Harbor Asset Planning Inc. Takes $58,000 Position in AbbVie Inc. $ABBV

Harbor Asset Planning Inc. bought a new stake in AbbVie Inc. (NYSE:ABBV) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 313 shares of the company’s stock, valued at approximately $58,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Marshall & Sullivan Inc. WA purchased a new position in AbbVie during the 2nd quarter valued at about $25,000. TD Capital Management LLC increased its holdings in AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares during the period. Abound Financial LLC purchased a new position in AbbVie during the 1st quarter valued at about $30,000. Cypress Capital Management LLC WY purchased a new position in AbbVie during the 1st quarter valued at about $35,000. Finally, Bear Mountain Capital Inc. increased its holdings in AbbVie by 480.6% during the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock valued at $40,000 after purchasing an additional 173 shares during the period. Institutional investors own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Weiss Ratings restated a “hold (c)” rating on shares of AbbVie in a report on Wednesday, October 8th. Guggenheim upped their target price on AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a report on Friday, August 1st. Bank of America upped their target price on AbbVie from $220.00 to $251.00 and gave the stock a “neutral” rating in a report on Friday, October 3rd. Erste Group Bank downgraded AbbVie from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, Berenberg Bank upgraded AbbVie from a “hold” rating to a “buy” rating and upped their target price for the stock from $170.00 to $270.00 in a report on Wednesday, September 17th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $233.35.

Insider Activity at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the transaction, the executive vice president directly owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

Shares of ABBV opened at $226.77 on Friday. 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 business’s 50 day moving average price is $217.28 and its 200-day moving average price is $197.43. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81. The stock has a market cap of $400.60 billion, a P/E ratio of 107.99, a P/E/G ratio of 1.41 and a beta of 0.51.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $14.93 billion. During the same period in the prior year, the firm earned $2.65 earnings per share. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. Equities research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors 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 2.9%. AbbVie’s dividend payout ratio is 312.38%.

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.