Sandy Cove Advisors LLC Sells 274 Shares of AbbVie Inc. $ABBV

Sandy Cove Advisors LLC decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 14.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,605 shares of the company’s stock after selling 274 shares during the period. Sandy Cove Advisors LLC’s holdings in AbbVie were worth $298,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of AbbVie by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company’s stock worth $36,439,271,000 after buying an additional 845,787 shares during the last quarter. Northern Trust Corp boosted its stake in shares of AbbVie by 0.9% in the 1st quarter. Northern Trust Corp now owns 22,013,920 shares of the company’s stock worth $4,612,357,000 after buying an additional 189,294 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of AbbVie by 31.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock worth $3,068,820,000 after buying an additional 3,519,187 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of AbbVie by 5.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company’s stock worth $2,675,959,000 after buying an additional 713,148 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in AbbVie by 18.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,058,706 shares of the company’s stock worth $2,142,832,000 after purchasing an additional 1,882,780 shares during the period. Institutional investors own 70.23% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Raymond James Financial reissued an “outperform” rating on shares of AbbVie in a report on Monday, August 25th. Citigroup upped their price objective on AbbVie to $205.00 and gave the company a “hold” rating in a research report on Wednesday, June 11th. Wells Fargo & Company lifted their target price on AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 22nd. Finally, Daiwa America upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $218.76.

AbbVie Price Performance

NYSE ABBV opened at $217.92 on Tuesday. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $221.76. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The company has a market cap of $384.97 billion, a price-to-earnings ratio of 103.77, a PEG ratio of 1.40 and a beta of 0.53. The stock’s fifty day moving average price is $200.86 and its 200 day moving average price is $194.51.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business had revenue of $15.42 billion during the quarter, compared to analysts’ expectations of $14.93 billion. During the same period in the previous year, the company posted $2.65 earnings per share. AbbVie’s revenue for the quarter was up 6.6% compared to the same quarter last year. As a group, equities research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued a $1.64 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.0%. AbbVie’s dividend payout ratio is presently 312.38%.

Insider Transactions at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the transaction, the executive vice president owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the transaction, the executive vice president directly owned 58,247 shares of the company’s stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently 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.