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.
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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