Lansforsakringar Fondforvaltning AB publ Buys New Shares in AbbVie Inc. (NYSE:ABBV)

Lansforsakringar Fondforvaltning AB publ acquired a new stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 587,210 shares of the company's stock, valued at approximately $104,347,000. AbbVie comprises about 1.2% of Lansforsakringar Fondforvaltning AB publ's portfolio, making the stock its 16th largest holding.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Fiduciary Advisors Inc. purchased a new position in shares of AbbVie during the fourth quarter valued at about $29,000. EnRich Financial Partners LLC increased its position in shares of AbbVie by 196.4% during the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock valued at $29,000 after buying an additional 110 shares during the period. Promus Capital LLC purchased a new position in shares of AbbVie during the fourth quarter valued at about $30,000. Bradley & Co. Private Wealth Management LLC purchased a new position in shares of AbbVie during the fourth quarter valued at about $31,000. Finally, Prudent Man Investment Management Inc. purchased a new position in shares of AbbVie during the fourth quarter valued at about $32,000. 70.23% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ABBV has been the topic of several recent research reports. Cantor Fitzgerald assumed coverage on AbbVie in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price target on the stock. Wells Fargo & Company raised their price objective on AbbVie from $210.00 to $240.00 and gave the company an "overweight" rating in a research report on Wednesday, March 5th. Bank of America raised their price objective on AbbVie from $200.00 to $223.00 and gave the company a "neutral" rating in a research report on Tuesday, March 4th. UBS Group raised their price objective on AbbVie from $181.00 to $190.00 and gave the company a "neutral" rating in a research report on Monday, February 3rd. Finally, Citigroup reaffirmed a "neutral" rating and set a $205.00 price objective (down previously from $210.00) on shares of AbbVie in a research report on Wednesday, May 14th. Eight analysts have rated the stock with a hold rating, eighteen have issued a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, AbbVie currently has a consensus rating of "Moderate Buy" and an average target price of $210.95.

Insider Transactions at AbbVie

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie stock in a transaction on Monday, March 31st. The shares were sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the transaction, the executive vice president now owns 53,234 shares in the company, valued at $11,183,398.72. This trade represents a 52.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.25% of the company's stock.

AbbVie Stock Performance

ABBV stock traded down $0.09 on Friday, hitting $185.53. The company had a trading volume of 11,606,785 shares, compared to its average volume of 6,243,426. AbbVie Inc. has a 12-month low of $158.83 and a 12-month high of $218.66. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94. The stock's 50-day simple moving average is $185.97 and its 200 day simple moving average is $186.49. The stock has a market cap of $327.72 billion, a price-to-earnings ratio of 77.30, a P/E/G ratio of 1.62 and a beta of 0.56.

AbbVie (NYSE:ABBV - Get Free Report) last issued its earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.06. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The company had revenue of $13.34 billion for the quarter, compared to analysts' expectations of $12.91 billion. During the same quarter last year, the company posted $2.31 earnings per share. The firm's quarterly revenue was up 8.4% on a year-over-year basis. As a group, equities research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

About AbbVie

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.