Sound Income Strategies LLC trimmed its stake in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 1.8% in the 2nd quarter, HoldingsChannel reports. The firm owned 115,352 shares of the company’s stock after selling 2,163 shares during the quarter. AbbVie makes up about 1.6% of Sound Income Strategies LLC’s portfolio, making the stock its 17th biggest position. Sound Income Strategies LLC’s holdings in AbbVie were worth $15,541,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Kalos Management Inc. acquired a new stake in AbbVie during the 1st quarter worth about $26,000. Boulder Wealth Advisors LLC purchased a new stake in shares of AbbVie in the fourth quarter worth approximately $31,000. Stone House Investment Management LLC acquired a new stake in shares of AbbVie during the first quarter worth approximately $37,000. True Wealth Design LLC purchased a new position in AbbVie during the fourth quarter valued at approximately $39,000. Finally, General Partner Inc. acquired a new position in AbbVie in the 1st quarter valued at approximately $40,000. Institutional investors and hedge funds own 67.86% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts have recently weighed in on ABBV shares. Piper Sandler upped their price target on shares of AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research note on Friday, July 28th. TheStreet upgraded AbbVie from a “c+” rating to a “b” rating in a report on Monday, August 28th. William Blair started coverage on AbbVie in a report on Tuesday, July 25th. They issued a “market perform” rating on the stock. StockNews.com began coverage on shares of AbbVie in a research report on Thursday, August 17th. They issued a “strong-buy” rating for the company. Finally, HSBC began coverage on shares of AbbVie in a report on Friday, July 14th. They set a “buy” rating and a $167.00 price target on the stock. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus target price of $165.79.
AbbVie Trading Down 1.0 %
AbbVie stock opened at $152.09 on Friday. The business’s 50-day simple moving average is $146.09 and its 200-day simple moving average is $147.56. AbbVie Inc. has a 52 week low of $130.96 and a 52 week high of $168.11. The firm has a market capitalization of $268.45 billion, a PE ratio of 31.29, 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 (NYSE:ABBV – Get Free Report) last issued its quarterly earnings results on Thursday, July 27th. The company reported $2.91 EPS for the quarter, topping the consensus estimate of $2.79 by $0.12. AbbVie had a return on equity of 151.29% and a net margin of 15.50%. The company had revenue of $13.87 billion for the quarter, compared to the consensus estimate of $13.52 billion. Equities research analysts forecast that AbbVie Inc. will post 11.03 earnings per share for the current year.
AbbVie Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be given a $1.48 dividend. The ex-dividend date is Thursday, October 12th. This represents a $5.92 annualized dividend and a yield of 3.89%. AbbVie’s dividend payout ratio is 121.81%.
Insider Transactions at AbbVie
In related news, CEO Richard A. Gonzalez sold 18,500 shares of AbbVie stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $149.15, for a total transaction of $2,759,275.00. Following the sale, the chief executive officer now directly owns 625,294 shares of the company’s stock, valued at $93,262,600.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.26% of the company’s stock.
AbbVie Company Profile
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.
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