Keep on top of stock updates: AbbVie, 3M, & W.P. Carey

Article Excerpt

ABBVIE INC. $162 is a buy. The company (New York symbol ABBV; Manufacturing sector; Shares outstanding: 1.8 billion; Market cap: $291.6 billion; Dividend yield: 3.8%; Takeover Target Rating: Medium; www.abbvie.com) makes medical devices, diagnostic tests, pediatric and adult nutritional products, and generic drugs. AbbVie has agreed to acquire ImmunoGen Inc. (Nasdaq symbol IMGN) for $10.1 billion. That firm’s main product is Elahere, an ovarian cancer therapy. It’s also buying Cerevel Therapeutics Holdings, Inc. (Nasdaq symbol CERE), which is developing drugs for neurological conditions such as Parkinson’s and schizophrenia, for $8.7 billion. These purchases will help AbbVie replace revenue from Humira; that arthritis drug recently lost its patent protection. AbbVie is buy. 3M COMPANY $106 is a buy for long-term gains. The company (New York symbol MMM; Manufacturing & Industry sector; Shares outstanding: 552.0 million; Market cap: $58.5 billion; Dividend yield: 5.6%; Takeover Target Rating: Medium; www.3m.com) now plans to spin off in the first half of 2024 its Health Care division as a separate firm called Solventum. That business makes products to…