Kornitzer Capital Management Inc. KS Raises Stake in AbbVie Inc. (ABBV)

Kornitzer Capital Management Inc. KS lifted its position in AbbVie Inc. (NYSE:ABBV) by 98.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,500 shares of the company’s stock after purchasing an additional 11,642 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in AbbVie were worth $1,704,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Warren Averett Asset Management LLC grew its position in AbbVie by 12.8% in the second quarter. Warren Averett Asset Management LLC now owns 9,921 shares of the company’s stock worth $719,000 after acquiring an additional 1,123 shares in the last quarter. Bbva Compass Bancshares Inc. grew its position in AbbVie by 1.7% in the second quarter. Bbva Compass Bancshares Inc. now owns 38,975 shares of the company’s stock worth $2,826,000 after acquiring an additional 669 shares in the last quarter. Spinnaker Trust grew its position in AbbVie by 42.2% in the second quarter. Spinnaker Trust now owns 4,630 shares of the company’s stock worth $336,000 after acquiring an additional 1,374 shares in the last quarter. American Trust Investment Advisors LLC grew its position in AbbVie by 2.1% in the second quarter. American Trust Investment Advisors LLC now owns 4,865 shares of the company’s stock worth $353,000 after acquiring an additional 100 shares in the last quarter. Finally, Sanders Capital LLC grew its position in AbbVie by 0.7% in the second quarter. Sanders Capital LLC now owns 627,533 shares of the company’s stock worth $45,502,000 after acquiring an additional 4,400 shares in the last quarter. 68.26% of the stock is currently owned by hedge funds and other institutional investors.

In related news, SVP Azita Saleki-Gerhardt sold 8,300 shares of AbbVie stock in a transaction on Monday, September 11th. The shares were sold at an average price of $85.02, for a total transaction of $705,666.00. Following the sale, the senior vice president now directly owns 93,099 shares in the company, valued at approximately $7,915,276.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Richard A. Gonzalez sold 193,131 shares of AbbVie stock in a transaction on Monday, August 7th. The stock was sold at an average price of $71.00, for a total transaction of $13,712,301.00. Following the sale, the chairman now owns 469,623 shares in the company, valued at $33,343,233. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 379,890 shares of company stock valued at $27,187,817. Corporate insiders own 0.23% of the company’s stock.

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Several research analysts recently commented on ABBV shares. BidaskClub upgraded AbbVie from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 6th. Evercore ISI reiterated an “outperform” rating and issued a $100.00 price target (up previously from $95.00) on shares of AbbVie in a research report on Saturday, September 30th. Credit Suisse Group reiterated a “neutral” rating and issued a $74.00 price target (up previously from $65.00) on shares of AbbVie in a research report on Thursday, July 20th. Barclays PLC reiterated a “hold” rating and issued a $68.00 price target on shares of AbbVie in a research report on Thursday, September 28th. Finally, Cowen and Company upgraded AbbVie from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $91.17 to $105.00 in a research report on Wednesday. Eight equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. AbbVie currently has a consensus rating of “Buy” and an average price target of $90.49.

AbbVie Inc. (NYSE:ABBV) opened at 92.38 on Thursday. AbbVie Inc. has a 52 week low of $55.06 and a 52 week high of $92.61. The company has a 50-day moving average of $84.02 and a 200-day moving average of $72.55. The company has a market cap of $147.26 billion, a P/E ratio of 22.72 and a beta of 1.51.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.02. The business had revenue of $6.94 billion during the quarter, compared to analysts’ expectations of $6.93 billion. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.26 EPS. On average, equities research analysts predict that AbbVie Inc. will post $5.53 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be given a dividend of $0.64 per share. The ex-dividend date is Thursday, October 12th. This represents a $2.56 annualized dividend and a dividend yield of 2.77%. AbbVie’s dividend payout ratio (DPR) is currently 62.90%.

AbbVie Profile

AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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