price objective on shares of AbbVie from $260.00 to $295.00 and gave the company an “overweight” rating in a research note on Friday. Piper Sandler reissued an “overweight” rating and set a $298.00 price target on shares of AbbVie in a research note on Tuesday, June 23rd. Bank of America raised their price objective on AbbVie from $234.00 to $276.00 and gave the company a “buy” rating in a research note on Friday. Evercore set a $235.00 target price on AbbVie in a research report on Friday, May 15th. Finally, Wall Street Zen cut AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 5th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $262.81.

Key Headlines Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Bank of America raised AbbVie’s price target to $276 from $234 and reiterated a buy rating, signaling confidence in additional upside for the shares. Bank of America raises AbbVie price target
• Positive Sentiment: RBC Capital also increased its price target to $280 from $260 and kept an outperform rating, adding to the wave of analyst support. RBC raises AbbVie price target
• Positive Sentiment: JPMorgan likewise lifted its target to $280 from $260 and maintained an overweight rating, reinforcing a favorable near-term outlook for AbbVie. JPMorgan raises AbbVie price target
• Neutral Sentiment: Recent coverage comparing Johnson & Johnson and AbbVie highlighted how both pharma giants’ latest quarterly results are shaping income-investor preferences, but it did not point to a clear new catalyst for AbbVie. Johnson & Johnson vs AbbVie article
• Neutral Sentiment: AbbVie also appeared in an industry piece on the expanding cystic fibrosis market, which may be supportive of long-term therapeutic demand but is not an immediate stock-moving event. Cystic fibrosis market article
• Negative Sentiment: Despite the analyst upgrades, AbbVie was recently reported as having moved lower in trading, suggesting the stock is still contending with profit-taking or broader market pressure. AbbVie stock drops despite market gains
• Neutral Sentiment: West Pharmaceutical completed the SmartDose sale to AbbVie, a routine transaction that may support AbbVie’s drug-delivery capabilities but is unlikely to move the stock on its own. West Pharmaceutical SmartDose sale to AbbVie

AbbVie Price Performance

NYSE:ABBV traded down $1.91 during trading hours on Friday, reaching $248.00. 5,780,723 shares of the company traded hands, compared to its average volume of 8,942,850. The firm’s 50-day moving average is $225.42 and its 200-day moving average is $221.25. The stock has a market cap of $438.17 billion, a P/E ratio of 122.17, a P/E/G ratio of 0.81 and a beta of 0.30. AbbVie Inc. has a 1-year low of $184.63 and a 1-year high of $261.64.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.06. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The business’s revenue was up 12.4% on a year-over-year basis. During the same period in the prior year, the business earned $2.46 earnings per share. As a group, research analysts predict that AbbVie Inc. will post 14.3 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be given a $1.73 dividend. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, July 15th. AbbVie’s payout ratio is currently 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.