AbbVie Inc. $ABBV Stock: Kestra Private Wealth Services LLC Cuts Stake

Key Points

• Kestra Private Wealth Services cut its AbbVie stake by 3.8%, selling 6,916 shares and retaining 173,709 shares valued at about $45.4 million. Institutional investors collectively own 70.23% of the stock.
• AbbVie beat quarterly expectations with EPS of $3.82 versus $3.73 forecast and revenue of $17.4 billion, up 10.3% year over year.
• AbbVie raised its quarterly dividend from $1.73 to $1.82 per share. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $297.46.

Kestra Private Wealth Services LLC decreased its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 3.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 173,709 shares of the company's stock after selling 6,916 shares during the period. Kestra Private Wealth Services LLC's holdings in AbbVie were worth $45,440,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in ABBV. Ranch Capital Advisors Inc. boosted its stake in shares of AbbVie by 37.0% during the first quarter. Ranch Capital Advisors Inc. now owns 14,888 shares of the company's stock valued at $3,238,000 after purchasing an additional 4,017 shares in the last quarter. Capital Advisors Inc. OK raised its stake in AbbVie by 11.2% in the second quarter. Capital Advisors Inc. OK now owns 447,129 shares of the company's stock worth $112,516,000 after buying an additional 45,132 shares in the last quarter. Danica Pension Livsforsikringsaktieselskab bought a new position in AbbVie in the second quarter worth approximately $23,557,000. Wedge Capital Management L L P NC raised its stake in AbbVie by 7.5% in the second quarter. Wedge Capital Management L L P NC now owns 134,579 shares of the company's stock worth $33,865,000 after buying an additional 9,380 shares in the last quarter. Finally, State Street Corp lifted its holdings in AbbVie by 1.7% during the second quarter. State Street Corp now owns 82,596,748 shares of the company's stock worth $20,784,646,000 after buying an additional 1,379,232 shares during the period. 70.23% of the stock is currently owned by institutional investors.

AbbVie Price Performance

Shares of AbbVie stock opened at $294.15 on Thursday. The firm has a fifty day moving average price of $270.80 and a 200 day moving average price of $238.28. AbbVie Inc. has a 1 year low of $190.75 and a 1 year high of $298.74. The stock has a market cap of $519.71 billion, a PE ratio of 50.63, a price-to-earnings-growth ratio of 1.30 and a beta of 0.20.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Friday, October 30th. The company reported $3.82 EPS for the quarter, topping analysts' consensus estimates of $3.73 by $0.09. AbbVie had a net margin of 15.67% and a negative return on equity of 435.41%. The business had revenue of $17.40 billion for the quarter, compared to analysts' expectations of $17.32 billion. During the same quarter last year, the company earned $1.86 EPS. The business's revenue was up 10.3% on a year-over-year basis. As a group, equities analysts expect that AbbVie Inc. will post 13.99 EPS for the current year.

AbbVie Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 16th. Stockholders of record on Friday, January 15th will be given a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.5%. This is a positive change from AbbVie's previous quarterly dividend of $1.73. The ex-dividend date is Friday, January 15th. AbbVie's dividend payout ratio (DPR) is 125.30%.

Insider Activity at AbbVie

In other news, EVP Nicholas Donoghoe sold 32,710 shares of the business's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $250.00, for a total transaction 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 $18,607,500. The trade was a 30.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.06% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ABBV. Wolfe Research upgraded AbbVie from a "peer perform" rating to an "outperform" rating and lifted their price target for the company from $235.00 to $300.00 in a report on Thursday, August 13th. Leerink Partners upped their price objective on AbbVie from $309.00 to $342.00 and gave the stock an "outperform" rating in a research note on Monday. Argus raised their price objective on AbbVie from $250.00 to $270.00 in a research report on Tuesday, August 4th. Wells Fargo & Company lifted their target price on AbbVie from $300.00 to $340.00 and gave the company an "overweight" rating in a research note on Monday. Finally, Rothschild & Co Redburn lifted their target price on AbbVie from $284.00 to $285.00 and gave the company a "buy" rating in a research note on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $297.46.

Trending Headlines about AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie secured global rights to Nxera’s investigational oral IBD drug NXE0033744. The deal includes $100 million upfront, up to $1.37 billion in development and commercial milestones, and tiered royalties. The agreement could strengthen AbbVie’s future immunology pipeline, but milestone payments depend on development and commercial progress. Nxera licensing agreement
• Positive Sentiment: Several analysts raised their AbbVie price targets, adding to a favorable near-term outlook. Morgan Stanley price target update
• Positive Sentiment: AbbVie expanded its Oxford research facility as part of an investment exceeding £120 million, supporting longer-term research in immunology, neurology and oncology. Reuters report on Oxford R&D expansion
• Neutral Sentiment: Updated full-year revenue guidance of $67.8 billion is slightly above consensus, while projected EPS of $13.95–$13.99 is broadly in line. Fourth-quarter revenue guidance also edged above expectations, but EPS guidance of $3.83–$3.87 is below the $3.89 consensus. AbbVie outlook and valuation
• Negative Sentiment: AbbVie discontinued a Phase 2 solid-tumor drug program after seeing “limited benefit,” a setback for that part of its pipeline. Report on discontinued drug program

About AbbVie

AbbVie Inc NYSE: ABBV is a global biopharmaceutical company that discovers, develops and commercializes medicines and other healthcare products. Its portfolio focuses on immunology, oncology, neuroscience, aesthetics and eye care, serving patients and healthcare providers in markets around the world.

The company's key products include immunology medicines such as Skyrizi and Rinvoq; neuroscience treatments including Vraylar, Ubrelvy and Qulipta; and oncology products such as Imbruvica and Venclexta.

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