Kavar Capital Partners Group LLC Cuts Holdings in AbbVie Inc. (NYSE:ABBV)

Kavar Capital Partners Group LLC trimmed its stake in AbbVie Inc. (NYSE:ABBV) by 1.0% during the third quarter, Holdings Channel reports. The fund owned 47,437 shares of the company’s stock after selling 491 shares during the period. AbbVie makes up approximately 1.5% of Kavar Capital Partners Group LLC’s portfolio, making the stock its 16th largest position. Kavar Capital Partners Group LLC’s holdings in AbbVie were worth $9,368,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ABBV. Fairway Wealth LLC bought a new stake in shares of AbbVie in the second quarter valued at approximately $26,000. Ridgewood Investments LLC bought a new stake in shares of AbbVie in the second quarter valued at approximately $27,000. Marquette Asset Management LLC bought a new stake in shares of AbbVie in the third quarter valued at approximately $39,000. Redmont Wealth Advisors LLC bought a new stake in shares of AbbVie in the first quarter valued at approximately $37,000. Finally, Quest Partners LLC raised its position in shares of AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after purchasing an additional 207 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on ABBV shares. Piper Sandler upped their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. TD Cowen upped their target price on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a report on Monday, October 7th. Citigroup upped their target price on shares of AbbVie from $170.00 to $215.00 and gave the stock a “buy” rating in a report on Friday. Barclays upped their target price on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Finally, Wells Fargo & Company upped their target price on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $199.39.

AbbVie Price Performance

Shares of AbbVie stock opened at $187.85 on Friday. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $199.95. The stock has a market capitalization of $331.72 billion, a price-to-earnings ratio of 55.74, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. The company has a fifty day moving average of $194.02 and a 200-day moving average of $178.34. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter in the prior year, the company earned $2.91 EPS. The firm’s revenue was up 4.3% on a year-over-year basis. Equities research analysts expect that AbbVie Inc. will post 10.85 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a $1.55 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.30%. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Insider Activity

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction on 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 completion of the sale, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.25% of the stock is owned by corporate insiders.

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.