AbbVie Inc. $ABBV Holdings Cut by Kingswood Wealth Advisors LLC

Key Points

• Kingswood Wealth Advisors LLC cut its stake in AbbVie Inc. by 57.9% during the second quarter, reducing its shares to 11,155 after selling 15,352 shares.
• In recent insider trading, EVP Nicholas Donoghoe and EVP Azita Saleki-Gerhardt sold significant portions of their holdings, reducing their ownership by 18.58% and 19.29%, respectively.
• Research firms have set varying price targets for AbbVie, with Piper Sandler issuing an "overweight" rating and a target of $231.00, and Bank of America raising their target from $220.00 to $251.00.

Kingswood Wealth Advisors LLC decreased its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 57.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,155 shares of the company's stock after selling 15,352 shares during the quarter. Kingswood Wealth Advisors LLC's holdings in AbbVie were worth $2,071,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. FF Advisors LLC raised its holdings in shares of AbbVie by 3.6% during the 2nd quarter. FF Advisors LLC now owns 1,539 shares of the company's stock valued at $286,000 after purchasing an additional 53 shares in the last quarter. Private Management Group Inc. raised its holdings in shares of AbbVie by 1.9% during the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock valued at $616,000 after purchasing an additional 54 shares in the last quarter. Silicon Valley Capital Partners raised its holdings in shares of AbbVie by 10.8% during the 1st quarter. Silicon Valley Capital Partners now owns 573 shares of the company's stock valued at $118,000 after purchasing an additional 56 shares in the last quarter. Seneca House Advisors raised its holdings in shares of AbbVie by 2.7% during the 2nd quarter. Seneca House Advisors now owns 2,093 shares of the company's stock valued at $388,000 after purchasing an additional 56 shares in the last quarter. Finally, Castle Wealth Management LLC raised its holdings in shares of AbbVie by 3.4% during the 1st quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock valued at $361,000 after purchasing an additional 57 shares in the last quarter. Institutional investors own 70.23% of the company's stock.

Insider Transactions at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the transaction, the executive vice president directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the transaction, the executive vice president directly owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ABBV. Piper Sandler began coverage on shares of AbbVie in a report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price target on the stock. Daiwa America upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. HSBC set a $225.00 target price on shares of AbbVie in a research note on Thursday, October 2nd. Weiss Ratings reiterated a "hold (c)" rating on shares of AbbVie in a research note on Saturday, September 27th. Finally, Bank of America raised their target price on shares of AbbVie from $220.00 to $251.00 and gave the company a "neutral" rating in a research note on Friday, October 3rd. Four research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $229.14.

AbbVie Price Performance

Shares of AbbVie stock opened at $233.42 on Wednesday. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The firm's 50-day simple moving average is $212.45 and its 200-day simple moving average is $196.19. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81. The firm has a market cap of $412.35 billion, a P/E ratio of 111.15, a price-to-earnings-growth ratio of 1.35 and a beta of 0.51.

AbbVie (NYSE:ABBV - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share 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 business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same quarter last year, the firm posted $2.65 earnings per share. AbbVie's revenue was up 6.6% on a year-over-year basis. As a group, research analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

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

About AbbVie

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.

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