Sound Income Strategies LLC Has $16.78 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Sound Income Strategies LLC increased its stake in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 11.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 103,796 shares of the company’s stock after buying an additional 10,324 shares during the period. AbbVie accounts for approximately 2.1% of Sound Income Strategies LLC’s holdings, making the stock its 11th biggest holding. Sound Income Strategies LLC’s holdings in AbbVie were worth $16,775,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership raised its holdings in AbbVie by 426.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,652,122 shares of the company’s stock worth $754,155,000 after purchasing an additional 3,768,579 shares during the last quarter. GQG Partners LLC raised its stake in shares of AbbVie by 1,706.1% during the second quarter. GQG Partners LLC now owns 3,051,620 shares of the company’s stock worth $467,658,000 after buying an additional 2,882,655 shares during the last quarter. Vanguard Group Inc. lifted its holdings in AbbVie by 1.6% in the third quarter. Vanguard Group Inc. now owns 156,022,414 shares of the company’s stock valued at $20,939,769,000 after buying an additional 2,442,663 shares during the period. Great West Life Assurance Co. Can bought a new position in AbbVie in the third quarter valued at approximately $200,815,000. Finally, Pacer Advisors Inc. grew its holdings in AbbVie by 754.0% during the 3rd quarter. Pacer Advisors Inc. now owns 1,210,806 shares of the company’s stock worth $162,502,000 after acquiring an additional 1,069,033 shares during the period. Institutional investors own 67.71% of the company’s stock.

Insider Activity at AbbVie

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 53,125 shares of the firm’s stock in a transaction that occurred on Monday, March 13th. The stock was sold at an average price of $152.28, for a total value of $8,089,875.00. Following the completion of the transaction, the executive vice president now directly owns 60,941 shares in the company, valued at $9,280,095.48. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other AbbVie news, EVP Jeffrey Ryan Stewart sold 53,125 shares of the company’s stock in a transaction on Monday, March 13th. The shares were sold at an average price of $152.28, for a total transaction of $8,089,875.00. Following the sale, the executive vice president now directly owns 60,941 shares of the company’s stock, valued at $9,280,095.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Scott T. Reents sold 15,942 shares of AbbVie stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $153.08, for a total transaction of $2,440,401.36. Following the completion of the transaction, the chief financial officer now directly owns 809 shares of the company’s stock, valued at approximately $123,841.72. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 159,746 shares of company stock valued at $24,267,450. 0.08% of the stock is owned by insiders.

Wall Street Analyst Weigh In

ABBV has been the topic of several recent research reports. Morgan Stanley reduced their price target on AbbVie from $182.00 to $178.00 and set an “overweight” rating on the stock in a research report on Friday, February 10th. Atlantic Securities decreased their target price on AbbVie from $157.00 to $154.00 and set a “neutral” rating for the company in a research report on Friday, February 10th. Piper Sandler increased their price target on shares of AbbVie from $157.00 to $163.00 and gave the company an “overweight” rating in a research report on Thursday, February 9th. Truist Financial boosted their price objective on shares of AbbVie from $160.00 to $180.00 in a report on Thursday, January 5th. Finally, Wolfe Research lowered shares of AbbVie from an “outperform” rating to a “peer perform” rating in a report on Wednesday, February 22nd. They noted that the move was a valuation call. Nine equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, AbbVie currently has a consensus rating of “Hold” and an average target price of $161.12.

AbbVie Stock Down 0.7 %

Shares of AbbVie stock opened at $154.22 on Friday. The firm has a market cap of $272.88 billion, a PE ratio of 23.33, a P/E/G ratio of 3.50 and a beta of 0.62. The business’s 50 day simple moving average is $151.13 and its 200 day simple moving average is $150.93. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.84 and a current ratio of 0.96. AbbVie Inc. has a 52-week low of $134.09 and a 52-week high of $175.91.

AbbVie (NYSE:ABBV – Get Rating) last posted its quarterly earnings data on Thursday, February 9th. The company reported $3.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.54 by $0.06. AbbVie had a net margin of 20.39% and a return on equity of 154.52%. The company had revenue of $15.12 billion for the quarter, compared to the consensus estimate of $15.30 billion. During the same period last year, the company earned $3.31 earnings per share. The firm’s revenue was up 1.6% compared to the same quarter last year. On average, analysts predict that AbbVie Inc. will post 11 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 15th. Stockholders of record on Friday, April 14th will be issued a $1.48 dividend. This represents a $5.92 annualized dividend and a dividend yield of 3.84%. The ex-dividend date is Thursday, April 13th. AbbVie’s payout ratio is 89.56%.

AbbVie Profile

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AbbVie, Inc is a research-based biopharmaceutical company, which engages in the development and sale of pharmaceutical products. It focuses on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology, and dermatology, oncology, including blood cancers, virology, hepatitis C virus (HCV) and human immunodeficiency virus (HIV), neurological disorders, such as Parkinson’s, metabolic, comprising thyroid disease and complications associated with cystic fibrosis, pain associated with endometriosis, and other serious health conditions.