Sowell Financial Services LLC Has $11.50 Million Holdings in AbbVie Inc. $ABBV

Key Points

• Sowell Financial Services LLC decreased its stake in AbbVie Inc. by 2.5% during the second quarter, holding 61,941 shares valued at approximately $11.50 million.
• Multiple analysts have recently revised their price targets for AbbVie, with an average consensus target of $222.68 and a majority rating it as a "Moderate Buy".
• AbbVie declared a quarterly dividend of $1.64 per share, representing an annual yield of 3.0%, with the ex-dividend date on October 15th.

Sowell Financial Services LLC cut its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 2.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 61,941 shares of the company's stock after selling 1,610 shares during the quarter. Sowell Financial Services LLC's holdings in AbbVie were worth $11,498,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of ABBV. FF Advisors LLC lifted its stake in AbbVie by 3.6% in the second quarter. FF Advisors LLC now owns 1,539 shares of the company's stock worth $286,000 after acquiring an additional 53 shares during the period. Private Management Group Inc. lifted its position in shares of AbbVie by 1.9% during the first quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock valued at $616,000 after buying an additional 54 shares during the last quarter. Silicon Valley Capital Partners lifted its position in shares of AbbVie by 10.8% during the first quarter. Silicon Valley Capital Partners now owns 573 shares of the company's stock valued at $118,000 after buying an additional 56 shares during the last quarter. Seneca House Advisors lifted its position in shares of AbbVie by 2.7% during the second quarter. Seneca House Advisors now owns 2,093 shares of the company's stock valued at $388,000 after buying an additional 56 shares during the last quarter. Finally, Castle Wealth Management LLC increased its holdings in shares of AbbVie by 3.4% during the first quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock valued at $361,000 after acquiring an additional 57 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

AbbVie Stock Up 0.1%

AbbVie stock traded up $0.30 during trading on Friday, reaching $222.29. 14,371,957 shares of the company's stock were exchanged, compared to its average volume of 4,689,837. The firm has a market cap of $392.69 billion, a price-to-earnings ratio of 105.85, a PEG ratio of 1.33 and a beta of 0.53. 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 $223.49. The company's 50-day moving average is $203.12 and its two-hundred day moving average is $194.78.

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 firm 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%. The company's revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.65 EPS. On average, analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

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 dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 3.0%. AbbVie's payout ratio is currently 312.38%.

Analyst Ratings Changes

ABBV has been the topic of a number of analyst reports. Citigroup raised their price objective on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, June 11th. Bank of America lifted their price objective on AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Piper Sandler assumed coverage on AbbVie in a research note on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price objective for the company. Morgan Stanley boosted their target price on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Finally, Wells Fargo & Company upped their price objective on AbbVie from $240.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, September 12th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $222.68.

Insiders Place Their Bets

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company's 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 transaction, the executive vice president directly 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 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.