SOA Wealth Advisors LLC. Acquires 3,447 Shares of AbbVie Inc. $ABBV

Key Points

• SOA Wealth Advisors LLC increased its holdings in AbbVie Inc. by 24.2%, owning a total of 17,677 shares worth approximately $3.28 million after acquiring 3,447 shares in the second quarter.
• Several institutional investors have recently purchased new positions in AbbVie, with institutional ownership now at 70.23% of the company's stock.
• Analysts have raised AbbVie's price targets, with consensus now set at $223.45, and 4 analysts rating the stock as a "Strong Buy".

SOA Wealth Advisors LLC. boosted its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 24.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,677 shares of the company's stock after purchasing an additional 3,447 shares during the quarter. SOA Wealth Advisors LLC.'s holdings in AbbVie were worth $3,281,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of ABBV. Marshall & Sullivan Inc. WA bought a new position in AbbVie during the second quarter valued at approximately $25,000. TD Capital Management LLC boosted its position in shares of AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after acquiring an additional 58 shares during the last quarter. Abound Financial LLC purchased a new position in shares of AbbVie in the first quarter valued at $30,000. Cypress Capital Management LLC WY bought a new stake in AbbVie in the first quarter worth $35,000. Finally, Inlight Wealth Management LLC purchased a new stake in AbbVie during the first quarter valued at $42,000. Institutional investors own 70.23% of the company's stock.

Analysts Set New Price Targets

ABBV has been the subject of a number of recent research reports. Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective for the company in a research note on Thursday, August 7th. Morgan Stanley lifted their price target on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Guggenheim upped their price objective on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Piper Sandler assumed coverage on AbbVie in a report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 target price for the company. Finally, Citigroup boosted their target price on AbbVie to $205.00 and gave the company a "hold" rating in a research report on Wednesday, June 11th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $223.45.

AbbVie Trading Up 5.7%

Shares of NYSE ABBV opened at $244.77 on Thursday. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $244.81. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The company has a market cap of $432.40 billion, a price-to-earnings ratio of 116.56, a PEG ratio of 1.35 and a beta of 0.51. The business's 50 day moving average price is $208.97 and its 200-day moving average price is $195.71.

AbbVie (NYSE:ABBV - Get Free Report) last posted 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). The business had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. AbbVie's revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.65 EPS. On average, sell-side analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio is currently 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 stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the transaction, the executive vice president 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the sale, the executive vice president directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

About AbbVie

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.

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