AbbVie Inc. (NYSE:ABBV) Shares Sold by KG&L Capital Management LLC

KG&L Capital Management LLC trimmed its position in shares of AbbVie Inc. (NYSE:ABBV) by 18.8% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,974 shares of the company’s stock after selling 456 shares during the period. KG&L Capital Management LLC’s holdings in AbbVie were worth $339,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Elser Financial Planning Inc purchased a new position in shares of AbbVie in the second quarter valued at approximately $428,000. Fifth Third Wealth Advisors LLC lifted its holdings in AbbVie by 23.6% during the 2nd quarter. Fifth Third Wealth Advisors LLC now owns 38,492 shares of the company’s stock worth $6,602,000 after buying an additional 7,349 shares in the last quarter. MFA Wealth Advisors LLC purchased a new position in AbbVie in the 2nd quarter valued at approximately $177,000. Prossimo Advisors LLC grew its stake in shares of AbbVie by 12.8% in the second quarter. Prossimo Advisors LLC now owns 1,801 shares of the company’s stock worth $309,000 after acquiring an additional 205 shares in the last quarter. Finally, Capital Advisory Group Advisory Services LLC increased its position in shares of AbbVie by 6.0% during the second quarter. Capital Advisory Group Advisory Services LLC now owns 7,787 shares of the company’s stock worth $1,336,000 after acquiring an additional 438 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on ABBV. Piper Sandler reissued an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research report on Tuesday, July 2nd. Piper Sandler Companies restated an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research note on Wednesday, July 3rd. Barclays increased their target price on shares of AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. Finally, Wells Fargo & Company increased their price objective on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and a consensus price target of $190.29.

Insiders Place Their Bets

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the sale, the chairman now owns 513,099 shares of the company’s stock, valued at $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

AbbVie Price Performance

AbbVie stock traded down $0.78 during midday trading on Thursday, reaching $195.75. 708,413 shares of the company were exchanged, compared to its average volume of 5,478,385. The firm’s 50-day simple moving average is $177.76 and its 200-day simple moving average is $172.82. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $197.54. The company has a market capitalization of $345.67 billion, a price-to-earnings ratio of 58.12, a P/E/G ratio of 2.49 and a beta of 0.64. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The firm had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. During the same quarter last year, the business earned $2.91 earnings per share. AbbVie’s revenue was up 4.3% compared to the same quarter last year. On average, analysts anticipate that AbbVie Inc. will post 10.87 EPS for the current year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, July 15th were given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend was Monday, July 15th. AbbVie’s dividend payout ratio (DPR) is 183.98%.

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.