Sound Income Strategies LLC Has $18.62 Million Stake in AbbVie Inc. (NYSE:ABBV)

Sound Income Strategies LLC grew its position in shares of AbbVie Inc. (NYSE:ABBV) by 9.8% in the 1st quarter, Holdings Channel reports. The institutional investor owned 102,264 shares of the company’s stock after acquiring an additional 9,140 shares during the period. AbbVie accounts for approximately 1.4% of Sound Income Strategies LLC’s investment portfolio, making the stock its 19th biggest holding. Sound Income Strategies LLC’s holdings in AbbVie were worth $18,622,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Vermillion & White Wealth Management Group LLC acquired a new stake in AbbVie in the 4th quarter worth approximately $26,000. Able Wealth Management LLC acquired a new stake in AbbVie in the 4th quarter worth approximately $33,000. IFS Advisors LLC bought a new position in AbbVie in the 1st quarter worth approximately $36,000. Ables Iannone Moore & Associates Inc. bought a new position in AbbVie in the 4th quarter worth approximately $37,000. Finally, Clarity Asset Management Inc. bought a new position in AbbVie in the 4th quarter worth approximately $42,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have commented on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research report on Thursday, June 20th. HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a research report on Wednesday, June 5th. BMO Capital Markets lowered their price objective on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research report on Monday, April 29th. Guggenheim boosted their price objective on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Finally, Piper Sandler boosted their price objective on AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a research report on Tuesday, June 18th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and a consensus target price of $179.64.

AbbVie Trading Down 1.2 %

Shares of ABBV traded down $1.99 during trading hours on Tuesday, hitting $170.75. 5,712,613 shares of the stock traded hands, compared to its average volume of 5,519,948. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. AbbVie Inc. has a 1-year low of $130.96 and a 1-year high of $182.89. The firm has a market capitalization of $301.52 billion, a PE ratio of 50.67, a price-to-earnings-growth ratio of 2.18 and a beta of 0.60. The business has a fifty day moving average of $164.27 and a 200-day moving average of $167.26.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.05. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The business had revenue of $12.31 billion for the quarter, compared to analyst estimates of $11.93 billion. During the same quarter in the prior year, the firm posted $2.46 earnings per share. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. Analysts expect that AbbVie Inc. will post 11.27 EPS for the current year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be issued a $1.55 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.63%. AbbVie’s dividend payout ratio is presently 183.98%.

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.