KMG Fiduciary Partners LLC Purchases 2,040 Shares of AbbVie Inc. $ABBV

Key Points

• KMG Fiduciary Partners LLC has increased its holdings in AbbVie Inc. by 2.8% during the second quarter, now owning 74,914 shares valued at approximately $13.9 million.
• Insider transactions include EVP Nicholas Donoghoe selling 13,295 shares, representing an 18.58% decrease in his position, while EVP Azita Saleki-Gerhardt sold 42,370 shares, marking a 19.29% decrease in her holdings.
• AbbVie recently reported $2.97 EPS for the quarter, missing estimates but exceeding revenue expectations with $15.42 billion in sales, and also announced a quarterly dividend of $1.64 per share.

KMG Fiduciary Partners LLC boosted its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 2.8% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 74,914 shares of the company's stock after purchasing an additional 2,040 shares during the period. AbbVie comprises 1.0% of KMG Fiduciary Partners LLC's investment portfolio, making the stock its 19th biggest position. KMG Fiduciary Partners LLC's holdings in AbbVie were worth $13,905,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. TD Capital Management LLC grew its position in shares of AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after acquiring an additional 58 shares during the period. Abound Financial LLC bought a new position in shares of AbbVie during the 1st quarter valued at approximately $30,000. Siemens Fonds Invest GmbH grew its position in shares of AbbVie by 197.6% during the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after acquiring an additional 119,141 shares during the period. Cypress Capital Management LLC WY bought a new position in shares of AbbVie during the 1st quarter valued at approximately $35,000. Finally, Pinney & Scofield Inc. bought a new position in shares of AbbVie during the 4th quarter valued at approximately $36,000. 70.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on ABBV shares. Wells Fargo & Company raised their price objective on shares of AbbVie from $240.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, September 12th. Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective for the company in a report on Thursday, August 7th. Guggenheim increased their target price on shares of AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. JPMorgan Chase & Co. increased their target price on shares of AbbVie from $200.00 to $235.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 16th. Finally, BMO Capital Markets increased their target price on shares of AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a research note on Friday, September 12th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $222.68.

Insider Activity

In related 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 transaction 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. The trade was a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 sale, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.25% of the company's stock.

AbbVie Trading Up 0.1%

Shares of ABBV traded up $0.30 during trading hours on Friday, reaching $222.29. 14,371,957 shares of the company traded hands, compared to its average volume of 4,244,925. The company's fifty day moving average price is $203.12 and its two-hundred day moving average price is $194.89. The company has a market capitalization of $392.69 billion, a price-to-earnings ratio of 105.85, a price-to-earnings-growth ratio of 1.33 and a beta of 0.53. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $223.49.

AbbVie (NYSE:ABBV - Get Free Report) last announced its 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 company 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 company's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.65 EPS. Equities research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 3.0%. AbbVie's payout ratio is presently 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.