Kornitzer Capital Management Inc. KS Grows Stock Holdings in AbbVie Inc. $ABBV

Kornitzer Capital Management Inc. KS grew its stake in AbbVie Inc. (NYSE:ABBV) by 11.7% during the first quarter, Holdings Channel.com reports. The fund owned 30,311 shares of the company’s stock after purchasing an additional 3,175 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in AbbVie were worth $6,592,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of ABBV. Chelsea Counsel Co. bought a new position in AbbVie in the third quarter worth approximately $26,000. Litman Gregory Wealth Management LLC purchased a new stake in shares of AbbVie in the 4th quarter worth $28,000. Westend Capital Management LLC purchased a new stake in shares of AbbVie in the 4th quarter worth $29,000. Imprint Wealth LLC grew its position in shares of AbbVie by 56.2% during the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after buying an additional 45 shares in the last quarter. Finally, Texas Capital Bancshares Inc TX bought a new position in shares of AbbVie during the 3rd quarter worth $31,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie News Roundup

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Bank of America raised AbbVie’s price target to $276 from $234 and reiterated a buy rating, signaling confidence in additional upside for the shares. Bank of America raises AbbVie price target
• Positive Sentiment: RBC Capital also increased its price target to $280 from $260 and kept an outperform rating, adding to the wave of analyst support. RBC raises AbbVie price target
• Positive Sentiment: JPMorgan likewise lifted its target to $280 from $260 and maintained an overweight rating, reinforcing a favorable near-term outlook for AbbVie. JPMorgan raises AbbVie price target
• Neutral Sentiment: Recent coverage comparing Johnson & Johnson and AbbVie highlighted how both pharma giants’ latest quarterly results are shaping income-investor preferences, but it did not point to a clear new catalyst for AbbVie. Johnson & Johnson vs AbbVie article
• Neutral Sentiment: AbbVie also appeared in an industry piece on the expanding cystic fibrosis market, which may be supportive of long-term therapeutic demand but is not an immediate stock-moving event. Cystic fibrosis market article
• Negative Sentiment: Despite the analyst upgrades, AbbVie was recently reported as having moved lower in trading, suggesting the stock is still contending with profit-taking or broader market pressure. AbbVie stock drops despite market gains
• Neutral Sentiment: West Pharmaceutical completed the SmartDose sale to AbbVie, a routine transaction that may support AbbVie’s drug-delivery capabilities but is unlikely to move the stock on its own. West Pharmaceutical SmartDose sale to AbbVie

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Cantor Fitzgerald lifted their price objective on AbbVie from $240.00 to $265.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a report on Monday, June 8th. Evercore set a $235.00 target price on shares of AbbVie in a research report on Friday, May 15th. HSBC restated a “buy” rating and issued a $300.00 price target on shares of AbbVie in a report on Monday, July 6th. Finally, Wells Fargo & Company increased their price objective on shares of AbbVie from $260.00 to $295.00 and gave the company an “overweight” rating in a research note on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $262.81.

AbbVie Stock Down 0.8%

Shares of ABBV traded down $1.91 during trading hours on Friday, reaching $248.00. 5,780,723 shares of the company traded hands, compared to its average volume of 8,942,850. The business has a fifty day moving average price of $225.42 and a 200-day moving average price of $221.25. AbbVie Inc. has a 12-month low of $184.63 and a 12-month high of $261.64. The stock has a market capitalization of $438.17 billion, a P/E ratio of 122.17, a P/E/G ratio of 0.81 and a beta of 0.30.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.72 billion. During the same quarter last year, the business posted $2.46 EPS. The firm’s quarterly revenue was up 12.4% on a year-over-year basis. As a group, research analysts predict that AbbVie Inc. will post 14.3 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be issued a $1.73 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.8%. AbbVie’s dividend payout ratio is currently 340.89%.

AbbVie Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.