Tredje AP fonden Purchases 170,500 Shares of AbbVie Inc. (NYSE:ABBV)

Tredje AP fonden raised its position in shares of AbbVie Inc. (NYSE:ABBV) by 31.4% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 714,230 shares of the company’s stock after purchasing an additional 170,500 shares during the quarter. AbbVie accounts for about 1.2% of Tredje AP fonden’s investment portfolio, making the stock its 15th biggest holding. Tredje AP fonden’s holdings in AbbVie were worth $122,505,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Vermillion & White Wealth Management Group LLC purchased a new position in shares of AbbVie in the fourth quarter worth $26,000. Fairway Wealth LLC bought a new stake in AbbVie in the 2nd quarter worth about $26,000. Ridgewood Investments LLC purchased a new position in AbbVie in the 2nd quarter worth about $27,000. Able Wealth Management LLC bought a new position in AbbVie during the 4th quarter valued at about $33,000. Finally, IFS Advisors LLC purchased a new stake in shares of AbbVie during the 1st quarter valued at about $36,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Down 1.1 %

NYSE ABBV opened at $193.50 on Wednesday. The stock’s 50-day moving average price is $187.92 and its 200-day moving average price is $175.46. The company has a market capitalization of $341.70 billion, a P/E ratio of 57.42, a price-to-earnings-growth ratio of 2.66 and a beta of 0.64. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $199.95.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.91 earnings per share. On average, equities research analysts predict that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Announces Dividend

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

Analyst Ratings Changes

Several research analysts have recently weighed in on ABBV shares. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a report on Monday, August 5th. Morgan Stanley boosted their target price on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Piper Sandler Companies restated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a research note on Wednesday, July 3rd. BMO Capital Markets lifted their price objective on AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Finally, Wells Fargo & Company increased their target price on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $191.64.

Insider Buying and Selling at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s 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 completion of the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction 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 transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the transaction, the chairman now directly owns 513,099 shares of the company’s stock, valued at $89,792,325. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

AbbVie 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.