Skandinaviska Enskilda Banken AB publ Decreases Position in AbbVie Inc. (NYSE:ABBV)

Key Points

• Skandinaviska Enskilda Banken AB publ reduced its holdings in AbbVie Inc. by 10.2%, now owning about 0.9% of the company's stock, worth approximately $187.6 million.
• AbbVie reported earnings of $2.46 EPS, surpassing analyst estimates of $2.40, and showing an 8.4% year-over-year revenue growth to $13.34 billion.
• The company announced a quarterly dividend of $1.64 per share, representing an annualized dividend of $6.56 with a yield of 3.44%.

Skandinaviska Enskilda Banken AB publ lowered its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 10.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 894,511 shares of the company's stock after selling 101,646 shares during the quarter. AbbVie comprises approximately 0.9% of Skandinaviska Enskilda Banken AB publ's investment portfolio, making the stock its 19th largest holding. Skandinaviska Enskilda Banken AB publ owned about 0.05% of AbbVie worth $187,615,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Steel Grove Capital Advisors LLC boosted its position in AbbVie by 1.7% in the 4th quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company's stock worth $553,000 after purchasing an additional 52 shares in the last quarter. Peninsula Wealth LLC boosted its position in AbbVie by 4.1% in the 4th quarter. Peninsula Wealth LLC now owns 1,360 shares of the company's stock worth $242,000 after purchasing an additional 54 shares in the last quarter. Private Management Group Inc. boosted its position in AbbVie by 1.9% in the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock worth $616,000 after purchasing an additional 54 shares in the last quarter. Connecticut Wealth Management LLC boosted its position in AbbVie by 1.6% in the 4th quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock worth $660,000 after purchasing an additional 57 shares in the last quarter. Finally, Castle Wealth Management LLC boosted its position in AbbVie by 3.4% in the 1st quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock worth $361,000 after purchasing an additional 57 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on ABBV. Evercore ISI upped their price objective on AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. Bank of America increased their target price on AbbVie to $204.00 and gave the company a "hold" rating in a research report on Monday, June 9th. The Goldman Sachs Group reiterated a "neutral" rating and set a $194.00 target price on shares of AbbVie in a research report on Tuesday, April 8th. Guggenheim increased their target price on AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Finally, BNP Paribas upgraded AbbVie to a "hold" rating in a report on Thursday, May 8th. Eight equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $211.29.

AbbVie Stock Up 1.6%

Shares of AbbVie stock traded up $3.07 on Tuesday, reaching $191.59. 3,104,345 shares of the company were exchanged, compared to its average volume of 6,830,808. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $218.66. The company has a market cap of $338.43 billion, a P/E ratio of 81.47, a price-to-earnings-growth ratio of 1.25 and a beta of 0.48. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64. The stock's 50 day moving average price is $187.68 and its 200-day moving average price is $189.94.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Friday, April 25th. The company reported $2.46 EPS for the quarter, topping analysts' consensus estimates of $2.40 by $0.06. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The business had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. During the same period in the previous year, the company posted $2.31 earnings per share. The business's revenue for the quarter was up 8.4% on a year-over-year basis. As a group, equities analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date is Tuesday, July 15th. AbbVie's dividend payout ratio is presently 279.15%.

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.