Kathmere Capital Management LLC Reduces Stake in AbbVie Inc. (NYSE:ABBV)

Kathmere Capital Management LLC decreased its position in AbbVie Inc. (NYSE:ABBV) by 27.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 2,607 shares of the company’s stock after selling 1,011 shares during the period. Kathmere Capital Management LLC’s holdings in AbbVie were worth $351,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Kalos Management Inc. purchased a new stake in AbbVie in the 1st quarter valued at approximately $26,000. Boulder Wealth Advisors LLC acquired a new position in shares of AbbVie in the fourth quarter worth $31,000. Stone House Investment Management LLC purchased a new stake in shares of AbbVie in the first quarter valued at $37,000. True Wealth Design LLC acquired a new stake in shares of AbbVie during the fourth quarter valued at $39,000. Finally, General Partner Inc. purchased a new stake in AbbVie during the 1st quarter worth about $40,000. Hedge funds and other institutional investors own 67.86% of the company’s stock.

Insider Activity at AbbVie

In other AbbVie news, CEO Richard A. Gonzalez sold 18,500 shares of AbbVie stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $149.15, for a total value of $2,759,275.00. Following the completion of the transaction, the chief executive officer now directly owns 625,294 shares in the company, valued at $93,262,600.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.26% of the company’s stock.

AbbVie Stock Performance

Shares of NYSE:ABBV opened at $152.12 on Monday. The business’s 50-day simple moving average is $146.42 and its 200 day simple moving average is $147.44. The company has a market cap of $268.50 billion, a P/E ratio of 31.30, a PEG ratio of 2.74 and a beta of 0.58. The company has a debt-to-equity ratio of 4.33, a quick ratio of 0.77 and a current ratio of 0.89. AbbVie Inc. has a one year low of $130.96 and a one year high of $168.11.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 27th. The company reported $2.91 earnings per share for the quarter, beating the consensus estimate of $2.79 by $0.12. The company had revenue of $13.87 billion during the quarter, compared to the consensus estimate of $13.52 billion. AbbVie had a return on equity of 151.29% and a net margin of 15.50%. On average, sell-side analysts forecast that AbbVie Inc. will post 11.03 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be given a $1.48 dividend. This represents a $5.92 annualized dividend and a dividend yield of 3.89%. The ex-dividend date is Thursday, October 12th. AbbVie’s payout ratio is currently 121.81%.

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of recent research reports. Piper Jaffray Companies upped their target price on shares of AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a report on Friday, July 28th. StockNews.com began coverage on shares of AbbVie in a research report on Thursday, August 17th. They set a “strong-buy” rating on the stock. Piper Sandler boosted their price target on AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a report on Friday, July 28th. HSBC initiated coverage on AbbVie in a research report on Friday, July 14th. They set a “buy” rating and a $167.00 target price on the stock. Finally, Credit Suisse Group lowered their price target on AbbVie from $170.00 to $160.00 in a report on Wednesday, July 12th. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $165.79.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.