Sandy Cove Advisors LLC Buys New Position in AbbVie Inc. (NYSE:ABBV)

Sandy Cove Advisors LLC bought a new position in AbbVie Inc. (NYSE:ABBV) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,341 shares of the company’s stock, valued at approximately $244,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vermillion & White Wealth Management Group LLC acquired a new position in shares of AbbVie during the 4th quarter valued at $26,000. Able Wealth Management LLC bought a new stake in AbbVie in the fourth quarter valued at $33,000. IFS Advisors LLC acquired a new position in shares of AbbVie during the first quarter valued at about $36,000. Ables Iannone Moore & Associates Inc. bought a new position in shares of AbbVie during the 4th quarter worth about $37,000. Finally, Clarity Asset Management Inc. acquired a new stake in shares of AbbVie in the 4th quarter valued at about $42,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ABBV. Piper Sandler increased their price target on AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a report on Tuesday, June 18th. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research report on Thursday, June 20th. BMO Capital Markets lowered their price objective on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a report on Wednesday, June 5th. Finally, Barclays lowered their target price on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a report on Monday, April 29th. 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 company. According to data from MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus price target of $179.64.

AbbVie Trading Up 1.5 %

Shares of AbbVie stock opened at $171.52 on Monday. The firm has a market cap of $302.88 billion, a PE ratio of 50.90, a P/E/G ratio of 2.19 and a beta of 0.60. AbbVie Inc. has a 1 year low of $132.13 and a 1 year high of $182.89. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. The stock has a fifty day moving average price of $164.60 and a 200-day moving average price of $167.63.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, May 3rd. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $2.26 by $0.05. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. 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 previous year, the firm posted $2.46 earnings per share. The company’s revenue for the quarter was up .7% on a year-over-year basis. Equities research analysts anticipate that AbbVie Inc. will post 11.27 EPS for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.61%. The ex-dividend date is Monday, July 15th. AbbVie’s dividend payout ratio (DPR) is 183.98%.

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.