Cove Private Wealth LLC Has $766,000 Holdings in AbbVie Inc. (NYSE:ABBV)

Cove Private Wealth LLC lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 27.3% during the 1st quarter, Holdings Channel reports. The institutional investor owned 3,657 shares of the company’s stock after buying an additional 784 shares during the period. Cove Private Wealth LLC’s holdings in AbbVie were worth $766,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of ABBV. Abound Financial LLC purchased a new position in shares of AbbVie during the first quarter valued at approximately $30,000. Siemens Fonds Invest GmbH lifted its holdings in AbbVie by 197.6% during the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock worth $32,000 after acquiring an additional 119,141 shares during the period. Cypress Capital Management LLC WY bought a new stake in AbbVie during the first quarter worth $35,000. Pinney & Scofield Inc. bought a new stake in AbbVie during the fourth quarter worth $36,000. Finally, Inlight Wealth Management LLC bought a new stake in AbbVie during the first quarter worth $42,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

NYSE:ABBV opened at $198.10 on Monday. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $218.66. The firm has a market cap of $349.96 billion, a price-to-earnings ratio of 94.33, a PEG ratio of 1.27 and a beta of 0.50. The business’s fifty day moving average is $189.65 and its 200 day moving average is $191.35.

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

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Tuesday, July 15th. AbbVie’s payout ratio is presently 312.38%.

Insider Activity

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the business’s stock in a transaction 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 sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on ABBV shares. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. Cantor Fitzgerald started coverage on AbbVie in a report on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 price target on the stock. Citigroup lifted their price target on AbbVie to $205.00 and gave the stock a “hold” rating in a report on Wednesday, June 11th. Evercore ISI lifted their price target on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, April 28th. Finally, BNP Paribas upgraded AbbVie to a “hold” rating in a report on Thursday, May 8th. Six investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $214.43.

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.