AbbVie Inc. $ABBV Stock Holdings Trimmed by Kayne Anderson Rudnick Investment Management LLC

Key Points

• Kayne Anderson Rudnick Investment Management LLC has reduced its holdings in AbbVie Inc. by 3.0%, now owning 129,935 shares valued at approximately $27.2 million.
• AbbVie recently missed analysts' earnings expectations, reporting $2.97 earnings per share against the consensus estimate of $3.24, while revenue for the quarter was $15.42 billion, exceeding estimates.
• The company also declared a quarterly dividend of $1.64 per share, resulting in an annualized dividend yield of 3.1% and a significant dividend payout ratio of 312.38%.

Kayne Anderson Rudnick Investment Management LLC lowered its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 3.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 129,935 shares of the company's stock after selling 3,965 shares during the period. Kayne Anderson Rudnick Investment Management LLC's holdings in AbbVie were worth $27,224,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Private Management Group Inc. raised its stake in 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 acquiring an additional 54 shares in the last quarter. Connecticut Wealth Management LLC raised its stake in AbbVie by 1.6% during the 4th quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock valued at $660,000 after acquiring an additional 57 shares in the last quarter. Castle Wealth Management LLC raised its stake in shares of AbbVie by 3.4% in the 1st quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock worth $361,000 after buying an additional 57 shares in the last quarter. High Falls Advisors Inc raised its stake in shares of AbbVie by 3.2% in the 1st quarter. High Falls Advisors Inc now owns 1,863 shares of the company's stock worth $390,000 after buying an additional 57 shares in the last quarter. Finally, Northstar Group Inc. raised its stake in shares of AbbVie by 0.7% in the 1st quarter. Northstar Group Inc. now owns 8,512 shares of the company's stock worth $1,783,000 after buying an additional 58 shares in the last quarter. Institutional investors own 70.23% of the company's stock.

AbbVie Stock Performance

Shares of ABBV stock opened at $210.2840 on Monday. 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 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The company has a market capitalization of $371.48 billion, a price-to-earnings ratio of 100.14, a P/E/G ratio of 1.35 and a beta of 0.50. The stock's fifty day simple moving average is $192.84 and its 200-day simple moving average is $192.96.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts' consensus estimates 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%. The firm's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.65 EPS. On average, sell-side analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th were given a $1.64 dividend. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.1%. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

Several research firms have issued reports on ABBV. Piper Sandler began coverage on AbbVie in a report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price target on the stock. Daiwa America raised AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Raymond James Financial boosted their target price on AbbVie from $227.00 to $236.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Citigroup boosted their target price on AbbVie to $205.00 and gave the stock a "hold" rating in a research report on Wednesday, June 11th. Finally, BNP Paribas raised AbbVie to a "hold" rating in a research report on Thursday, May 8th. Five investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $214.95.

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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