AbbVie Inc. $ABBV Stock: Kestra Investment Management LLC Cuts Holdings

Kestra Investment Management LLC cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 51.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,158 shares of the company’s stock after selling 5,487 shares during the period. Kestra Investment Management LLC’s holdings in AbbVie were worth $1,349,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. AlphaCore Capital LLC raised its position in shares of AbbVie by 11.2% in the third quarter. AlphaCore Capital LLC now owns 50,568 shares of the company’s stock valued at $13,228,000 after buying an additional 5,092 shares in the last quarter. Palacios Wealth Management LLC increased its stake in AbbVie by 1.2% during the 3rd quarter. Palacios Wealth Management LLC now owns 6,393 shares of the company’s stock worth $1,672,000 after acquiring an additional 75 shares during the period. Clear Wave Wealth Management LLC increased its stake in AbbVie by 5.6% during the 3rd quarter. Clear Wave Wealth Management LLC now owns 1,426 shares of the company’s stock worth $373,000 after acquiring an additional 76 shares during the period. Kohmann Bosshard Financial Services LLC lifted its position in shares of AbbVie by 6.6% during the 3rd quarter. Kohmann Bosshard Financial Services LLC now owns 2,607 shares of the company’s stock valued at $682,000 after acquiring an additional 161 shares during the period. Finally, Joseph Group Capital Management grew its holdings in shares of AbbVie by 28.0% during the 3rd quarter. Joseph Group Capital Management now owns 539 shares of the company’s stock worth $141,000 after purchasing an additional 118 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ABBV. BMO Capital Markets set a $315.00 price target on AbbVie in a research report on Wednesday, November 4th. BNP Paribas Exane upped their price objective on shares of AbbVie from $218.00 to $247.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 11th. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $275.00 price objective on shares of AbbVie in a research report on Monday, November 2nd. Guggenheim increased their price objective on shares of AbbVie from $288.00 to $322.00 and gave the stock a “buy” rating in a research note on Monday, November 2nd. Finally, Scotiabank raised their target price on shares of AbbVie from $280.00 to $320.00 and gave the company an “outperform” rating in a report on Tuesday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $297.46.

AbbVie Stock Up 0.2%

Shares of ABBV opened at $293.88 on Wednesday. The stock has a market cap of $519.46 billion, a PE ratio of 50.58, a PEG ratio of 1.33 and a beta of 0.20. AbbVie Inc. has a 12-month low of $190.75 and a 12-month high of $302.93. The business has a 50-day simple moving average of $273.45 and a two-hundred day simple moving average of $239.80.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, October 30th. The company reported $3.82 earnings per share for the quarter, beating analysts’ consensus estimates of $3.73 by $0.09. The business had revenue of $17.40 billion during the quarter, compared to the consensus estimate of $17.32 billion. AbbVie had a negative return on equity of 450.55% and a net margin of 15.67%. AbbVie’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.86 earnings per share. On average, equities research analysts expect that AbbVie Inc. will post 13.98 EPS for the current year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 16th. Shareholders of record on Friday, January 15th will be issued a $1.82 dividend. The ex-dividend date is Friday, January 15th. This is an increase from AbbVie’s previous quarterly dividend of $1.73. This represents a $7.28 annualized dividend and a yield of 2.5%. AbbVie’s dividend payout ratio is currently 125.30%.

Insider Buying and Selling

In related news, EVP Nicholas Donoghoe sold 32,710 shares of AbbVie stock in a transaction on Friday, August 14th. The shares were sold at an average price of $250.00, for a total value of $8,177,500.00. Following the completion of the sale, the executive vice president owned 74,430 shares of the company’s stock, valued at approximately $18,607,500. This trade represents a 30.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.06% of the company’s stock.

About AbbVie

AbbVie is a biopharmaceutical company that discovers, develops and markets medicines for a range of serious health conditions. Its research and product portfolio spans immunology, oncology, neuroscience and other therapeutic areas. Key products include the immunology medicines Skyrizi and Rinvoq, cancer treatments such as Imbruvica and Venclexta, and neuroscience therapies including Botox and Vraylar. Through its Allergan acquisition, AbbVie also offers aesthetics products such as Botox Cosmetic and Juvéderm.