DnB Asset Management AS Has $98.25 Million Stock Position in AbbVie Inc. $ABBV

Key Points

• DnB Asset Management AS reduced its stake in AbbVie Inc. by 13.1%, selling 70,578 shares and retaining 468,950 shares valued at approximately $98.25 million.
• Despite DnB's sale, other institutional investors like TD Capital Management LLC and Siemens Fonds Invest GmbH significantly increased their holdings in AbbVie during the same period.
• Analysts have set a consensus price target of $214.95 for AbbVie, with four analysts rating it a Strong Buy, indicating potential for performance improvement amidst recent missed earnings expectations.

DnB Asset Management AS decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 13.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 468,950 shares of the company's stock after selling 70,578 shares during the period. DnB Asset Management AS's holdings in AbbVie were worth $98,254,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. TD Capital Management LLC increased its stake in AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after purchasing an additional 58 shares during the last quarter. Abound Financial LLC bought a new position in AbbVie during the 1st quarter worth $30,000. Siemens Fonds Invest GmbH grew its stake in AbbVie by 197.6% during the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after buying an additional 119,141 shares during the last quarter. Cypress Capital Management LLC WY bought a new position in AbbVie during the 1st quarter worth $35,000. Finally, Pinney & Scofield Inc. bought a new position in AbbVie during the 4th quarter worth $36,000. Institutional investors own 70.23% of the company's stock.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction 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 transaction, the executive vice president owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the transaction, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate insiders.

AbbVie Price Performance

NYSE ABBV traded down $0.66 on Friday, reaching $212.34. 4,465,366 shares of the stock traded hands, compared to its average volume of 4,155,747. The firm's fifty day simple moving average is $197.74 and its 200 day simple moving average is $194.13. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The company has a market cap of $375.11 billion, a price-to-earnings ratio of 101.11, a P/E/G ratio of 1.37 and a beta of 0.53. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $218.66.

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

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued 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 3.1%. AbbVie's dividend payout ratio is currently 312.38%.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of recent research reports. Bank of America upped their price objective on AbbVie to $204.00 and gave the stock a "hold" rating in a research note on Monday, June 9th. Guggenheim upped their price objective on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Citigroup upped their price objective on AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, June 11th. Finally, Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Four investment 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. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $214.95.

AbbVie Company 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.