AbbVie Inc. $ABBV Stake Reduced by King Luther Capital Management Corp

King Luther Capital Management Corp reduced its holdings in AbbVie Inc. (NYSE:ABBV) by 2.6% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 754,463 shares of the company’s stock after selling 19,889 shares during the quarter. King Luther Capital Management Corp’s holdings in AbbVie were worth $197,360,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Burk Holdings LLC purchased a new position in shares of AbbVie during the second quarter worth about $30,000. Marquette Asset Management LLC increased its position in shares of AbbVie by 52.2% in the second quarter. Marquette Asset Management LLC now owns 140 shares of the company’s stock worth $35,000 after purchasing an additional 48 shares during the last quarter. IMG Wealth Management Inc. raised 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 raised its stake in AbbVie by 38.9% in the second quarter. Principia Wealth Advisory LLC now owns 157 shares of the company’s stock valued at $40,000 after purchasing an additional 44 shares in the last quarter. Finally, Tacita Capital Inc purchased a new stake in AbbVie in the second quarter valued at approximately $42,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 0.4%

Shares of AbbVie stock opened at $294.93 on Thursday. The firm has a market capitalization of $521.33 billion, a PE ratio of 50.76, a price-to-earnings-growth ratio of 1.34 and a beta of 0.20. AbbVie Inc. has a 12 month low of $190.75 and a 12 month high of $302.93. The business’s 50-day moving average price is $274.15 and its 200-day moving average price is $240.18.

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

AbbVie Increases Dividend

The firm also recently declared 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 dividend yield of 2.5%. This is a boost from AbbVie’s previous quarterly dividend of $1.73. The ex-dividend date of this dividend is Friday, January 15th. AbbVie’s payout ratio is 119.10%.

Insider Activity at AbbVie

In other news, EVP Nicholas Donoghoe sold 32,710 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $250.00, for a total value 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 can be accessed through this hyperlink. Company insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the subject of several research analyst reports. Wells Fargo & Company lifted their target price on shares of AbbVie from $300.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday, November 2nd. Weiss Ratings raised shares of AbbVie from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Royal Bank Of Canada raised their price objective on shares of AbbVie from $280.00 to $330.00 and gave the company an “outperform” rating in a research report on Monday, November 2nd. Rothschild & Co Redburn raised their price objective on shares of AbbVie from $284.00 to $285.00 and gave the company a “buy” rating in a research report on Tuesday, August 4th. Finally, Guggenheim lifted their price objective on shares of AbbVie from $288.00 to $322.00 and gave the stock a “buy” rating in a report on Monday, November 2nd. One equities 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $297.46.

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.