Harbor Investment Advisory LLC Has $4.06 Million Position in AbbVie Inc. $ABBV

Harbor Investment Advisory LLC boosted its holdings in AbbVie Inc. (NYSE:ABBV) by 2.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,889 shares of the company’s stock after buying an additional 497 shares during the period. Harbor Investment Advisory LLC’s holdings in AbbVie were worth $4,063,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of ABBV. GAMMA Investing LLC lifted its holdings in AbbVie by 25,841.6% in the first quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company’s stock valued at $2,144,382,000 after buying an additional 10,195,284 shares during the period. Nuveen LLC acquired a new stake in AbbVie in the first quarter worth $1,819,154,000. Goldman Sachs Group Inc. raised its holdings in AbbVie by 31.6% in the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock worth $3,068,820,000 after purchasing an additional 3,519,187 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in AbbVie by 18.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,058,706 shares of the company’s stock worth $2,142,832,000 after purchasing an additional 1,882,780 shares during the period. Finally, Bessemer Group Inc. raised its holdings in AbbVie by 147.6% in the first quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company’s stock worth $576,800,000 after purchasing an additional 1,641,091 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on ABBV shares. BMO Capital Markets increased their target price on shares of AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a report on Friday. Citigroup increased their target price on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a report on Wednesday, June 11th. Guggenheim increased their target price on shares of AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a report on Friday, August 1st. Piper Sandler assumed coverage on shares of AbbVie in a report on Tuesday, August 12th. They set an “overweight” rating and a $231.00 price objective on the stock. Finally, Daiwa America upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and an average price target of $217.10.

Insider Buying and Selling at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business’s stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

AbbVie Trading Down 0.8%

Shares of NYSE:ABBV opened at $218.40 on Friday. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $221.76. 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 company’s fifty day simple moving average is $200.25 and its 200 day simple moving average is $194.58. The firm has a market cap of $385.82 billion, a price-to-earnings ratio of 104.00, a PEG ratio of 1.42 and a beta of 0.53.

AbbVie (NYSE:ABBV) last issued 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 analyst estimates of $14.93 billion. During the same quarter in the previous year, the firm posted $2.65 earnings per share. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. As a group, research analysts forecast 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. Shareholders of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.0%. The ex-dividend date is Wednesday, October 15th. AbbVie’s payout ratio is presently 312.38%.

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.