Kingswood Wealth Advisors LLC Sells 24,739 Shares of AbbVie Inc. (NYSE:ABBV)

Kingswood Wealth Advisors LLC reduced its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 66.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 12,333 shares of the company's stock after selling 24,739 shares during the period. Kingswood Wealth Advisors LLC's holdings in AbbVie were worth $2,192,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ABBV. Groupama Asset Managment lifted its holdings in shares of AbbVie by 40.3% during the 3rd quarter. Groupama Asset Managment now owns 135,749 shares of the company's stock valued at $27,000 after buying an additional 38,974 shares during the period. RPg Family Wealth Advisory LLC bought a new position in AbbVie in the third quarter valued at about $28,000. Retirement Wealth Solutions LLC purchased a new position in AbbVie in the fourth quarter worth about $35,000. Marquette Asset Management LLC purchased a new stake in shares of AbbVie during the 3rd quarter valued at about $39,000. Finally, Mizuho Securities Co. Ltd. increased its position in shares of AbbVie by 100.0% during the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company's stock valued at $39,000 after purchasing an additional 100 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ABBV shares. Bank of America restated a "neutral" rating and set a $191.00 target price on shares of AbbVie in a research report on Tuesday, December 10th. Morgan Stanley reduced their price objective on AbbVie from $231.00 to $224.00 and set an "overweight" rating for the company in a research note on Tuesday, November 12th. Leerink Partners upgraded AbbVie from a "market perform" rating to an "outperform" rating and set a $206.00 target price on the stock in a research report on Friday, November 22nd. Daiwa Capital Markets lowered AbbVie from an "outperform" rating to a "neutral" rating and set a $180.00 price target for the company. in a report on Thursday, December 5th. Finally, Argus raised AbbVie from a "hold" rating to a "buy" rating in a research note on Monday, November 4th. Five research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $205.00.

AbbVie Price Performance

Shares of AbbVie stock traded down $2.02 during trading hours on Tuesday, reaching $174.88. The company's stock had a trading volume of 5,603,615 shares, compared to its average volume of 6,088,012. The firm has a 50 day moving average price of $176.05 and a 200-day moving average price of $184.94. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. The stock has a market cap of $309.04 billion, a P/E ratio of 60.72, a P/E/G ratio of 1.68 and a beta of 0.58. AbbVie Inc. has a one year low of $153.58 and a one year high of $207.32.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.92 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company's quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the business posted $2.95 earnings per share. On average, analysts predict that AbbVie Inc. will post 10.06 EPS for the current year.

AbbVie Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be given a dividend of $1.64 per share. This is a boost from AbbVie's previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.75%. AbbVie's payout ratio is 227.78%.

Insider Activity

In other news, SVP Kevin K. Buckbee sold 1,800 shares of the company's stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $172.24, for a total transaction of $310,032.00. Following the transaction, the senior vice president now owns 6,983 shares of the company's stock, valued at approximately $1,202,751.92. This represents a 20.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.25% of the company's stock.

AbbVie 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.