AbbVie Inc. $ABBV Position Reduced by Kornitzer Capital Management Inc. KS

Key Points

• Kornitzer Capital Management Inc. has reduced its position in AbbVie Inc. by 11.9%, selling 2,856 shares, and now owns 21,124 shares worth approximately $3.92 million.
• AbbVie has declared a quarterly dividend of $1.64 per share, with an annualized yield of 2.9%, set to be paid on November 14th.
• The company's latest earnings report revealed a miss on EPS estimates, reporting $2.97 against an anticipated $3.24, although revenue increased by 6.6% year over year.

Kornitzer Capital Management Inc. KS cut its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 11.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,124 shares of the company's stock after selling 2,856 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in AbbVie were worth $3,921,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Conning Inc. lifted its stake in AbbVie by 7.1% during the second quarter. Conning Inc. now owns 191,023 shares of the company's stock valued at $35,458,000 after buying an additional 12,690 shares in the last quarter. Dohj LLC lifted its stake in AbbVie by 41.8% during the second quarter. Dohj LLC now owns 4,529 shares of the company's stock valued at $802,000 after buying an additional 1,335 shares in the last quarter. First Hawaiian Bank lifted its stake in AbbVie by 0.8% during the second quarter. First Hawaiian Bank now owns 7,556 shares of the company's stock valued at $1,403,000 after buying an additional 60 shares in the last quarter. Narus Financial Partners LLC lifted its stake in AbbVie by 25.3% during the first quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock valued at $417,000 after buying an additional 401 shares in the last quarter. Finally, BankPlus Trust Department lifted its position in shares of AbbVie by 3.3% in the second quarter. BankPlus Trust Department now owns 27,113 shares of the company's stock worth $5,033,000 after purchasing an additional 855 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred 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 transaction, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.25% of the company's stock.

AbbVie Price Performance

Shares of ABBV opened at $228.06 on Friday. The firm has a market cap of $402.87 billion, a PE ratio of 108.60, a PEG ratio of 1.44 and a beta of 0.51. The firm's 50 day moving average price is $220.69 and its 200 day moving average price is $199.11. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data 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). The business had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. AbbVie's revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.65 EPS. As a group, research analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 2.9%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) is 312.38%.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of research analyst reports. Cantor Fitzgerald set a $250.00 price target on shares of AbbVie and gave the stock an "overweight" rating in a research report on Thursday, October 9th. UBS Group set a $251.00 price target on shares of AbbVie in a research report on Friday, October 3rd. Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target for the company in a research report on Thursday, August 7th. Evercore ISI increased their price target on shares of AbbVie from $207.00 to $222.00 and gave the stock an "outperform" rating in a research report on Monday, September 22nd. Finally, BMO Capital Markets increased their price target on shares of AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a research report on Friday, September 12th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $234.80.

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.

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