AMF Tjanstepension AB Purchases Shares of 44,446 AbbVie Inc. (NYSE:ABBV)

AMF Tjanstepension AB acquired a new position in shares of AbbVie Inc. (NYSE:ABBV) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 44,446 shares of the company’s stock, valued at approximately $8,777,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fairway Wealth LLC acquired a new stake in shares of AbbVie during the 2nd quarter worth $26,000. Ridgewood Investments LLC acquired a new stake in AbbVie in the 2nd quarter valued at $27,000. Vermillion & White Wealth Management Group LLC acquired a new stake in AbbVie in the 4th quarter valued at $26,000. IFS Advisors LLC acquired a new stake in AbbVie in the 1st quarter valued at $36,000. Finally, Redmont Wealth Advisors LLC acquired a new stake in AbbVie in the 1st quarter valued at $37,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at AbbVie

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 sale, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The sale was disclosed in a document filed 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 sale, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $196.74 on Thursday. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The firm’s 50-day moving average price is $192.90 and its two-hundred day moving average price is $176.61. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $199.95. The stock has a market capitalization of $347.42 billion, a P/E ratio of 58.38, a P/E/G ratio of 2.65 and a beta of 0.64.

AbbVie (NYSE:ABBV) last issued its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The firm had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter last year, the company posted $2.91 earnings per share. AbbVie’s revenue was up 4.3% on a year-over-year basis. As a group, sell-side analysts forecast that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Dividend Announcement

The company 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 annualized dividend and a dividend yield of 3.15%. AbbVie’s payout ratio is currently 183.98%.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of analyst reports. Piper Sandler upped their price objective on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Piper Sandler Companies reissued an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research report on Wednesday, July 3rd. Morgan Stanley upped their price objective on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. Finally, Barclays upped their price objective on shares of AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $191.64.

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.