Tredje AP fonden Trims Position in AbbVie Inc. (NYSE:ABBV)

Financial News Live · Aug 6, 2022 00:41

Tredje AP fonden decreased its position in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 0.5% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 412,491 shares of the company's stock after selling 2,000 shares during the period. AbbVie accounts for approximately 1.4% of Tredje AP fonden's portfolio, making the stock its 12th largest holding. Tredje AP fonden's holdings in AbbVie were worth $66,869,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Summit Asset Management LLC grew its holdings in AbbVie by 6.2% during the 1st quarter. Summit Asset Management LLC now owns 4,459 shares of the company's stock valued at $723,000 after purchasing an additional 259 shares in the last quarter. Tectonic Advisors LLC boosted its stake in AbbVie by 14.5% during the 1st quarter. Tectonic Advisors LLC now owns 9,146 shares of the company's stock valued at $1,483,000 after acquiring an additional 1,161 shares during the last quarter. Proffitt & Goodson Inc. boosted its stake in AbbVie by 34.6% during the 1st quarter. Proffitt & Goodson Inc. now owns 1,191 shares of the company's stock valued at $193,000 after acquiring an additional 306 shares during the last quarter. Banque Cantonale Vaudoise lifted its position in shares of AbbVie by 8.6% in the 1st quarter. Banque Cantonale Vaudoise now owns 59,133 shares of the company's stock worth $9,584,000 after buying an additional 4,667 shares during the last quarter. Finally, Capital Square LLC bought a new position in shares of AbbVie in the 1st quarter worth about $227,000. Hedge funds and other institutional investors own 67.03% of the company's stock.

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AbbVie Stock Up 0.2 %

NYSE ABBV traded up $0.25 during trading hours on Friday, reaching $139.17. 83,173 shares of the company's stock were exchanged, compared to its average volume of 6,025,083. The company's 50-day moving average is $147.75 and its two-hundred day moving average is $150.05. AbbVie Inc. has a one year low of $105.56 and a one year high of $175.91. The company has a debt-to-equity ratio of 3.89, a quick ratio of 0.71 and a current ratio of 0.82. The company has a market capitalization of $245.93 billion, a price-to-earnings ratio of 19.68, a price-to-earnings-growth ratio of 3.96 and a beta of 0.70.

AbbVie (NYSE:ABBV – Get Rating) last released its quarterly earnings results on Friday, July 29th. The company reported $3.37 earnings per share for the quarter, topping analysts' consensus estimates of $3.31 by $0.06. AbbVie had a return on equity of 157.31% and a net margin of 22.03%. The firm had revenue of $14.58 billion during the quarter, compared to the consensus estimate of $14.64 billion. During the same quarter in the prior year, the firm posted $3.11 EPS. The business's revenue was up 4.5% on a year-over-year basis. On average, analysts forecast that AbbVie Inc. will post 14.05 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 15th. Investors of record on Friday, July 15th will be given a $1.41 dividend. This represents a $5.64 dividend on an annualized basis and a dividend yield of 4.05%. The ex-dividend date is Thursday, July 14th. AbbVie's payout ratio is currently 79.89%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Piper Sandler lowered their target price on shares of AbbVie from $160.00 to $155.00 in a research note on Friday, July 29th. Barclays raised their target price on shares of AbbVie from $150.00 to $174.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 12th. SVB Leerink started coverage on shares of AbbVie in a report on Monday, May 23rd. They set an "underperform" rating and a $140.00 price target for the company. UBS Group reduced their target price on shares of AbbVie from $154.00 to $146.00 and set a "neutral" rating for the company in a research note on Monday. Finally, The Goldman Sachs Group lifted their target price on shares of AbbVie from $122.00 to $140.00 and gave the company a "neutral" rating in a research note on Tuesday, April 12th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $159.29.

Insider Activity at AbbVie

In other news, Vice Chairman Michael Severino sold 100,000 shares of AbbVie stock in a transaction dated Monday, May 16th. The stock was sold at an average price of $154.45, for a total transaction of $15,445,000.00. Following the sale, the insider now directly owns 152,103 shares of the company's stock, valued at $23,492,308.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other AbbVie news, EVP Henry O. Gosebruch sold 83,960 shares of the firm's stock in a transaction on Monday, May 16th. The shares were sold at an average price of $155.00, for a total value of $13,013,800.00. Following the transaction, the executive vice president now directly owns 16,623 shares of the company's stock, valued at $2,576,565. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Michael Severino sold 100,000 shares of the firm's stock in a transaction on Monday, May 16th. The shares were sold at an average price of $154.45, for a total transaction of $15,445,000.00. Following the completion of the transaction, the insider now directly owns 152,103 shares in the company, valued at $23,492,308.35. The disclosure for this sale can be found here. Insiders have sold 363,761 shares of company stock valued at $55,528,771 over the last ninety days. 0.08% of the stock is owned by corporate insiders.

AbbVie Profile

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AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), and VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.