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

Tredje AP fonden boosted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 31.4% during the second quarter, Holdings Channel.com reports. The firm owned 714,230 shares of the company’s stock after acquiring an additional 170,500 shares during the period. AbbVie accounts for about 1.2% of Tredje AP fonden’s portfolio, making the stock its 15th largest position. Tredje AP fonden’s holdings in AbbVie were worth $122,505,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the business. Gilbert & Cook Inc. lifted its position in AbbVie by 9.8% in the fourth quarter. Gilbert & Cook Inc. now owns 9,691 shares of the company’s stock worth $1,502,000 after buying an additional 861 shares during the last quarter. Aveo Capital Partners LLC increased its position in AbbVie by 5.1% during the fourth quarter. Aveo Capital Partners LLC now owns 4,297 shares of the company’s stock valued at $666,000 after acquiring an additional 210 shares during the last quarter. 9258 Wealth Management LLC raised its stake in shares of AbbVie by 1.7% in the fourth quarter. 9258 Wealth Management LLC now owns 16,909 shares of the company’s stock valued at $2,620,000 after acquiring an additional 283 shares during the period. Gryphon Financial Partners LLC lifted its holdings in shares of AbbVie by 1.9% in the 4th quarter. Gryphon Financial Partners LLC now owns 84,249 shares of the company’s stock worth $12,972,000 after acquiring an additional 1,531 shares during the last quarter. Finally, Hillsdale Investment Management Inc. boosted its stake in shares of AbbVie by 36.6% during the 4th quarter. Hillsdale Investment Management Inc. now owns 1,232 shares of the company’s stock worth $191,000 after purchasing an additional 330 shares during the period. Institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the sale, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total value of $49,497,875.00. Following the transaction, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ABBV shares. Piper Sandler increased their price objective on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a research note on Wednesday, June 5th. BMO Capital Markets upped their price objective on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Truist Financial reissued a “buy” rating and set a $210.00 target price (up from $195.00) on shares of AbbVie in a research note on Friday, July 26th. Finally, Wells Fargo & Company upped their price target on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $191.64.

AbbVie Trading Down 1.1 %

NYSE ABBV opened at $193.50 on Wednesday. AbbVie Inc. has a one year low of $135.85 and a one year high of $199.95. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The company has a market capitalization of $341.70 billion, a price-to-earnings ratio of 57.42, a price-to-earnings-growth ratio of 2.66 and a beta of 0.64. The company’s 50-day simple moving average is $187.92 and its two-hundred day simple moving average is $175.46.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.08. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. AbbVie’s revenue was up 4.3% compared to the same quarter last year. During the same period last year, the company posted $2.91 earnings per share. Equities analysts forecast that AbbVie Inc. will post 10.86 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.20%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s payout ratio is 183.98%.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.