Keb Asset Management LLC Cuts Stock Position in AbbVie Inc. $ABBV

Keb Asset Management LLC lowered its position in AbbVie Inc. (NYSE:ABBV) by 4.4% during the second quarter, Holdings Channel reports. The institutional investor owned 1,711 shares of the company’s stock after selling 79 shares during the quarter. Keb Asset Management LLC’s holdings in AbbVie were worth $318,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Washington Growth Strategies LLC boosted its stake in AbbVie by 1,947.1% in the 2nd quarter. Washington Growth Strategies LLC now owns 4,299 shares of the company’s stock worth $798,000 after purchasing an additional 4,089 shares in the last quarter. Fairvoy Private Wealth LLC boosted its stake in AbbVie by 8.7% in the 2nd quarter. Fairvoy Private Wealth LLC now owns 2,127 shares of the company’s stock worth $395,000 after purchasing an additional 170 shares in the last quarter. Franklin Street Advisors Inc. NC boosted its stake in AbbVie by 11.2% in the 2nd quarter. Franklin Street Advisors Inc. NC now owns 173,084 shares of the company’s stock worth $32,128,000 after purchasing an additional 17,405 shares in the last quarter. Stock Yards Bank & Trust Co. boosted its stake in AbbVie by 0.9% in the 2nd quarter. Stock Yards Bank & Trust Co. now owns 62,815 shares of the company’s stock worth $11,660,000 after purchasing an additional 572 shares in the last quarter. Finally, New Century Financial Group LLC boosted its stake in AbbVie by 28.4% in the 2nd quarter. New Century Financial Group LLC now owns 2,388 shares of the company’s stock worth $443,000 after purchasing an additional 528 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analyst Ratings Changes

ABBV has been the subject of a number of recent analyst reports. Guggenheim lifted their target price on shares of AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. BMO Capital Markets lifted their target price on shares of AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a research note on Friday, September 12th. Raymond James Financial reiterated an “outperform” rating on shares of AbbVie in a research note on Monday, August 25th. Weiss Ratings restated a “hold (c)” rating on shares of AbbVie in a research note on Saturday, September 27th. Finally, Morgan Stanley lifted their price objective on shares of AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $228.22.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $234.07 on Friday. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The company has a 50 day simple moving average of $210.77 and a two-hundred day simple moving average of $196.01. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $244.81. The stock has a market cap of $413.49 billion, a price-to-earnings ratio of 111.46, a PEG ratio of 1.38 and a beta of 0.51.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the prior year, the firm earned $2.65 earnings per share. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. As a group, analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie’s payout ratio is currently 312.38%.

Insider Buying and Selling at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’s stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business’s stock in a transaction on Tuesday, August 5th. The shares were 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 of the company’s stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

AbbVie Company 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.