Kanawha Capital Management LLC Has $28.13 Million Position in AbbVie Inc. (NYSE:ABBV)

Kanawha Capital Management LLC trimmed its stake in shares of AbbVie Inc. (NYSE:ABBV) by 4.3% during the third quarter, Holdings Channel reports. The firm owned 142,432 shares of the company’s stock after selling 6,414 shares during the period. AbbVie comprises about 2.0% of Kanawha Capital Management LLC’s holdings, making the stock its 10th largest position. Kanawha Capital Management LLC’s holdings in AbbVie were worth $28,128,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Fairway Wealth LLC bought a new stake in shares of AbbVie during the second quarter valued at approximately $26,000. Ridgewood Investments LLC acquired a new stake in shares of AbbVie in the second quarter valued at $27,000. Quest Partners LLC boosted its position in shares of AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after purchasing an additional 207 shares in the last quarter. Marquette Asset Management LLC bought a new stake in AbbVie during the third quarter worth approximately $39,000. Finally, Burkett Financial Services LLC grew its holdings in shares of AbbVie by 61.2% in the 3rd quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock worth $43,000 after acquiring an additional 82 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ABBV has been the topic of several recent analyst reports. William Blair raised shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Morgan Stanley raised their price target on shares of AbbVie from $218.00 to $231.00 and gave the stock an “overweight” rating in a report on Thursday. Truist Financial increased their price objective on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Wells Fargo & Company boosted their target price on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, Barclays raised their price target on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Four equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $201.00.

AbbVie Stock Down 0.2 %

ABBV opened at $203.55 on Monday. The business has a 50 day moving average of $194.12 and a 200-day moving average of $179.60. The stock has a market capitalization of $359.54 billion, a price-to-earnings ratio of 70.68, a P/E/G ratio of 2.78 and a beta of 0.63. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $207.32.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. The company had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. During the same quarter in the previous year, the firm posted $2.95 EPS. The business’s revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.22%. The ex-dividend date is Wednesday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is presently 215.28%.

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.