Huntington National Bank Buys 17,446 Shares of AbbVie Inc. $ABBV

Huntington National Bank increased its stake in AbbVie Inc. (NYSE:ABBV) by 2.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 716,764 shares of the company’s stock after purchasing an additional 17,446 shares during the period. AbbVie accounts for 1.0% of Huntington National Bank’s portfolio, making the stock its 23rd largest holding. Huntington National Bank’s holdings in AbbVie were worth $163,773,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently bought and sold shares of ABBV. Wellington Management Group LLP raised its position in AbbVie by 457.4% in the 3rd quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company’s stock worth $2,439,714,000 after purchasing an additional 8,646,424 shares during the last quarter. Geode Capital Management LLC grew its holdings in AbbVie by 10.4% during the 4th 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 during the period. Vanguard Group Inc. grew its holdings 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 acquiring an additional 3,032,438 shares during the period. Raymond James Financial Inc. grew its holdings in AbbVie by 41.8% during the 2nd quarter. Raymond James Financial Inc. now owns 9,337,480 shares of the company’s stock worth $1,733,222,000 after acquiring an additional 2,753,312 shares during the period. Finally, Alliancebernstein L.P. grew its holdings in AbbVie by 31.8% during the 3rd quarter. Alliancebernstein L.P. now owns 7,281,327 shares of the company’s stock worth $1,685,918,000 after acquiring an additional 1,758,657 shares during the period. Institutional investors own 70.23% of the company’s stock.

Insider Transactions at AbbVie

In related news, SVP David Ryan Purdue sold 5,230 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $233.56, for a total value of $1,221,518.80. Following the completion of the sale, the senior vice president directly owned 2,654 shares in the company, valued at approximately $619,868.24. This trade represents a 66.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on ABBV shares. UBS Group lowered their target price on shares of AbbVie from $240.00 to $230.00 and set a “neutral” rating for the company in a report on Thursday, February 5th. Sanford C. Bernstein reissued a “market perform” rating on shares of AbbVie in a report on Thursday, February 5th. Guggenheim reissued a “buy” rating and issued a $249.00 price target on shares of AbbVie in a report on Friday, May 1st. The Goldman Sachs Group reissued a “neutral” rating and issued a $223.00 price target on shares of AbbVie in a report on Wednesday, January 28th. Finally, DZ Bank raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $253.43.

Key Headlines Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie received FDA approval for DECNUPAZ, its first ADC approved for blood cancer, creating a new revenue opportunity and boosting its oncology pipeline. US FDA approves AbbVie’s rare blood cancer drug
• Positive Sentiment: AbbVie and Ironwood won a U.S. label expansion for Linzess in pediatric constipation, expanding the drug’s addressable market. Ironwood, AbbVie win US label expansion for Linzess in pediatric constipation
• Positive Sentiment: Piper Sandler raised its price target on AbbVie and pointed to strong progress in the company’s inflammatory bowel disease pipeline. Piper Sandler Raises Price Target on AbbVie (ABBV) Amid Strong IBD Pipeline Progress
• Neutral Sentiment: AbbVie’s oncology revenue slipped in Q1 as Imbruvica sales declined, though newer drugs Venclexta, Elahere, and Epkinly continued to grow. How Did AbbVie’s Oncology Portfolio Perform in Q1 Despite Headwinds?

AbbVie Price Performance

AbbVie stock opened at $215.42 on Thursday. The firm has a 50-day moving average of $208.27 and a 200-day moving average of $219.68. AbbVie Inc. has a one year low of $181.73 and a one year high of $244.81. The company has a market cap of $380.61 billion, a price-to-earnings ratio of 106.12, a P/E/G ratio of 0.74 and a beta of 0.32.

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