Kovack Advisors Inc. Trims Stock Position in AbbVie Inc. $ABBV

Kovack Advisors Inc. lowered its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 6.6% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,210 shares of the company’s stock after selling 1,076 shares during the quarter. 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 recently made changes to their positions in the company. TD Capital Management LLC increased its position in shares of AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares during the last quarter. Marshall & Sullivan Inc. WA purchased a new stake in shares of AbbVie during the 2nd quarter valued at about $25,000. Abound Financial LLC purchased a new stake in shares of AbbVie during the 1st quarter valued at about $30,000. Cypress Capital Management LLC WY purchased a new stake in shares of AbbVie during the 1st quarter valued at about $35,000. Finally, Bear Mountain Capital Inc. increased its position in shares of AbbVie by 480.6% during the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock valued at $40,000 after purchasing an additional 173 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Transactions at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie 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 transaction, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie 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 transaction, the executive vice president 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. The disclosure for this sale is available in the SEC filing. 0.25% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Raymond James Financial reaffirmed an “outperform” rating and set a $250.00 price objective (up from $236.00) on shares of AbbVie in a research report on Friday, October 17th. Wells Fargo & Company lifted their price objective on AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, September 12th. HSBC set a $225.00 price objective on AbbVie in a research report on Thursday, October 2nd. BMO Capital Markets lifted their price objective on AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a research report on Friday, September 12th. Finally, UBS Group set a $251.00 price target on AbbVie in a research note on Friday, October 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $234.80.

AbbVie Stock Up 1.4%

Shares of ABBV opened at $228.35 on Friday. The stock has a market capitalization of $403.38 billion, a price-to-earnings ratio of 108.74, a price-to-earnings-growth ratio of 1.42 and a beta of 0.51. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $244.81. The business’s 50 day simple moving average is $222.27 and its 200-day simple moving average is $200.50. 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 (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). The firm had revenue of $15.42 billion for the quarter, compared to analysts’ expectations of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm’s revenue was up 6.6% on a year-over-year basis. During the same period last year, the company earned $2.65 earnings per share. As a group, equities analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s dividend payout ratio is 312.38%.

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.