Kingsview Wealth Management LLC Sells 2,682 Shares of AbbVie Inc. (NYSE:ABBV)

Financial News Live · Mar 13, 2023 02:02

Kingsview Wealth Management LLC trimmed its position in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 2.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 94,244 shares of the company's stock after selling 2,682 shares during the period. Kingsview Wealth Management LLC's holdings in AbbVie were worth $12,648,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ABBV. Retirement Income Solutions Inc acquired a new position in shares of AbbVie in the 1st quarter worth approximately $204,000. Ergoteles LLC increased its position in shares of AbbVie by 17.8% in the 1st quarter. Ergoteles LLC now owns 5,605 shares of the company's stock valued at $909,000 after buying an additional 847 shares in the last quarter. First Western Trust Bank bought a new stake in shares of AbbVie in the 1st quarter valued at $1,150,000. Wsfs Capital Management LLC bought a new stake in shares of AbbVie in the 1st quarter valued at $562,000. Finally, Bridgewater Associates LP increased its position in shares of AbbVie by 80.4% in the 1st quarter. Bridgewater Associates LP now owns 75,516 shares of the company's stock valued at $12,242,000 after buying an additional 33,661 shares in the last quarter. 67.71% of the stock is currently owned by institutional investors.

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AbbVie Stock Up 1.6 %

Shares of AbbVie stock traded up $2.36 during trading hours on Friday, reaching $149.71. 6,825,537 shares of the company's stock were exchanged, compared to its average volume of 5,424,030. AbbVie Inc. has a fifty-two week low of $134.09 and a fifty-two week high of $175.91. The stock has a market cap of $264.90 billion, a P/E ratio of 22.65, a P/E/G ratio of 3.40 and a beta of 0.62. The company has a 50 day moving average of $152.10 and a two-hundred day moving average of $150.34. The company has a current ratio of 0.96, a quick ratio of 0.84 and a debt-to-equity ratio of 3.42.

AbbVie (NYSE:ABBV – Get Rating) last posted its quarterly earnings results on Thursday, February 9th. The company reported $3.60 EPS for the quarter, topping analysts' consensus estimates of $3.54 by $0.06. AbbVie had a return on equity of 154.52% and a net margin of 20.39%. The business had revenue of $15.12 billion during the quarter, compared to analysts' expectations of $15.30 billion. During the same quarter last year, the company posted $3.31 earnings per share. AbbVie's quarterly revenue was up 1.6% on a year-over-year basis. On average, sell-side analysts forecast that AbbVie Inc. will post 11 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 15th. Stockholders of record on Friday, April 14th will be issued a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a dividend yield of 3.95%. The ex-dividend date of this dividend is Thursday, April 13th. AbbVie's dividend payout ratio is presently 89.56%.

Analysts Set New Price Targets

A number of analysts recently commented on ABBV shares. BMO Capital Markets lowered their price objective on shares of AbbVie from $169.00 to $167.00 and set an "outperform" rating for the company in a research report on Monday, February 6th. Truist Financial increased their target price on AbbVie from $160.00 to $180.00 in a report on Thursday, January 5th. Atlantic Securities lowered their target price on AbbVie from $157.00 to $154.00 and set a "neutral" rating for the company in a report on Friday, February 10th. Wolfe Research cut AbbVie from an "outperform" rating to a "peer perform" rating in a report on Wednesday, February 22nd. They noted that the move was a valuation call. Finally, Credit Suisse Group started coverage on AbbVie in a report on Thursday, November 17th. They set an "outperform" rating and a $170.00 target price for the company. Nine analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $161.12.

Insider Transactions at AbbVie

In other news, Director Roxanne S. Austin sold 10,000 shares of the business's stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $150.50, for a total transaction of $1,505,000.00. Following the completion of the sale, the director now owns 40,705 shares in the company, valued at $6,126,102.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other AbbVie news, Director Roxanne S. Austin sold 10,000 shares of the business's stock in a transaction that occurred on Friday, February 17th. The shares were sold at an average price of $150.50, for a total transaction of $1,505,000.00. Following the completion of the transaction, the director now directly owns 40,705 shares in the company, valued at $6,126,102.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Timothy J. Richmond sold 42,370 shares of the company's stock in a transaction on Monday, December 12th. The stock was sold at an average price of $163.44, for a total transaction of $6,924,952.80. Following the transaction, the executive vice president now owns 13,837 shares of the company's stock, valued at $2,261,519.28. The disclosure for this sale can be found here. Insiders sold a total of 148,991 shares of company stock worth $23,102,528 over the last quarter. Company insiders own 0.08% of the company's stock.

AbbVie Profile

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AbbVie, Inc is a research-based biopharmaceutical company, which engages in the development and sale of pharmaceutical products. It focuses on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology, and dermatology, oncology, including blood cancers, virology, hepatitis C virus (HCV) and human immunodeficiency virus (HIV), neurological disorders, such as Parkinson's, metabolic, comprising thyroid disease and complications associated with cystic fibrosis, pain associated with endometriosis, and other serious health conditions.