Harmony Asset Management LLC Sells 6,569 Shares of AbbVie Inc. (NYSE:ABBV)

Harmony Asset Management LLC reduced its position in AbbVie Inc. (NYSE:ABBV) by 37.5% during the second quarter, HoldingsChannel reports. The firm owned 10,936 shares of the company’s stock after selling 6,569 shares during the period. Harmony Asset Management LLC’s holdings in AbbVie were worth $1,876,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of ABBV. Vermillion & White Wealth Management Group LLC acquired a new position in shares of AbbVie during the 4th quarter valued at $26,000. Fairway Wealth LLC acquired a new position in shares of AbbVie during the 2nd quarter valued at $26,000. Ridgewood Investments LLC acquired a new position in shares of AbbVie during the 2nd quarter valued at $27,000. Able Wealth Management LLC acquired a new position in AbbVie during the fourth quarter worth $33,000. Finally, IFS Advisors LLC bought a new position in shares of AbbVie in the first quarter valued at $36,000. 70.23% of the stock is owned by institutional investors.

Insider Activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction on 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 transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the sale, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of recent research reports. Piper Sandler raised their price objective on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Morgan Stanley raised their price objective on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Truist Financial reaffirmed a “buy” rating and issued a $210.00 price objective (up from $195.00) on shares of AbbVie in a research note on Friday, July 26th. Piper Sandler Companies reissued an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research report on Wednesday, July 3rd. Finally, William Blair raised shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $191.64.

AbbVie Trading Down 0.1 %

NYSE:ABBV opened at $193.47 on Monday. The company has a fifty day moving average of $189.35 and a 200 day moving average of $175.76. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $199.95. 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 firm has a market capitalization of $341.64 billion, a P/E ratio of 57.41, a P/E/G ratio of 2.66 and a beta of 0.64.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same period in the prior year, the business posted $2.91 EPS. The firm’s revenue was up 4.3% compared to the same quarter last year. On average, research analysts predict that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Announces Dividend

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 issued a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.20%. AbbVie’s dividend payout ratio is currently 183.98%.

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.