Sound Income Strategies LLC Has $19.74 Million Stock Position in AbbVie Inc. $ABBV

Sound Income Strategies LLC increased its position in AbbVie Inc. (NYSE:ABBV) by 7.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 106,368 shares of the company’s stock after buying an additional 7,214 shares during the period. AbbVie accounts for approximately 1.1% of Sound Income Strategies LLC’s investment portfolio, making the stock its 23rd biggest holding. Sound Income Strategies LLC’s holdings in AbbVie were worth $19,744,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Marshall & Sullivan Inc. WA bought a new position in shares of AbbVie in the 2nd quarter worth $25,000. TD Capital Management LLC lifted its stake in shares of AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after buying an additional 58 shares in the last quarter. Abound Financial LLC acquired a new position in shares of AbbVie during the first quarter valued at about $30,000. Cypress Capital Management LLC WY bought a new stake in shares of AbbVie during the first quarter worth about $35,000. Finally, Inlight Wealth Management LLC acquired a new stake in shares of AbbVie in the 1st quarter worth about $42,000. 70.23% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ABBV has been the subject of a number of analyst reports. Wells Fargo & Company lifted their price target on AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, September 12th. Bank of America lifted their target price on AbbVie to $204.00 and gave the company a “hold” rating in a research report on Monday, June 9th. Raymond James Financial reiterated an “outperform” rating on shares of AbbVie in a report on Monday, August 25th. Daiwa Capital Markets upgraded AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price objective on the stock in a research note on Thursday, August 7th. Finally, Evercore ISI lifted their price objective on shares of AbbVie from $207.00 to $222.00 and gave the stock an “outperform” rating in a report on Monday, September 22nd. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $223.45.

AbbVie Stock Up 1.0%

Shares of NYSE:ABBV opened at $220.75 on Monday. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $225.16. The company has a market capitalization of $389.97 billion, a PE ratio of 105.12, a price-to-earnings-growth ratio of 1.29 and a beta of 0.53. The business has a fifty day moving average price of $206.24 and a two-hundred day moving average price of $195.04. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61.

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

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.0%. AbbVie’s dividend payout ratio (DPR) is presently 312.38%.

Insider Buying and Selling

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction dated 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 sale, the executive vice president directly owned 177,292 shares of the company’s stock, valued at $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction dated 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 owned 58,247 shares of the company’s stock, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

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.