Kovack Advisors Inc. Trims Holdings in AbbVie Inc. $ABBV

Kovack Advisors Inc. decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 6.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,210 shares of the company’s stock after selling 1,076 shares during the period. Kovack Advisors Inc.’s holdings in AbbVie were worth $2,823,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. TD Capital Management LLC increased its stake in AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares during the period. Marshall & Sullivan Inc. WA purchased a new position in shares of AbbVie during the second quarter worth approximately $25,000. Abound Financial LLC purchased a new position in shares of AbbVie during the first quarter worth approximately $30,000. Cypress Capital Management LLC WY purchased a new position in shares of AbbVie during the first quarter worth approximately $35,000. Finally, Bear Mountain Capital Inc. increased its position in shares of AbbVie by 480.6% during the second quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock worth $40,000 after acquiring an additional 173 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of ABBV stock opened at $228.35 on Friday. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $244.81. The stock’s 50-day moving average is $222.27 and its 200 day moving average is $200.50. The company has a market cap of $403.38 billion, a P/E ratio of 108.74, a PEG ratio of 1.42 and a beta of 0.51. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61.

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

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 2.9%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is 312.38%.

Analyst Ratings Changes

A number of equities analysts have recently commented on ABBV shares. Wells Fargo & Company raised their target price on shares of AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, September 12th. Piper Sandler raised their price target on AbbVie from $231.00 to $284.00 and gave the company an “overweight” rating in a research note on Friday, October 10th. Citigroup restated a “neutral” rating on shares of AbbVie in a research note on Monday, October 13th. HSBC set a $225.00 price target on AbbVie in a research note on Thursday, October 2nd. Finally, Cantor Fitzgerald set a $250.00 price target on AbbVie and gave the company an “overweight” rating in a research note on Thursday, October 9th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $234.80.

Insider Activity at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the sale, the executive vice president owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the sale, the executive vice president directly owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.25% of the stock is owned by company insiders.

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.