Lansforsakringar Fondforvaltning AB publ Trims Stake in AbbVie Inc. $ABBV

Key Points

• Lansforsakringar Fondforvaltning AB published a 2.9% reduction in its stake in AbbVie Inc., now holding 570,069 shares valued at approximately $119.4 million.
• AbbVie reported earnings of $2.97 EPS for the last quarter, which was below analysts' expectations, but its revenue increased by 6.6% year-over-year to $15.42 billion.
• The company declared a quarterly dividend of $1.64 per share, representing an annualized payout of $6.56 and a yield of 3.2%.

Lansforsakringar Fondforvaltning AB publ decreased its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 2.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 570,069 shares of the company's stock after selling 17,141 shares during the period. AbbVie comprises about 0.7% of Lansforsakringar Fondforvaltning AB publ's holdings, making the stock its 22nd largest holding. Lansforsakringar Fondforvaltning AB publ's holdings in AbbVie were worth $119,441,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC grew its stake in shares of AbbVie by 17.4% in the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after buying an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC grew its stake in shares of AbbVie by 72.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock worth $1,294,000 after buying an additional 3,064 shares during the last quarter. Evergreen Wealth Solutions LLC grew its stake in shares of AbbVie by 1.9% in the 4th quarter. Evergreen Wealth Solutions LLC now owns 3,863 shares of the company's stock worth $687,000 after buying an additional 73 shares during the last quarter. Voleon Capital Management LP purchased a new stake in shares of AbbVie in the 4th quarter worth approximately $11,381,000. Finally, Bridgewealth Advisory Group LLC purchased a new stake in shares of AbbVie in the 4th quarter worth approximately $217,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Price Performance

NYSE ABBV opened at $208.24 on Thursday. The business's fifty day moving average price is $194.10 and its 200-day moving average price is $193.29. The stock has a market capitalization of $367.87 billion, a price-to-earnings ratio of 99.16, a PEG ratio of 1.34 and a beta of 0.50. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last announced its 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 prior year, the business posted $2.65 earnings per share. AbbVie's revenue for the quarter was up 6.6% compared to the same quarter last year. On average, equities analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th were issued a dividend of $1.64 per share. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.2%. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

Insider Transactions at AbbVie

In other 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 transaction of $2,639,190.45. Following the completion of the transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's 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 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. Company insiders own 0.25% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ABBV shares. BNP Paribas raised AbbVie to a "hold" rating in a research report on Thursday, May 8th. Guggenheim increased their target price on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Bank of America increased their target price on AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Finally, Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Five analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $214.95.

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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