Kingstone Capital Partners Texas LLC Acquires New Position in AbbVie Inc. $ABBV

Kingstone Capital Partners Texas LLC acquired a new stake in shares of AbbVie Inc. (NYSE:ABBV) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 3,134,454 shares of the company’s stock, valued at approximately $581,817,000.

Several other large investors also recently bought and sold shares of the business. IFM Investors Pty Ltd grew its stake in AbbVie by 3.6% during the 2nd quarter. IFM Investors Pty Ltd now owns 346,697 shares of the company’s stock valued at $64,354,000 after acquiring an additional 12,093 shares in the last quarter. Anderson Hoagland & Co. boosted its holdings in AbbVie by 2.5% in the 2nd quarter. Anderson Hoagland & Co. now owns 2,494 shares of the company’s stock valued at $463,000 after purchasing an additional 60 shares during the last quarter. Oliver Lagore Vanvalin Investment Group acquired a new position in AbbVie in the 2nd quarter valued at about $456,000. Kozak & Associates Inc. boosted its holdings in AbbVie by 164.4% in the 2nd quarter. Kozak & Associates Inc. now owns 4,849 shares of the company’s stock valued at $924,000 after purchasing an additional 3,015 shares during the last quarter. Finally, Charter Oak Capital Management LLC boosted its holdings in AbbVie by 1.6% in the 2nd quarter. Charter Oak Capital Management LLC now owns 8,671 shares of the company’s stock valued at $1,609,000 after purchasing an additional 134 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 0.5%

Shares of NYSE:ABBV opened at $221.93 on Friday. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $222.07. The company’s 50 day moving average is $202.52 and its two-hundred day moving average is $194.91. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The company has a market cap of $392.05 billion, a PE ratio of 105.68, a P/E/G ratio of 1.32 and a beta of 0.53.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion during the quarter, compared to analysts’ expectations of $14.93 billion. During the same period in the prior year, the company posted $2.65 earnings per share. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. Equities analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is 312.38%.

Wall Street Analyst Weigh In

ABBV has been the topic of several recent analyst reports. Piper Sandler initiated coverage on shares of AbbVie in a report on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 target price on the stock. Bank of America boosted their target price on shares of AbbVie to $204.00 and gave the company a “hold” rating in a report on Monday, June 9th. Wall Street Zen lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. BMO Capital Markets boosted their target price on shares of AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a report on Friday, September 12th. Finally, Citigroup upped their price objective on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a report on Wednesday, June 11th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus price target of $222.68.

Insiders Place Their Bets

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the transaction, the executive vice president directly owned 58,247 shares of the company’s stock, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the transaction, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

AbbVie Profile

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.