Evolve Private Wealth LLC Buys New Stake in AbbVie Inc. $ABBV

Evolve Private Wealth LLC bought a new stake in AbbVie Inc. (NYSE:ABBV) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 11,882 shares of the company’s stock, valued at approximately $2,715,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Thornburg Investment Management Inc. lifted its position in shares of AbbVie by 25.5% during the 3rd quarter. Thornburg Investment Management Inc. now owns 401,760 shares of the company’s stock worth $93,024,000 after purchasing an additional 81,625 shares during the last quarter. Channing Capital Management LLC lifted its position in shares of AbbVie by 10.5% during the 3rd quarter. Channing Capital Management LLC now owns 55,647 shares of the company’s stock worth $12,885,000 after purchasing an additional 5,302 shares during the last quarter. Procyon Advisors LLC lifted its position in shares of AbbVie by 19.9% during the 4th quarter. Procyon Advisors LLC now owns 32,752 shares of the company’s stock worth $7,484,000 after purchasing an additional 5,427 shares during the last quarter. Woodley Farra Manion Portfolio Management Inc. lifted its position in shares of AbbVie by 358.1% during the 3rd quarter. Woodley Farra Manion Portfolio Management Inc. now owns 14,746 shares of the company’s stock worth $3,414,000 after purchasing an additional 11,527 shares during the last quarter. Finally, Waycross Partners LLC lifted its position in shares of AbbVie by 2.9% during the 4th quarter. Waycross Partners LLC now owns 182,476 shares of the company’s stock worth $41,694,000 after purchasing an additional 5,063 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on ABBV shares. Piper Sandler lifted their price objective on shares of AbbVie from $294.00 to $298.00 and gave the stock an “overweight” rating in a research report on Thursday, May 14th. William Blair reaffirmed an “outperform” rating on shares of AbbVie in a research report on Monday, March 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $240.00 price objective on shares of AbbVie in a research report on Thursday, April 30th. Bank of America raised shares of AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 price objective for the company in a research report on Thursday, April 30th. Finally, Evercore set a $235.00 price objective on shares of AbbVie in a research report on Friday, May 15th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $253.43.

AbbVie Price Performance

Shares of ABBV opened at $221.25 on Thursday. AbbVie Inc. has a 1-year low of $181.73 and a 1-year high of $244.81. The stock has a market cap of $390.90 billion, a PE ratio of 108.99, a price-to-earnings-growth ratio of 0.68 and a beta of 0.32. The firm has a fifty day moving average price of $211.87 and a 200 day moving average price of $218.85.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results 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. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The firm had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.72 billion. During the same period in the previous year, the company earned $2.46 earnings per share. AbbVie’s quarterly revenue was up 12.4% compared to the same quarter last year. As a group, equities analysts expect that AbbVie Inc. will post 14.3 EPS for the current fiscal year.

Key Stories Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie presented new Phase 3 data on its fixed-duration venetoclax-based combination at the European Hematology Association Congress, adding to the company’s oncology pipeline credibility and reinforcing the long-term growth case for ABBV. AbbVie Inc. (ABBV) Presents Data on Fixed-Duration Venetoclax-Based Combination
• Positive Sentiment: AbbVie also highlighted progress in a late-stage colorectal cancer study for ABBV-400, keeping the drug candidate in the spotlight and signaling that the company still has multiple pipeline catalysts beyond its core immunology franchise. AbbVie’s New Phase 3 Colorectal Cancer Trial Puts ABBV-400 in the Late-Stage Spotlight
• Positive Sentiment: Recent commentary has focused on AbbVie’s strong first-quarter execution, including revenue of about $15.0 billion and raised full-year EPS guidance, which supports the view that the business is performing better than many expected. This $15 Billion Operational Beat Just Rewrote the Entire Bear Thesis for AbbVie
• Neutral Sentiment: Several articles noted that AbbVie remains a widely watched and frequently recommended stock, with investors focusing on analyst sentiment, dividend appeal, and the company’s valuation as they assess whether recent gains can continue. AbbVie Inc. (ABBV) Is a Trending Stock: Facts to Know Before Betting on It
• Neutral Sentiment: Broader market coverage also pointed to AbbVie as a possible dividend and defensive healthcare holding, but these pieces were mostly reiterations of the stock’s established investment case rather than new price-moving developments. Brokers Suggest Investing in AbbVie (ABBV): Read This Before Placing a Bet

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.