Kingswood Wealth Advisors LLC Sells 15,352 Shares of AbbVie Inc. $ABBV

Kingswood Wealth Advisors LLC trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 57.9% in the second quarter, HoldingsChannel reports. The institutional investor owned 11,155 shares of the company’s stock after selling 15,352 shares during the quarter. Kingswood Wealth Advisors LLC’s holdings in AbbVie were worth $2,071,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. FF Advisors LLC raised its stake in shares of AbbVie by 3.6% during the second quarter. FF Advisors LLC now owns 1,539 shares of the company’s stock worth $286,000 after buying an additional 53 shares during the last quarter. Private Management Group Inc. raised its stake in shares of AbbVie by 1.9% during the first quarter. Private Management Group Inc. now owns 2,938 shares of the company’s stock worth $616,000 after buying an additional 54 shares during the last quarter. Silicon Valley Capital Partners increased its stake in AbbVie by 10.8% in the first quarter. Silicon Valley Capital Partners now owns 573 shares of the company’s stock valued at $118,000 after purchasing an additional 56 shares in the last quarter. Seneca House Advisors increased its stake in AbbVie by 2.7% in the second quarter. Seneca House Advisors now owns 2,093 shares of the company’s stock valued at $388,000 after purchasing an additional 56 shares in the last quarter. Finally, Castle Wealth Management LLC increased its stake in AbbVie by 3.4% in the first quarter. Castle Wealth Management LLC now owns 1,725 shares of the company’s stock valued at $361,000 after purchasing an additional 57 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

AbbVie Stock Up 1.4%

AbbVie stock opened at $233.42 on Wednesday. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81. The company has a 50 day moving average of $212.45 and a 200-day moving average of $196.19. The stock has a market capitalization of $412.35 billion, a PE ratio of 111.15, a price-to-earnings-growth ratio of 1.35 and a beta of 0.51. 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 (NYSE:ABBV) last announced its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the previous year, the company posted $2.65 EPS. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, equities research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 2.8%. AbbVie’s dividend payout ratio is presently 312.38%.

Insider Buying and Selling at AbbVie

In related news, 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 owned 177,292 shares in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the transaction, 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 position. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on ABBV. Daiwa America raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Piper Sandler began coverage on shares of AbbVie in a research note on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 target price for the company. Wells Fargo & Company upped their target price on shares of AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, September 12th. Guggenheim upped their target price on shares of AbbVie from $216.00 to $227.00 and gave the company a “buy” rating in a research note on Friday, August 1st. Finally, Berenberg Bank raised shares of AbbVie from a “hold” rating to a “buy” rating and upped their target price for the company from $170.00 to $270.00 in a research note on Wednesday, September 17th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $229.14.

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.