Nordea Investment Management AB Raises Holdings in AbbVie Inc. (NYSE:ABBV)

Nordea Investment Management AB boosted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 15.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,304,351 shares of the company’s stock after acquiring an additional 559,962 shares during the quarter. AbbVie accounts for about 0.8% of Nordea Investment Management AB’s investment portfolio, making the stock its 23rd largest holding. Nordea Investment Management AB owned approximately 0.24% of AbbVie worth $572,694,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Retirement Income Solutions Inc bought a new position in shares of AbbVie in the 1st quarter worth approximately $204,000. Ergoteles LLC raised its position in shares of AbbVie by 17.8% in the 1st quarter. Ergoteles LLC now owns 5,605 shares of the company’s stock worth $909,000 after acquiring an additional 847 shares in the last quarter. First Western Trust Bank bought a new position in AbbVie during the 1st quarter valued at approximately $1,150,000. Wsfs Capital Management LLC bought a new position in AbbVie during the 1st quarter valued at approximately $562,000. Finally, Bridgewater Associates LP increased its position in AbbVie by 80.4% during the 1st quarter. Bridgewater Associates LP now owns 75,516 shares of the company’s stock valued at $12,242,000 after buying an additional 33,661 shares in the last quarter. 67.86% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Trading Down 1.0 %

Shares of ABBV stock opened at $152.09 on Friday. AbbVie Inc. has a 12-month low of $130.96 and a 12-month high of $168.11. The company has a current ratio of 0.89, a quick ratio of 0.77 and a debt-to-equity ratio of 4.33. The stock’s 50-day moving average price is $146.09 and its 200-day moving average price is $147.56. The stock has a market capitalization of $268.45 billion, a price-to-earnings ratio of 31.29, a price-to-earnings-growth ratio of 2.74 and a beta of 0.58.

AbbVie (NYSE:ABBV) last issued its earnings results on Thursday, July 27th. The company reported $2.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.79 by $0.12. AbbVie had a return on equity of 151.29% and a net margin of 15.50%. The firm had revenue of $13.87 billion for the quarter, compared to analysts’ expectations of $13.52 billion. Equities research analysts predict that AbbVie Inc. will post 11.03 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be paid a dividend of $1.48 per share. The ex-dividend date is Thursday, October 12th. This represents a $5.92 annualized dividend and a yield of 3.89%. AbbVie’s payout ratio is currently 121.81%.

Wall Street Analyst Weigh In

A number of analysts have commented on ABBV shares. HSBC started coverage on AbbVie in a report on Friday, July 14th. They issued a “buy” rating and a $167.00 target price for the company. TheStreet raised AbbVie from a “c+” rating to a “b” rating in a report on Monday, August 28th. William Blair started coverage on AbbVie in a report on Tuesday, July 25th. They issued a “market perform” rating for the company. StockNews.com started coverage on AbbVie in a report on Thursday, August 17th. They issued a “strong-buy” rating for the company. Finally, Credit Suisse Group reduced their target price on AbbVie from $170.00 to $160.00 in a report on Wednesday, July 12th. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $165.79.

Insiders Place Their Bets

In other AbbVie news, CEO Richard A. Gonzalez sold 18,500 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $149.15, for a total transaction of $2,759,275.00. Following the completion of the transaction, the chief executive officer now owns 625,294 shares in the company, valued at $93,262,600.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.26% of the stock is currently owned by insiders.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.