KPP Advisory Services LLC Increases Stake in AbbVie Inc. (NYSE:ABBV)

KPP Advisory Services LLC grew its position in AbbVie Inc. (NYSE:ABBV) by 5.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 6,167 shares of the company’s stock after buying an additional 309 shares during the period. KPP Advisory Services LLC’s holdings in AbbVie were worth $1,058,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ABBV. Jones Financial Companies Lllp grew its position in AbbVie by 8.1% in the 4th quarter. Jones Financial Companies Lllp now owns 31,799 shares of the company’s stock worth $4,928,000 after purchasing an additional 2,373 shares during the period. Belpointe Asset Management LLC lifted its holdings in AbbVie by 1.2% in the fourth quarter. Belpointe Asset Management LLC now owns 34,550 shares of the company’s stock valued at $5,354,000 after acquiring an additional 403 shares during the period. Arbor Capital Management Inc. ADV bought a new stake in shares of AbbVie during the 4th quarter valued at about $4,449,000. Royal London Asset Management Ltd. increased its position in shares of AbbVie by 7.3% during the 4th quarter. Royal London Asset Management Ltd. now owns 1,374,846 shares of the company’s stock valued at $213,060,000 after purchasing an additional 93,443 shares during the last quarter. Finally, Blueshift Asset Management LLC bought a new position in shares of AbbVie in the 4th quarter worth approximately $775,000. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

NYSE:ABBV opened at $197.48 on Tuesday. The firm has a market capitalization of $348.72 billion, a PE ratio of 58.60, a PEG ratio of 2.65 and a beta of 0.64. The stock’s fifty day moving average is $192.02 and its 200 day moving average is $176.34. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter in the prior year, the firm posted $2.91 earnings per share. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, sell-side analysts anticipate that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Insiders Place Their Bets

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction dated 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 completion of the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the sale, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction 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 disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on ABBV. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a research note on Wednesday, June 5th. Truist Financial reaffirmed a “buy” rating and issued a $210.00 price objective (up previously from $195.00) on shares of AbbVie in a research note on Friday, July 26th. Piper Sandler Companies reiterated an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a research note on Wednesday, July 3rd. Piper Sandler raised their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Finally, Barclays upped their price target on shares of AbbVie from $187.00 to $200.00 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, twelve have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $191.64.

AbbVie Company 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.