Harbour Trust & Investment Management Co Sells 488 Shares of AbbVie Inc. (NYSE:ABBV)

Harbour Trust & Investment Management Co cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 2.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,931 shares of the company’s stock after selling 488 shares during the quarter. Harbour Trust & Investment Management Co’s holdings in AbbVie were worth $3,738,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. FCG Investment Co purchased a new position in AbbVie during the 1st quarter valued at about $1,413,000. BluePath Capital Management LLC raised its position in shares of AbbVie by 0.9% in the first quarter. BluePath Capital Management LLC now owns 7,311 shares of the company’s stock worth $1,331,000 after buying an additional 67 shares in the last quarter. Palisade Asset Management LLC boosted its stake in AbbVie by 65.6% during the first quarter. Palisade Asset Management LLC now owns 97,341 shares of the company’s stock valued at $17,726,000 after buying an additional 38,562 shares during the period. First Hawaiian Bank grew its position in AbbVie by 9.0% during the second quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock worth $5,506,000 after buying an additional 2,657 shares in the last quarter. Finally, PGGM Investments increased its stake in AbbVie by 308.1% in the 2nd quarter. PGGM Investments now owns 32,790 shares of the company’s stock worth $5,624,000 after acquiring an additional 24,756 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

Insider Activity at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.25% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ABBV. Sanford C. Bernstein began coverage on shares of AbbVie in a research note on Thursday, October 17th. They issued a “market perform” rating and a $203.00 target price on the stock. Wells Fargo & Company increased their target price on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Morgan Stanley upped their price objective on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Piper Sandler raised their price objective on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Finally, Bank of America upped their target price on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $198.47.

AbbVie Stock Up 1.0 %

Shares of AbbVie stock opened at $189.68 on Friday. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The company has a market cap of $334.95 billion, a P/E ratio of 56.28, a PEG ratio of 2.66 and a beta of 0.63. The firm’s 50 day moving average price is $194.22 and its 200-day moving average price is $178.08. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $199.95.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The company’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.91 earnings per share. On average, sell-side analysts predict that AbbVie Inc. will post 10.85 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a dividend of $1.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.27%. AbbVie’s dividend payout ratio is presently 183.98%.

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.