Kornitzer Capital Management Inc. KS Trims Position in AbbVie Inc (NYSE:ABBV)

Kornitzer Capital Management Inc. KS lessened its holdings in shares of AbbVie Inc (NYSE:ABBV) by 0.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 31,449 shares of the company’s stock after selling 210 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in AbbVie were worth $2,381,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ABBV. Arbor Wealth Management LLC acquired a new stake in shares of AbbVie during the second quarter valued at about $28,000. Lowe Wealth Advisors LLC lifted its position in shares of AbbVie by 206.7% during the second quarter. Lowe Wealth Advisors LLC now owns 460 shares of the company’s stock worth $33,000 after purchasing an additional 310 shares during the last quarter. Horrell Capital Management Inc. bought a new position in shares of AbbVie during the second quarter worth about $33,000. TD Capital Management LLC bought a new position in shares of AbbVie during the second quarter worth about $33,000. Finally, Financial Gravity Wealth Inc. lifted its position in shares of AbbVie by 82.9% during the second quarter. Financial Gravity Wealth Inc. now owns 503 shares of the company’s stock worth $37,000 after purchasing an additional 228 shares during the last quarter. Institutional investors and hedge funds own 68.38% of the company’s stock.

NYSE ABBV traded up $3.20 during trading hours on Friday, reaching $85.21. The company’s stock had a trading volume of 11,307,381 shares, compared to its average volume of 7,972,123. The business has a 50-day simple moving average of $76.28 and a 200 day simple moving average of $73.49. AbbVie Inc has a 52 week low of $62.66 and a 52 week high of $94.98. The stock has a market cap of $121.00 billion, a PE ratio of 10.77, a PEG ratio of 2.04 and a beta of 0.98.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, November 1st. The company reported $2.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.29 by $0.04. AbbVie had a net margin of 9.90% and a negative return on equity of 155.71%. The firm had revenue of $8.48 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter last year, the company posted $2.14 earnings per share. AbbVie’s revenue was up 3.0% on a year-over-year basis. As a group, sell-side analysts forecast that AbbVie Inc will post 8.93 EPS for the current fiscal year.

The firm also recently announced a — dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a $1.07 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a yield of 6.4%. AbbVie’s dividend payout ratio is currently 54.11%.

In other AbbVie news, EVP Timothy J. Richmond sold 15,515 shares of the firm’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $75.02, for a total value of $1,163,935.30. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Istar Inc. bought 40,000 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was acquired at an average cost of $28.52 per share, for a total transaction of $1,140,800.00. Insiders acquired 88,077 shares of company stock worth $4,401,551 in the last three months. 0.08% of the stock is currently owned by corporate insiders.

ABBV has been the topic of several research analyst reports. UBS Group raised shares of AbbVie from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $85.00 to $79.00 in a research report on Thursday, September 12th. ValuEngine raised shares of AbbVie from a “strong sell” rating to a “sell” rating in a research report on Monday, September 30th. TheStreet cut shares of AbbVie from a “b-” rating to a “c” rating in a research report on Monday, August 26th. Cowen set a $90.00 price target on shares of AbbVie and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Finally, Piper Jaffray Companies increased their price target on shares of AbbVie from $81.00 to $90.00 in a research report on Friday, November 1st. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $84.88.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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