Harbor Advisory Corp MA Boosts Holdings in AbbVie Inc. (NYSE:ABBV)

Harbor Advisory Corp MA lifted its holdings in AbbVie Inc. (NYSE:ABBV) by 1.0% in the third quarter, HoldingsChannel reports. The firm owned 24,145 shares of the company’s stock after buying an additional 250 shares during the quarter. AbbVie makes up approximately 1.6% of Harbor Advisory Corp MA’s holdings, making the stock its 24th biggest holding. Harbor Advisory Corp MA’s holdings in AbbVie were worth $4,768,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in the business. Home Federal Bank of Tennessee grew its stake in AbbVie by 1.8% during the 3rd quarter. Home Federal Bank of Tennessee now owns 18,021 shares of the company’s stock worth $3,559,000 after purchasing an additional 326 shares in the last quarter. Kessler Investment Group LLC purchased a new stake in shares of AbbVie during the third quarter worth approximately $377,000. Sweeney & Michel LLC lifted its stake in AbbVie by 3.3% in the third quarter. Sweeney & Michel LLC now owns 9,426 shares of the company’s stock worth $1,780,000 after acquiring an additional 305 shares during the last quarter. Calton & Associates Inc. grew its holdings in AbbVie by 22.3% during the 3rd quarter. Calton & Associates Inc. now owns 4,408 shares of the company’s stock worth $871,000 after acquiring an additional 804 shares in the last quarter. Finally, Krane Funds Advisors LLC increased its position in shares of AbbVie by 3.1% in the 3rd quarter. Krane Funds Advisors LLC now owns 2,182 shares of the company’s stock valued at $431,000 after purchasing an additional 65 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ABBV. UBS Group boosted their target price on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. TD Cowen raised their target price on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research report on Monday, October 7th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a report on Wednesday, July 3rd. BMO Capital Markets increased their price target on shares of AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Finally, Sanford C. Bernstein started coverage on shares of AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 target price for the company. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $198.47.

AbbVie Stock Performance

Shares of ABBV stock traded up $0.59 during midday trading on Tuesday, hitting $187.13. The company had a trading volume of 466,918 shares, compared to its average volume of 5,273,668. The stock has a market cap of $330.45 billion, a price-to-earnings ratio of 55.33, a PEG ratio of 2.66 and a beta of 0.63. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The company’s 50 day simple moving average is $194.37 and its 200 day simple moving average is $177.88. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $199.95.

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

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.31%. The ex-dividend date is Tuesday, October 15th. AbbVie’s payout ratio is 183.98%.

Insider Buying and Selling at AbbVie

In other AbbVie 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 transaction of $12,403,580.00. Following the transaction, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.25% of the stock is owned by corporate insiders.

AbbVie 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.