Harbor Investment Advisory LLC Increases Stake in AbbVie Inc. (NYSE:ABBV)

Harbor Investment Advisory LLC boosted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 0.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 20,783 shares of the company’s stock after buying an additional 141 shares during the quarter. Harbor Investment Advisory LLC’s holdings in AbbVie were worth $3,785,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Norges Bank purchased a new position in shares of AbbVie during the 4th quarter valued at approximately $3,229,888,000. International Assets Investment Management LLC acquired a new stake in AbbVie during the 4th quarter worth $499,955,000. Capital International Investors boosted its stake in AbbVie by 6.0% during the 4th quarter. Capital International Investors now owns 44,988,183 shares of the company’s stock worth $6,971,796,000 after purchasing an additional 2,542,463 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in AbbVie by 39.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 8,422,613 shares of the company’s stock worth $1,305,252,000 after purchasing an additional 2,390,239 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of AbbVie by 7.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock valued at $3,774,569,000 after acquiring an additional 1,702,415 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Barclays lowered their price target on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Guggenheim boosted their price target on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a research report on Thursday, June 20th. HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a report on Wednesday, June 5th. Finally, BMO Capital Markets lowered their price target on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company 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 stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $179.64.

AbbVie Trading Up 1.4 %

NYSE:ABBV opened at $172.75 on Tuesday. The stock has a fifty day moving average price of $164.11 and a two-hundred day moving average price of $167.11. The stock has a market capitalization of $305.05 billion, a price-to-earnings ratio of 51.26, a PEG ratio of 2.18 and a beta of 0.60. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. AbbVie Inc. has a 1 year low of $130.96 and a 1 year high of $182.89.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.05. The firm had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. AbbVie’s revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.46 earnings per share. As a group, sell-side analysts anticipate that AbbVie Inc. will post 11.27 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be given a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date is Monday, July 15th. AbbVie’s dividend payout ratio is currently 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.