KG&L Capital Management LLC Sells 456 Shares of AbbVie Inc. (NYSE:ABBV)

KG&L Capital Management LLC lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 18.8% in the second quarter, HoldingsChannel reports. The fund owned 1,974 shares of the company’s stock after selling 456 shares during the period. KG&L Capital Management LLC’s holdings in AbbVie were worth $339,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of ABBV. Vermillion & White Wealth Management Group LLC bought a new position in shares of AbbVie in the 4th quarter valued at $26,000. IFS Advisors LLC acquired a new position in AbbVie during the 1st quarter worth approximately $36,000. Redmont Wealth Advisors LLC acquired a new stake in AbbVie in the first quarter valued at approximately $37,000. Able Wealth Management LLC acquired a new position in shares of AbbVie during the fourth quarter worth $33,000. Finally, Valued Wealth Advisors LLC lifted its stake in shares of AbbVie by 111.1% in the 1st quarter. Valued Wealth Advisors LLC now owns 228 shares of the company’s stock valued at $42,000 after acquiring an additional 120 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the sale, the chairman now directly owns 513,099 shares in the company, valued at approximately $89,792,325. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

AbbVie Stock Down 0.4 %

AbbVie stock traded down $0.78 during midday trading on Thursday, hitting $195.75. 708,413 shares of the stock were exchanged, compared to its average volume of 5,478,385. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $197.54. The business’s 50-day moving average price is $177.76 and its 200-day moving average price is $172.82. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. The stock has a market capitalization of $345.67 billion, a price-to-earnings ratio of 58.12, a price-to-earnings-growth ratio of 2.49 and a beta of 0.64.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a return on equity of 186.82% and a net margin of 9.71%. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same period in the previous year, the business posted $2.91 EPS. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. On average, research analysts expect that AbbVie Inc. will post 10.87 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, July 15th were given a dividend of $1.55 per share. The ex-dividend date was Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.17%. AbbVie’s dividend payout ratio is presently 183.98%.

Wall Street Analysts Forecast Growth

ABBV has been the subject of several research reports. Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research report on Wednesday, July 3rd. Morgan Stanley lifted their price target on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 target price on shares of AbbVie in a report on Monday, August 5th. Piper Sandler reissued an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a research note on Tuesday, July 2nd. Finally, Wells Fargo & Company upped their target price on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $190.29.

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.