AbbVie Inc. $ABBV Shares Sold by AMF Tjanstepension AB

Key Points

• AMF Tjanstepension AB reduced its holdings in AbbVie Inc. by 16.3%, selling 17,591 shares, which left the fund with 90,285 shares valued at approximately $16.76 million.
• AbbVie reported Q2 earnings per share of $2.97, which fell short of analysts' expectations of $3.24, but revenue increased by 6.6% year-over-year to $15.42 billion.
• The company declared a quarterly dividend of $1.64 per share, yielding 2.8%, with a significant dividend payout ratio of 312.38%.

AMF Tjanstepension AB cut its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 16.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 90,285 shares of the company's stock after selling 17,591 shares during the quarter. AMF Tjanstepension AB's holdings in AbbVie were worth $16,759,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ABBV. Brighton Jones LLC increased its stake in AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after acquiring an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC increased its stake in AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock worth $1,294,000 after acquiring an additional 3,064 shares during the last quarter. Retirement Planning Group LLC boosted its position in shares of AbbVie by 12.3% in the first quarter. Retirement Planning Group LLC now owns 3,049 shares of the company's stock worth $639,000 after buying an additional 335 shares during the period. Vest Financial LLC boosted its position in shares of AbbVie by 9.0% in the first quarter. Vest Financial LLC now owns 336,659 shares of the company's stock worth $70,537,000 after buying an additional 27,877 shares during the period. Finally, Foster Group Inc. boosted its position in shares of AbbVie by 10.0% in the first quarter. Foster Group Inc. now owns 7,901 shares of the company's stock worth $1,655,000 after buying an additional 719 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Trading Down 1.1%

Shares of NYSE ABBV opened at $234.07 on Friday. The stock's 50 day moving average price is $210.77 and its two-hundred day moving average price is $196.01. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $244.81. The stock has a market capitalization of $413.49 billion, a P/E ratio of 111.46, a PEG ratio of 1.38 and a beta of 0.51. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the previous year, the company earned $2.65 EPS. The company's quarterly revenue was up 6.6% compared to the same quarter last year. On average, analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 2.8%. AbbVie's dividend payout ratio is presently 312.38%.

Analyst Ratings Changes

ABBV has been the subject of several analyst reports. BMO Capital Markets upped their target price on AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a research report on Friday, September 12th. HSBC set a $225.00 target price on AbbVie in a research report on Thursday. Guggenheim upped their target price on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. JPMorgan Chase & Co. upped their target price on AbbVie from $200.00 to $235.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 16th. Finally, Cantor Fitzgerald upped their target price on AbbVie from $215.00 to $245.00 and gave the stock an "overweight" rating in a research report on Monday, September 15th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $228.22.

Insider Activity at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the sale, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate 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.

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