Strait & Sound Wealth Management LLC Sells 255 Shares of AbbVie Inc. $ABBV

Strait & Sound Wealth Management LLC cut its stake in AbbVie Inc. (NYSE:ABBV) by 2.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,923 shares of the company’s stock after selling 255 shares during the quarter. Strait & Sound Wealth Management LLC’s holdings in AbbVie were worth $1,842,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ABBV. Marshall & Sullivan Inc. WA purchased a new position in shares of AbbVie during the 2nd quarter worth $25,000. TD Capital Management LLC boosted its stake in shares of AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after acquiring an additional 58 shares during the last quarter. Abound Financial LLC purchased a new position in shares of AbbVie during the 1st quarter worth $30,000. Cypress Capital Management LLC WY purchased a new position in AbbVie during the first quarter valued at approximately $35,000. Finally, Bear Mountain Capital Inc. lifted its holdings in AbbVie by 480.6% during the second quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock valued at $40,000 after purchasing an additional 173 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ABBV. Hsbc Global Res downgraded shares of AbbVie from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. Daiwa America raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. UBS Group set a $251.00 price target on shares of AbbVie in a report on Friday, October 3rd. Evercore ISI lifted their price target on shares of AbbVie from $207.00 to $222.00 and gave the company an “outperform” rating in a report on Monday, September 22nd. Finally, Daiwa Capital Markets raised shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price target on the stock in a report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $234.80.

AbbVie Price Performance

ABBV stock opened at $228.06 on Friday. AbbVie Inc. has a one year low of $163.81 and a one year high of $244.81. The company’s fifty day moving average price is $220.69 and its 200-day moving average price is $199.11. 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 company has a market capitalization of $402.87 billion, a PE ratio of 108.60, a price-to-earnings-growth ratio of 1.44 and a beta of 0.51.

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

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 2.9%. AbbVie’s dividend payout ratio is presently 312.38%.

Insiders Place Their Bets

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction 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. This represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 transaction of $2,639,190.45. Following the sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

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.