Bessemer Group Inc. Buys 42,695 Shares of AbbVie Inc. $ABBV

Bessemer Group Inc. lifted its stake in AbbVie Inc. (NYSE:ABBV) by 1.4% in the first quarter, HoldingsChannel.com reports. The firm owned 3,157,936 shares of the company’s stock after purchasing an additional 42,695 shares during the quarter. AbbVie comprises 1.1% of Bessemer Group Inc.’s investment portfolio, making the stock its 13th largest position. Bessemer Group Inc.’s holdings in AbbVie were worth $686,821,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the stock. Chelsea Counsel Co. acquired a new stake in shares of AbbVie in the 3rd quarter valued at $26,000. Litman Gregory Wealth Management LLC bought a new stake in shares of AbbVie during the fourth quarter worth $28,000. Westend Capital Management LLC acquired a new position in shares of AbbVie during the fourth quarter valued at $29,000. Imprint Wealth LLC lifted its stake in shares of AbbVie by 56.2% during the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock valued at $29,000 after acquiring an additional 45 shares during the period. Finally, Legacy Wealth Managment LLC ID boosted its holdings in AbbVie by 115.9% in the fourth quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock valued at $31,000 after acquiring an additional 73 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

More AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie’s neuroscience business is expected to post solid Q2 growth, with key brands and Vyalev in focus ahead of earnings on July 31. Will AbbVie’s Neuroscience Franchise Deliver Another Strong Quarter?
• Positive Sentiment: Multiple analysts have recently raised price targets or kept a constructive view on ABBV, reinforcing confidence in the company’s post-Humira growth strategy and pipeline. AbbVie Inc. (NYSE:ABBV) Receives Average Recommendation of “Moderate Buy” from Brokerages
• Positive Sentiment: Investors are also responding to recent regulatory updates for RINVOQ in severe alopecia areata and a subcutaneous induction option for SKYRIZI in Crohn’s disease, which highlight additional growth drivers. AbbVie regulatory submissions update
• Positive Sentiment: AbbVie has also been the subject of upbeat technical and valuation-focused coverage, with commentary pointing to strong momentum and continued investor interest after a multi-year run. AbbVie vs Baxter: One Golden Cross Is Real, One Is a Trap
• Neutral Sentiment: One article questioned whether AbbVie is fully valued after Tepkinly, but it did not signal a clear bearish catalyst. Is AbbVie (NYSE:ABBV) Fully Valued After Tepkinly?
• Neutral Sentiment: AbbVie’s stock has also drawn attention from traders and long-term holders as they wait for earnings and updates on its pipeline and guidance. AbbVie Inc. (ABBV) Is a Trending Stock: Facts to Know Before Betting on It

AbbVie Trading Up 4.2%

Shares of NYSE ABBV opened at $254.29 on Friday. The firm has a market cap of $449.28 billion, a PE ratio of 125.27, a PEG 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. The company has a fifty day moving average price of $228.73 and a 200 day moving average price of $221.71.

AbbVie (NYSE:ABBV) last released its quarterly earnings results 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. 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 the consensus estimate of $14.72 billion. During the same quarter last year, the business posted $2.46 EPS. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. Equities research analysts forecast that AbbVie Inc. will post 14.18 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be given a $1.73 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $6.92 dividend on an annualized basis and a yield of 2.7%. AbbVie’s dividend payout ratio (DPR) is 340.89%.

Analyst Ratings Changes

A number of analysts recently commented on ABBV shares. HSBC reiterated a “buy” rating and issued a $300.00 price objective on shares of AbbVie in a research report on Monday, July 6th. Piper Sandler reaffirmed an “overweight” rating and issued a $298.00 target price on shares of AbbVie in a research note on Tuesday, June 23rd. Cantor Fitzgerald lifted their price target on shares of AbbVie from $240.00 to $265.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 5th. Finally, UBS Group increased their price objective on shares of AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a report on Monday. 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $267.67.

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.