Kornitzer Capital Management Inc. KS Trims Stake in AbbVie Inc. (NYSE:ABBV)

Kornitzer Capital Management Inc. KS lowered its position in AbbVie Inc. (NYSE:ABBV) by 10.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 23,980 shares of the company’s stock after selling 2,904 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in AbbVie were worth $5,024,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in ABBV. Abound Financial LLC bought a new stake in shares of AbbVie during the 1st quarter valued at about $30,000. EnRich Financial Partners LLC raised its stake in AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock valued at $29,000 after purchasing an additional 110 shares in the last quarter. Prudent Man Investment Management Inc. purchased a new stake in AbbVie in the fourth quarter valued at approximately $32,000. Pinney & Scofield Inc. bought a new stake in AbbVie during the fourth quarter valued at approximately $36,000. Finally, Inlight Wealth Management LLC purchased a new position in AbbVie in the 1st quarter worth approximately $42,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ABBV shares. The Goldman Sachs Group restated a “neutral” rating and set a $194.00 price objective on shares of AbbVie in a research report on Tuesday, April 8th. Evercore ISI lifted their price target on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, April 28th. BNP Paribas upgraded AbbVie to a “hold” rating in a research report on Thursday, May 8th. Citigroup raised their price objective on AbbVie to $205.00 and gave the company a “hold” rating in a report on Wednesday, June 11th. Finally, Guggenheim boosted their target price on AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Eight investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $211.29.

AbbVie Trading Down 2.6%

Shares of ABBV opened at $186.56 on Wednesday. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $218.66. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. The firm’s 50-day moving average price is $186.90 and its 200-day moving average price is $189.19. The firm has a market capitalization of $329.53 billion, a price-to-earnings ratio of 79.39, a PEG ratio of 1.28 and a beta of 0.48.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $12.91 billion. During the same period in the previous year, the firm posted $2.31 EPS. The business’s revenue was up 8.4% on a year-over-year basis. Sell-side analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.52%. The ex-dividend date is Tuesday, July 15th. AbbVie’s dividend payout ratio (DPR) is 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.