AbbVie Inc. $ABBV Stock Position Reduced by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS cut its holdings in AbbVie Inc. (NYSE:ABBV) by 5.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 29,685 shares of the company’s stock after selling 1,853 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in AbbVie were worth $7,765,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Corient Private Wealth LP acquired a new position in shares of AbbVie during the second quarter valued at about $559,736,000. Legal & General Group Plc purchased a new position in shares of AbbVie in the 2nd quarter valued at approximately $2,905,952,000. Jupiter Topco LLC acquired a new stake in AbbVie in the 2nd quarter worth approximately $1,560,354,000. Canada Pension Plan Investment Board acquired a new stake in AbbVie in the 2nd quarter worth approximately $817,473,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in AbbVie in the 2nd quarter worth approximately $655,268,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on ABBV shares. Canaccord Genuity Group boosted their target price on shares of AbbVie from $290.00 to $338.00 and gave the stock a “buy” rating in a research report on Monday, November 2nd. BNP Paribas Exane raised their price target on shares of AbbVie from $218.00 to $247.00 and gave the stock a “neutral” rating in a report on Tuesday, August 11th. Bank of America reiterated a “buy” rating on shares of AbbVie in a research note on Tuesday, September 8th. Argus lifted their price objective on shares of AbbVie from $250.00 to $270.00 in a research note on Tuesday, August 4th. Finally, BMO Capital Markets set a $315.00 price objective on shares of AbbVie in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $297.46.

Key Headlines Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie’s third-quarter results beat expectations, with revenue of $17.4 billion, and the company raised its full-year adjusted earnings outlook. The earnings report has strengthened the growth case for the shares. AbbVie stock climbs as Q3 earnings fuel growth case
• Positive Sentiment: A licensing agreement with Nxera Pharma for an EP4 agonist gives AbbVie another potential inflammatory bowel disease treatment candidate. The deal may add to its pipeline as investors assess the durability of its newer growth drivers. Nxera licenses EP4 agonist to AbbVie
• Positive Sentiment: AbbVie recently reached a fresh high following its earnings beat and a dividend increase, while analysts remain broadly optimistic. This supports investor interest in the stock as a defensive healthcare name. AbbVie’s new growth engines face another test
• Negative Sentiment: AbbVie’s shares have already climbed substantially and are near their 52-week high, leaving less room for disappointment. Humira’s decline also means the company must continue demonstrating that newer products can sustain growth. The one thing to settle before buying AbbVie stock

Insider Buying and Selling

In other AbbVie news, EVP Nicholas Donoghoe sold 32,710 shares of AbbVie stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $250.00, for a total transaction of $8,177,500.00. Following the completion of the sale, the executive vice president directly owned 74,430 shares in the company, valued at approximately $18,607,500. The trade was a 30.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.06% of the company’s stock.

AbbVie Stock Up 1.1%

Shares of NYSE:ABBV opened at $291.51 on Friday. AbbVie Inc. has a 52-week low of $190.75 and a 52-week high of $302.93. The stock has a market cap of $515.27 billion, a price-to-earnings ratio of 50.17, a PEG ratio of 1.32 and a beta of 0.20. The business has a 50-day moving average price of $271.98 and a 200-day moving average price of $239.04.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, October 30th. The company reported $3.82 EPS for the quarter, beating analysts’ consensus estimates of $3.73 by $0.09. The firm had revenue of $17.40 billion for the quarter, compared to analyst estimates of $17.32 billion. AbbVie had a negative return on equity of 450.55% and a net margin of 15.67%. AbbVie’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.86 earnings per share. As a group, equities analysts anticipate that AbbVie Inc. will post 13.99 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 16th. Shareholders of record on Friday, January 15th will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.5%. The ex-dividend date is Friday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.73. AbbVie’s dividend payout ratio (DPR) is presently 125.30%.

About AbbVie

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.

AbbVie was established in 2013 as a spin-off from Abbott Laboratories and is headquartered in North Chicago, Illinois.