Kestra Investment Management LLC Sells 5,487 Shares of AbbVie Inc. $ABBV

Kestra Investment Management LLC cut its holdings in AbbVie Inc. (NYSE:ABBV) by 51.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,158 shares of the company’s stock after selling 5,487 shares during the quarter. Kestra Investment Management LLC’s holdings in AbbVie were worth $1,349,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of ABBV. Burk Holdings LLC bought a new position in AbbVie during the second quarter worth about $30,000. Marquette Asset Management LLC boosted its stake in AbbVie by 52.2% during the 2nd quarter. Marquette Asset Management LLC now owns 140 shares of the company’s stock worth $35,000 after acquiring an additional 48 shares during the last quarter. IMG Wealth Management Inc. increased its stake in AbbVie by 3,060.0% in the second quarter. IMG Wealth Management Inc. now owns 158 shares of the company’s stock valued at $40,000 after purchasing an additional 153 shares in the last quarter. Principia Wealth Advisory LLC boosted its position in shares of AbbVie by 38.9% during the second quarter. Principia Wealth Advisory LLC now owns 157 shares of the company’s stock worth $40,000 after purchasing an additional 44 shares in the last quarter. Finally, Tacita Capital Inc acquired a new position in shares of AbbVie in the 2nd quarter valued at $42,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Performance

NYSE:ABBV opened at $293.88 on Wednesday. The stock’s 50-day simple moving average is $273.45 and its 200 day simple moving average is $239.80. AbbVie Inc. has a 52-week low of $190.75 and a 52-week high of $302.93. The company has a market cap of $519.46 billion, a P/E ratio of 50.58, a P/E/G ratio of 1.33 and a beta of 0.20.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, October 30th. The company reported $3.82 earnings per share for the quarter, beating analysts’ consensus estimates of $3.73 by $0.09. AbbVie had a negative return on equity of 450.55% and a net margin of 15.67%. The firm had revenue of $17.40 billion during the quarter, compared to the consensus estimate of $17.32 billion. During the same period last year, the company earned $1.86 earnings per share. The business’s revenue was up 10.3% compared to the same quarter last year. As a group, equities analysts predict that AbbVie Inc. will post 13.98 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 16th. Stockholders of record on Friday, January 15th will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.73. AbbVie’s payout ratio is currently 125.30%.

Analysts Set New Price Targets

ABBV has been the subject of a number of research analyst reports. Morgan Stanley boosted their target price on AbbVie from $310.00 to $346.00 and gave the company an “overweight” rating in a research note on Monday, November 2nd. JPMorgan Chase & Co. boosted their price objective on AbbVie from $285.00 to $300.00 and gave the company an “overweight” rating in a research report on Thursday, October 8th. Leerink Partners increased their target price on AbbVie from $309.00 to $342.00 and gave the stock an “outperform” rating in a research note on Monday, November 2nd. Bank of America reaffirmed a “buy” rating on shares of AbbVie in a research note on Tuesday, September 8th. Finally, HSBC upped their price target on shares of AbbVie from $300.00 to $315.00 and gave the company a “buy” rating in a report on Thursday, September 10th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $297.46.

Insider Transactions at AbbVie

In related news, EVP Nicholas Donoghoe sold 32,710 shares of AbbVie stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $250.00, for a total transaction of $8,177,500.00. Following the completion of the transaction, the executive vice president owned 74,430 shares in the company, valued at approximately $18,607,500. This trade represents a 30.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.06% of the company’s stock.

AbbVie Profile

AbbVie is a biopharmaceutical company that discovers, develops and markets medicines for a range of serious health conditions. Its research and product portfolio spans immunology, oncology, neuroscience and other therapeutic areas. Key products include the immunology medicines Skyrizi and Rinvoq, cancer treatments such as Imbruvica and Venclexta, and neuroscience therapies including Botox and Vraylar. Through its Allergan acquisition, AbbVie also offers aesthetics products such as Botox Cosmetic and Juvéderm.