KFG Wealth Management LLC Raises Holdings in AbbVie Inc. $ABBV

Key Points

• KFG Wealth Management LLC significantly increased its stake in AbbVie Inc. by 156.5%, owning 4,665 shares valued at approximately $866,000.
• AbbVie recently declared a quarterly dividend of $1.64 per share, with a dividend yield of 3.0%, following their earnings report that showed a revenue increase of 6.6% year-over-year.
• Analysts have set a consensus price target of $222.68 for AbbVie, with four analysts rating it as a Strong Buy.

KFG Wealth Management LLC increased its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 156.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,665 shares of the company's stock after purchasing an additional 2,846 shares during the quarter. KFG Wealth Management LLC's holdings in AbbVie were worth $866,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ABBV. Brighton Jones LLC boosted its position in AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after purchasing an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC boosted its position in AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock worth $1,294,000 after purchasing an additional 3,064 shares in the last quarter. Vermillion Wealth Management Inc. purchased a new position in AbbVie during the fourth quarter worth approximately $122,000. PVG Asset Management Corp purchased a new position in AbbVie during the fourth quarter worth approximately $425,000. Finally, Putney Financial Group LLC purchased a new position in AbbVie during the fourth quarter worth approximately $784,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the sale, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company'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 completion of the sale, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company's stock.

AbbVie Stock Up 0.3%

Shares of NYSE:ABBV traded up $0.62 on Monday, hitting $223.09. 5,989,926 shares of the company's stock were exchanged, compared to its average volume of 4,689,837. The company has a market capitalization of $394.09 billion, a PE ratio of 106.23, a P/E/G ratio of 1.33 and a beta of 0.53. 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 1-year low of $163.81 and a 1-year high of $225.16. The firm's 50-day moving average is $203.75 and its 200 day moving average is $194.84.

AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The firm had revenue of $15.42 billion during the quarter, compared to analyst estimates 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 period last year, the company earned $2.65 earnings per share. Sell-side analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio is 312.38%.

Analysts Set New Price Targets

Several research firms have recently weighed in on ABBV. JPMorgan Chase & Co. raised their target price on AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a research report on Tuesday, September 16th. Evercore ISI lifted their price objective on AbbVie from $207.00 to $222.00 and gave the stock an "outperform" rating in a research report on Monday. Raymond James Financial reiterated an "outperform" rating on shares of AbbVie in a research report on Monday, August 25th. BMO Capital Markets lifted their target price on AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a research report on Friday, September 12th. Finally, Daiwa Capital Markets upgraded AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price on the stock in a research report on Thursday, August 7th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $223.45.

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.