Sovereign Financial Group Inc. Has $661,000 Stock Holdings in AbbVie Inc. $ABBV

Sovereign Financial Group Inc. boosted its stake in AbbVie Inc. (NYSE:ABBV) by 7.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,561 shares of the company’s stock after purchasing an additional 260 shares during the quarter. Sovereign Financial Group Inc.’s holdings in AbbVie were worth $661,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Marshall & Sullivan Inc. WA acquired a new position in shares of AbbVie during the second quarter valued at about $25,000. TD Capital Management LLC grew its holdings in shares of AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after buying an additional 58 shares during the last quarter. Abound Financial LLC acquired a new position in shares of AbbVie during the first quarter valued at about $30,000. Cypress Capital Management LLC WY acquired a new position in shares of AbbVie during the first quarter valued at about $35,000. Finally, Bear Mountain Capital Inc. grew its holdings in shares of 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 buying an additional 173 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated 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 sale, the executive vice president owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 transaction of $8,407,055.40. Following the completion of the sale, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

Shares of ABBV stock opened at $230.88 on Friday. The firm has a market cap of $407.86 billion, a price-to-earnings ratio of 109.94, a P/E/G ratio of 1.35 and a beta of 0.51. 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 $244.81. The firm’s 50-day simple moving average is $214.84 and its two-hundred day simple moving average is $196.76.

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

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders 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 yield of 2.8%. AbbVie’s payout ratio is currently 312.38%.

Analysts Set New Price Targets

ABBV has been the subject of a number of analyst reports. Piper Sandler lifted their price objective on shares of AbbVie from $231.00 to $284.00 and gave the company an “overweight” rating in a report on Friday. Cantor Fitzgerald set a $250.00 price target on shares of AbbVie and gave the company an “overweight” rating in a research report on Thursday. Raymond James Financial reissued an “outperform” rating on shares of AbbVie in a research report on Monday, August 25th. Morgan Stanley raised their price target on shares of AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. 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. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $231.90.

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.