Fjarde AP Fonden Fourth Swedish National Pension Fund decreased its position in shares of AbbVie Inc (NYSE:ABBV) by 5.2% during the 1st quarter, HoldingsChannel reports. The fund owned 413,279 shares of the company’s stock after selling 22,700 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in AbbVie were worth $31,488,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Mutual of America Capital Management LLC increased its stake in shares of AbbVie by 4.5% in the first quarter. Mutual of America Capital Management LLC now owns 302,822 shares of the company’s stock valued at $23,072,000 after buying an additional 13,048 shares during the period. Aft Forsyth & Company Inc. boosted its position in AbbVie by 3.9% during the 1st quarter. Aft Forsyth & Company Inc. now owns 7,416 shares of the company’s stock worth $565,000 after buying an additional 275 shares during the period. Cigna Investments Inc. New grew its holdings in AbbVie by 9.7% during the 1st quarter. Cigna Investments Inc. New now owns 43,001 shares of the company’s stock worth $3,276,000 after acquiring an additional 3,816 shares during the last quarter. Blair William & Co. IL increased its position in AbbVie by 3.8% in the 1st quarter. Blair William & Co. IL now owns 929,065 shares of the company’s stock valued at $70,785,000 after acquiring an additional 33,851 shares during the period. Finally, Sequoia Financial Advisors LLC raised its stake in shares of AbbVie by 30.8% during the first quarter. Sequoia Financial Advisors LLC now owns 34,687 shares of the company’s stock valued at $2,643,000 after acquiring an additional 8,176 shares during the last quarter. Institutional investors and hedge funds own 72.17% of the company’s stock.
In related news, EVP Timothy J. Richmond sold 19,445 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $85.00, for a total transaction of $1,652,825.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Edward J. Rapp purchased 2,875 shares of the business’s stock in a transaction on Tuesday, March 3rd. The stock was purchased at an average price of $91.75 per share, for a total transaction of $263,781.25. Insiders acquired 8,825 shares of company stock valued at $671,852 over the last 90 days. Corporate insiders own 0.09% of the company’s stock.
AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, May 1st. The company reported $2.42 EPS for the quarter, topping the consensus estimate of $2.25 by $0.17. AbbVie had a net margin of 24.77% and a negative return on equity of 169.80%. The company had revenue of $8.62 billion during the quarter, compared to the consensus estimate of $8.31 billion. During the same quarter last year, the firm posted $2.14 EPS. The company’s quarterly revenue was up 10.1% on a year-over-year basis. Research analysts anticipate that AbbVie Inc will post 10.7 earnings per share for the current fiscal year.
Several analysts recently weighed in on ABBV shares. ValuEngine raised shares of AbbVie from a “strong sell” rating to a “sell” rating in a research note on Thursday, May 14th. UBS Group reduced their price target on AbbVie from $106.00 to $96.00 and set a “buy” rating on the stock in a research report on Monday, April 13th. Piper Sandler raised their price objective on AbbVie from $95.00 to $97.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. SVB Leerink lifted their price objective on AbbVie from $107.00 to $122.00 and gave the stock an “outperform” rating in a research note on Monday, May 11th. Finally, Societe Generale cut AbbVie from a “buy” rating to a “hold” rating in a report on Monday, March 23rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the company. AbbVie presently has an average rating of “Buy” and a consensus target price of $98.23.
AbbVie Company Profile
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.
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