OMERS ADMINISTRATION Corp Increases Holdings in AbbVie Inc. $ABBV

OMERS ADMINISTRATION Corp grew its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 23.7% during the 1st quarter, Holdings Channel reports. The institutional investor owned 131,981 shares of the company’s stock after acquiring an additional 25,306 shares during the quarter. OMERS ADMINISTRATION Corp’s holdings in AbbVie were worth $28,705,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ABBV. Bank of Jackson Hole Trust raised its position in AbbVie by 0.6% during the fourth quarter. Bank of Jackson Hole Trust now owns 7,213 shares of the company’s stock valued at $1,648,000 after purchasing an additional 44 shares during the period. Eclectic Associates Inc. ADV boosted its holdings in shares of AbbVie by 0.8% in the 4th quarter. Eclectic Associates Inc. ADV now owns 5,852 shares of the company’s stock worth $1,337,000 after purchasing an additional 45 shares during the period. Imprint Wealth LLC boosted 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 purchasing an additional 45 shares during the period. Dogwood Wealth Management LLC increased its position in shares of AbbVie by 10.8% during the 4th quarter. Dogwood Wealth Management LLC now owns 473 shares of the company’s stock valued at $108,000 after purchasing an additional 46 shares during the last quarter. Finally, Quantum Private Wealth LLC raised its holdings in AbbVie by 2.0% during the 4th quarter. Quantum Private Wealth LLC now owns 2,376 shares of the company’s stock valued at $543,000 after buying an additional 46 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. DZ Bank raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Guggenheim raised their target price on shares of AbbVie from $249.00 to $261.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. UBS Group lifted their price target on shares of AbbVie from $230.00 to $260.00 and gave the stock a “neutral” rating in a research note on Monday, July 13th. Wells Fargo & Company upped their price target on shares of AbbVie from $260.00 to $295.00 and gave the company an “overweight” rating in a report on Friday, July 10th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a research note on Monday, June 8th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $268.10.

Trending Headlines about AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie is expected to report earnings next week, and several market write-ups highlight the stock as a potential winner if results or guidance beat expectations. Analysts also noted the shares may have room to rise if the company delivers on revenue and profit growth. AbbVie (ABBV) Earnings Expected to Grow: What to Know Ahead of Next Week’s Release
• Positive Sentiment: Canaccord Genuity reiterated a constructive view on AbbVie, with a report saying the stock price is expected to rise, which may be helping sentiment around the name. AbbVie (NYSE:ABBV) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says
• Neutral Sentiment: AbbVie also announced progress on early-stage pipeline work for nacresertib and ABBV-313, but these updates are preliminary and are unlikely to move the stock as much as late-stage clinical data. AbbVie Advances Nacresertib With Key Drug–Drug Interaction Study AbbVie’s ABBV-313 Phase 1 Trial: What Early Safety Work Means for Investors
• Negative Sentiment: AbbVie and Genmab said the Phase 3 EPCORE DLBCL-1 trial for lymphoma drug epcoritamab missed its sole U.S. primary endpoint, a setback that could weigh on sentiment toward the company’s oncology pipeline. Genmab, AbbVie Say Lymphoma Drug Failed to Meet Primary Endpoint in Phase 3 Trial

AbbVie Trading Up 0.8%

NYSE:ABBV opened at $259.10 on Friday. AbbVie Inc. has a twelve month low of $187.62 and a twelve month high of $261.64. The company has a market cap of $457.78 billion, a price-to-earnings ratio of 127.64, a price-to-earnings-growth ratio of 0.86 and a beta of 0.30. The stock has a fifty day simple moving average of $234.57 and a 200-day simple moving average of $222.86.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.06. The firm 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%. The business’s revenue was up 12.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.46 earnings per share. As a group, equities research analysts predict that AbbVie Inc. will post 14.18 EPS for the current fiscal year.

AbbVie Dividend Announcement

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

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.