Harbor Investment Advisory LLC Sells 547 Shares of AbbVie Inc. (NYSE:ABBV)

Harbor Investment Advisory LLC lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.4% during the third quarter, Holdings Channel reports. The fund owned 22,331 shares of the company’s stock after selling 547 shares during the period. Harbor Investment Advisory LLC’s holdings in AbbVie were worth $4,410,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Mirador Capital Partners LP boosted its stake in shares of AbbVie by 1.9% in the 3rd quarter. Mirador Capital Partners LP now owns 52,607 shares of the company’s stock valued at $10,389,000 after purchasing an additional 976 shares during the last quarter. Eclectic Associates Inc. ADV acquired a new position in AbbVie in the third quarter valued at approximately $207,000. jvl associates llc bought a new position in AbbVie in the third quarter valued at approximately $217,000. First Citizens Financial Corp grew its holdings in AbbVie by 0.9% during the 3rd quarter. First Citizens Financial Corp now owns 5,777 shares of the company’s stock worth $1,141,000 after acquiring an additional 53 shares during the period. Finally, Duncan Williams Asset Management LLC raised its position in shares of AbbVie by 135.9% during the 3rd quarter. Duncan Williams Asset Management LLC now owns 4,260 shares of the company’s stock valued at $841,000 after acquiring an additional 2,454 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

Insider Activity at AbbVie

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $89,792,325. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the sale, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

AbbVie Stock Down 0.6 %

Shares of NYSE ABBV traded down $1.16 during trading hours on Friday, hitting $194.29. The company had a trading volume of 4,749,856 shares, compared to its average volume of 5,336,546. AbbVie Inc. has a 1-year low of $135.85 and a 1-year 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’s 50 day moving average is $193.35 and its 200-day moving average is $176.85. The stock has a market capitalization of $343.09 billion, a P/E ratio of 57.65, a price-to-earnings-growth ratio of 2.65 and a beta of 0.63.

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

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.19%. The ex-dividend date is Tuesday, October 15th. AbbVie’s payout ratio is presently 183.98%.

Analysts Set New Price Targets

Several equities analysts have weighed in on ABBV shares. Piper Sandler Companies reissued an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research note on Wednesday, July 3rd. Piper Sandler boosted their price objective on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Barclays boosted their price target on shares of AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, July 26th. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Finally, Wells Fargo & Company increased their price objective on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $191.64.

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.