AbbVie Inc. $ABBV is Atle Fund Management AB's 2nd Largest Position

Key Points

• Atle Fund Management AB has reduced its stake in AbbVie Inc. by 2.6%, now holding 86,933 shares worth approximately $16.1 million.
• Several institutional investors, including GAMMA Investing LLC and Goldman Sachs Group Inc., significantly increased their positions in AbbVie, with GAMMA's increase alone reaching 25,841.6%.
• AbbVie recently declared a quarterly dividend of $1.64 per share with a yield of 3.0%, scheduled for payment on November 14th.

Atle Fund Management AB reduced its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 2.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 86,933 shares of the company's stock after selling 2,294 shares during the quarter. AbbVie comprises about 6.9% of Atle Fund Management AB's portfolio, making the stock its 2nd biggest position. Atle Fund Management AB's holdings in AbbVie were worth $16,137,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC raised its stake in shares of AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after purchasing an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC raised its stake in shares of AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock worth $1,294,000 after purchasing an additional 3,064 shares during the last quarter. Retirement Planning Group LLC raised its stake in shares of AbbVie by 4.2% in the fourth quarter. Retirement Planning Group LLC now owns 2,714 shares of the company's stock worth $482,000 after purchasing an additional 109 shares during the last quarter. Pinney & Scofield Inc. purchased a new stake in shares of AbbVie in the fourth quarter worth approximately $36,000. Finally, GF Fund Management CO. LTD. purchased a new stake in shares of AbbVie in the fourth quarter worth approximately $7,687,000. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Performance

NYSE ABBV traded up $0.62 on Monday, hitting $223.09. 5,989,926 shares of the stock traded hands, compared to its average volume of 6,480,546. The business's fifty day moving average is $203.75 and its two-hundred day moving average is $194.84. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $225.16. The firm has a market capitalization of $394.09 billion, a price-to-earnings ratio of 106.23, a PEG ratio of 1.33 and a beta of 0.53. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74.

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

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Insider Activity

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the sale, the executive vice president directly owned 58,247 shares of the company's stock, valued at $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction dated 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 completion of the sale, the executive vice president directly 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. 0.08% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on ABBV shares. Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target for the company in a research report on Thursday, August 7th. BMO Capital Markets increased their price target on AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a research report on Friday, September 12th. JPMorgan Chase & Co. increased their price target on AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a research report on Tuesday, September 16th. Piper Sandler started coverage on AbbVie in a research report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price target for the company. Finally, Evercore ISI increased their price target on AbbVie from $207.00 to $222.00 and gave the company an "outperform" rating in a research report on Monday. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $223.45.

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.