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

Key Points

• Sound Income Strategies LLC increased its holdings in AbbVie Inc. by 7.3%, now owning 106,368 shares valued at approximately $19.74 million, which makes up about 1.1% of their investment portfolio.
• AbbVie reported a 6.6% year-over-year increase in quarterly revenue, totaling $15.42 billion, though it missed analysts' EPS forecast by $0.27.
• The company has announced a quarterly dividend of $1.64, representing a 3.0% dividend yield with a payout ratio of 312.38%.

Sound Income Strategies LLC raised its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 7.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 106,368 shares of the company's stock after purchasing an additional 7,214 shares during the quarter. AbbVie accounts for approximately 1.1% of Sound Income Strategies LLC's investment portfolio, making the stock its 23rd biggest position. Sound Income Strategies LLC's holdings in AbbVie were worth $19,744,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Brighton Jones LLC lifted its holdings in shares of AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after acquiring an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC increased its position in AbbVie by 72.7% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock worth $1,294,000 after purchasing an additional 3,064 shares in the last quarter. Investors Research Corp increased its position in AbbVie by 14.2% during the 1st quarter. Investors Research Corp now owns 846 shares of the company's stock worth $177,000 after purchasing an additional 105 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its stake in AbbVie by 16.9% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 51,158 shares of the company's stock valued at $10,719,000 after purchasing an additional 7,387 shares during the last quarter. Finally, Aletheian Wealth Advisors LLC boosted its position in AbbVie by 12.5% in the first quarter. Aletheian Wealth Advisors LLC now owns 2,092 shares of the company's stock valued at $438,000 after buying an additional 233 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Stock Up 1.0%

AbbVie stock opened at $220.75 on Monday. The firm has a market cap of $389.97 billion, a price-to-earnings ratio of 105.12, a PEG ratio of 1.29 and a beta of 0.53. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $225.16. 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 firm has a 50 day moving average price of $206.24 and a two-hundred day moving average price of $195.04.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $2.97 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 firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. During the same period in the prior year, the company posted $2.65 earnings per share. The company's revenue for the quarter was up 6.6% compared to the same quarter last year. Equities analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be given a $1.64 dividend. The ex-dividend date of this dividend 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 312.38%.

Insider Transactions at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie 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 completion of the sale, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed 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 value of $2,639,190.45. Following the transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Piper Sandler started coverage on shares of AbbVie in a report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price target for the company. Evercore ISI upped their target price on AbbVie from $207.00 to $222.00 and gave the stock an "outperform" rating in a report on Monday, September 22nd. JPMorgan Chase & Co. increased their target price on AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a research report on Tuesday, September 16th. BMO Capital Markets boosted their price target on AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a report on Friday, September 12th. Finally, Citigroup upped their price objective on AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $223.45.

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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