AbbVie Inc. $ABBV Stock Holdings Increased by Forsta AP Fonden

Key Points

• Forsta AP Fonden increased its AbbVie stake by 2.5% in the fourth quarter, buying 11,000 more shares and bringing its total to 447,362 shares valued at about $102.2 million.
• AbbVie continues to attract institutional interest, with several large investors also boosting positions; about 70.23% of the stock is now owned by institutional investors.
• The company reported a strong quarter, with EPS of $2.65 and revenue of $15 billion, both ahead of estimates, while recent developments included FDA approval for DECNUPAZ and an expanded European label for VENCLYXTO.

Forsta AP Fonden increased its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 2.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 447,362 shares of the company's stock after purchasing an additional 11,000 shares during the quarter. AbbVie accounts for 0.6% of Forsta AP Fonden's holdings, making the stock its 21st biggest position. Forsta AP Fonden's holdings in AbbVie were worth $102,218,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank acquired a new stake in shares of AbbVie during the fourth quarter valued at approximately $5,865,055,000. Wellington Management Group LLP raised its holdings in shares of AbbVie by 457.4% during the third quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company's stock valued at $2,439,714,000 after acquiring an additional 8,646,424 shares during the period. Geode Capital Management LLC raised its holdings in shares of AbbVie by 10.4% during the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company's stock valued at $10,179,099,000 after acquiring an additional 4,190,487 shares during the period. Vanguard Group Inc. raised its holdings in shares of AbbVie by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company's stock valued at $41,306,353,000 after acquiring an additional 3,032,438 shares during the period. Finally, Raymond James Financial Inc. raised its holdings in shares of AbbVie by 41.8% during the second quarter. Raymond James Financial Inc. now owns 9,337,480 shares of the company's stock valued at $1,733,222,000 after acquiring an additional 2,753,312 shares during the period. 70.23% of the stock is currently owned by institutional investors.

Key AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie received U.S. FDA approval for DECNUPAZ, its first ADC approved for blood cancer, opening a new potential revenue stream in a highly specialized oncology market. U.S. FDA Approves DECNUPAZTM (pivekimab sunirine-pvzy) for Treatment of Adult Patients with Blastic Plasmacytoid Dendritic Cell Neoplasm, an Ultra-Rare and Aggressive Blood Cancer With Limited Treatment Options
• Positive Sentiment: The European Commission expanded the VENCLYXTO label in untreated CLL, broadening use of an established oncology drug and potentially supporting international sales. AbbVie Announces European Commission Authorization of Expanded Label for VENCLYXTO® (venetoclax) to Include Additional Combinations in Previously Untreated Chronic Lymphocytic Leukemia
• Positive Sentiment: AbbVie advanced ABBV-519 into first-in-human testing, signaling continued momentum in its immunology pipeline. AbbVie Inc. (ABBV) Presents at EU Clinical Trial Regulation: Latest Developments and Upcoming Opportunities Transcript
• Neutral Sentiment: Recent articles note ABBV has outperformed since its last earnings report and remains viewed as reasonably valued by some analysts, but these are more commentary than fresh business catalysts. AbbVie (ABBV) Up 3.5% Since Last Earnings Report: Can It Continue?

Insider Activity at AbbVie

In other news, SVP David Ryan Purdue sold 5,230 shares of the stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $233.56, for a total transaction of $1,221,518.80. Following the transaction, the senior vice president owned 2,654 shares in the company, valued at $619,868.24. This represents a 66.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.06% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ABBV has been the topic of a number of recent analyst reports. Sanford C. Bernstein restated a "market perform" rating on shares of AbbVie in a report on Thursday, February 5th. Cantor Fitzgerald restated an "overweight" rating and set a $240.00 price target on shares of AbbVie in a report on Thursday, April 30th. BMO Capital Markets restated an "outperform" rating on shares of AbbVie in a report on Monday, March 9th. Wall Street Zen upgraded shares of AbbVie from a "buy" rating to a "strong-buy" rating in a report on Saturday. Finally, UBS Group cut their price target on shares of AbbVie from $240.00 to $230.00 and set a "neutral" rating on the stock in a report on Thursday, February 5th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, AbbVie currently has an average rating of "Moderate Buy" and an average price target of $253.43.

AbbVie Stock Performance

AbbVie stock opened at $217.83 on Friday. The firm has a market cap of $384.85 billion, a PE ratio of 107.30, a P/E/G ratio of 0.75 and a beta of 0.32. The firm's 50 day moving average price is $208.43 and its two-hundred day moving average price is $219.66. AbbVie Inc. has a twelve month low of $181.73 and a twelve month high of $244.81.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.59 by $0.06. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The company's revenue for the quarter was up 12.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.46 EPS. Equities analysts anticipate that AbbVie Inc. will post 14.3 EPS for the current fiscal year.

AbbVie Company Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie's product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women's health.

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