Harrell Investment Partners LLC Buys 31,163 Shares of AbbVie Inc. $ABBV

Harrell Investment Partners LLC grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2,028.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,699 shares of the company’s stock after acquiring an additional 31,163 shares during the quarter. AbbVie comprises approximately 1.5% of Harrell Investment Partners LLC’s portfolio, making the stock its 18th biggest position. Harrell Investment Partners LLC’s holdings in AbbVie were worth $6,070,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently added to or reduced their stakes in the company. Regatta Capital Group LLC raised its stake in shares of AbbVie by 0.9% in the second quarter. Regatta Capital Group LLC now owns 11,468 shares of the company’s stock worth $2,129,000 after purchasing an additional 107 shares during the last quarter. Signal Tree Financial Partners LLC bought a new position in shares of AbbVie in the 2nd quarter worth approximately $407,000. Retireful LLC boosted its stake in shares of AbbVie by 14.4% during the 2nd quarter. Retireful LLC now owns 2,145 shares of the company’s stock worth $398,000 after acquiring an additional 270 shares during the last quarter. Verum Partners LLC lifted its position in AbbVie by 24.0% during the second quarter. Verum Partners LLC now owns 3,465 shares of the company’s stock valued at $643,000 after purchasing an additional 670 shares in the last quarter. Finally, TD Private Client Wealth LLC grew its stake in shares of AbbVie by 1.5% during the 2nd quarter. TD Private Client Wealth LLC now owns 80,146 shares of the company’s stock valued at $14,877,000 after acquiring an additional 1,193 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Cantor Fitzgerald increased their price target on AbbVie from $215.00 to $245.00 and gave the stock an “overweight” rating in a research note on Monday, September 15th. Wells Fargo & Company increased their price objective on shares of AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, September 12th. Citigroup boosted their target price on AbbVie to $205.00 and gave the company a “hold” rating in a research report on Wednesday, June 11th. Daiwa America raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Finally, Piper Sandler started coverage on shares of AbbVie in a research report on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 price objective for the company. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $223.45.

AbbVie Price Performance

Shares of ABBV opened at $220.11 on Thursday. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $225.16. 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 business’s 50-day moving average is $205.07 and its two-hundred day moving average is $195.21. The company has a market capitalization of $388.84 billion, a P/E ratio of 104.81, a P/E/G ratio of 1.33 and a beta of 0.53.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $14.93 billion. During the same quarter last year, the business earned $2.65 EPS. The company’s quarterly revenue was up 6.6% on a year-over-year basis. Research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.0%. AbbVie’s dividend payout ratio is currently 312.38%.

Insider Transactions at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of 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 position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction that occurred 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. Corporate insiders own 0.25% of the company’s stock.

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.