Sara Bay Financial Has $2.63 Million Stock Position in AbbVie Inc. $ABBV

Sara Bay Financial reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 2.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,177 shares of the company’s stock after selling 429 shares during the quarter. AbbVie accounts for about 0.9% of Sara Bay Financial’s holdings, making the stock its 12th biggest position. Sara Bay Financial’s holdings in AbbVie were worth $2,632,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. FF Advisors LLC grew its holdings in shares of AbbVie by 3.6% during the second quarter. FF Advisors LLC now owns 1,539 shares of the company’s stock valued at $286,000 after buying an additional 53 shares during the last quarter. Private Management Group Inc. grew its holdings 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 grew its holdings 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 grew its holdings 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 raised its holdings in shares of AbbVie by 3.4% in the first quarter. Castle Wealth Management LLC now owns 1,725 shares of the company’s stock valued at $361,000 after purchasing an additional 57 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Performance

NYSE ABBV opened at $222.88 on Wednesday. The company’s 50 day moving average is $204.47 and its 200-day moving average is $195.04. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $225.16. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The firm has a market cap of $393.74 billion, a P/E ratio of 106.14, a price-to-earnings-growth ratio of 1.33 and a beta of 0.53.

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

AbbVie Announces Dividend

The firm also recently declared 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 2.9%. AbbVie’s payout ratio is 312.38%.

Insider Activity at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’s stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the sale, the executive vice president owned 177,292 shares of the company’s stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The transaction 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 business’s stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the transaction, the executive vice president directly owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ABBV. Bank of America raised their price target on shares of AbbVie to $204.00 and gave the company a “hold” rating in a research report on Monday, June 9th. Raymond James Financial reissued an “outperform” rating on shares of AbbVie in a research report on Monday, August 25th. Daiwa America raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. JPMorgan Chase & Co. raised their price target on shares of AbbVie from $200.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, September 16th. Finally, Guggenheim raised their price target on shares of AbbVie from $216.00 to $227.00 and gave the company a “buy” rating in a research report on Friday, August 1st. Four research 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 company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $223.45.

AbbVie 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.