GC Wealth Management RIA LLC Lowers Stake in AbbVie Inc. $ABBV

GC Wealth Management RIA LLC cut its stake in AbbVie Inc. (NYSE:ABBV) by 7.4% in the 1st quarter, Holdings Channel reports. The fund owned 39,501 shares of the company’s stock after selling 3,179 shares during the quarter. GC Wealth Management RIA LLC’s holdings in AbbVie were worth $8,591,000 at the end of the most recent reporting period.

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

AbbVie Trading Up 1.4%

ABBV stock opened at $256.80 on Friday. The stock has a market capitalization of $453.71 billion, a price-to-earnings ratio of 126.50, a PEG ratio of 0.84 and a beta of 0.30. The firm’s 50-day moving average price is $233.60 and its two-hundred day moving average price is $222.61. AbbVie Inc. has a 12-month low of $187.62 and a 12-month high of $261.64.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.59 by $0.06. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. AbbVie’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.46 earnings per share. Equities analysts predict that AbbVie Inc. will post 14.18 EPS for the current year.

AbbVie Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ABBV shares. Citigroup lifted their target price on shares of AbbVie from $230.00 to $260.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. BMO Capital Markets raised their price objective on AbbVie from $258.00 to $300.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a research note on Monday, June 8th. Evercore set a $235.00 price target on AbbVie in a research report on Friday, May 15th. Finally, UBS Group lifted their price target on AbbVie from $230.00 to $260.00 and gave the stock a “neutral” rating in a research note 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 given a Hold rating to the stock. According to data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $268.10.

More AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Canaccord Genuity raised its price target on AbbVie to $282 from $273 and reiterated a buy rating, signaling continued confidence in the company’s earnings power and pipeline. Benzinga / The Fly report
• Positive Sentiment: AbbVie’s Allergan Aesthetics unit won European Commission approval for Boey, a short-acting botulinum toxin, expanding its aesthetics portfolio and adding another growth driver outside its core immunology business. Yahoo Finance article
• Neutral Sentiment: Several commentary pieces highlighted AbbVie as a high-quality dividend stock and suggested its long-term outlook remains attractive, but that much of the optimism may already be reflected in the share price. Motley Fool article
• Negative Sentiment: Genmab and AbbVie clarified that the U.S. primary endpoint in the Phase 3 EPCORE DLBCL-1 trial was overall survival, and that endpoint was not met, which could pressure sentiment around AbbVie’s oncology franchise and the epcoritamab program. Yahoo Finance article
• Negative Sentiment: Analyst coverage also noted AbbVie’s oncology revenue may remain under pressure in Q2, as weakness in Imbruvica could offset gains from Venclexta and newer therapies. Yahoo Finance article

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.