Harvey Investment Co. LLC Sells 980 Shares of AbbVie Inc. (NYSE:ABBV)

Harvey Investment Co. LLC trimmed its position in AbbVie Inc. (NYSE:ABBV) by 1.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 79,136 shares of the company’s stock after selling 980 shares during the period. AbbVie comprises approximately 1.6% of Harvey Investment Co. LLC’s holdings, making the stock its 23rd largest holding. Harvey Investment Co. LLC’s holdings in AbbVie were worth $14,062,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ABBV. Bright Financial Advisors Inc. boosted its stake in AbbVie by 23.8% in the fourth quarter. Bright Financial Advisors Inc. now owns 1,287 shares of the company’s stock valued at $229,000 after acquiring an additional 247 shares during the last quarter. Golden State Wealth Management LLC acquired a new position in shares of AbbVie in the 4th quarter valued at $361,000. Gilliland Jeter Wealth Management LLC boosted its position in shares of AbbVie by 30.4% in the 4th quarter. Gilliland Jeter Wealth Management LLC now owns 1,570 shares of the company’s stock worth $279,000 after purchasing an additional 366 shares during the last quarter. Archer Investment Corp grew its stake in shares of AbbVie by 1.8% during the fourth quarter. Archer Investment Corp now owns 8,053 shares of the company’s stock worth $1,431,000 after purchasing an additional 140 shares during the period. Finally, Global X Japan Co. Ltd. increased its holdings in AbbVie by 14.6% in the fourth quarter. Global X Japan Co. Ltd. now owns 2,743 shares of the company’s stock valued at $487,000 after purchasing an additional 349 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on ABBV shares. BMO Capital Markets raised their target price on AbbVie from $208.00 to $215.00 and gave the stock an “outperform” rating in a report on Monday. Leerink Partnrs raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. JPMorgan Chase & Co. lowered their target price on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a research note on Wednesday, November 13th. UBS Group boosted their price target on shares of AbbVie from $181.00 to $190.00 and gave the company a “neutral” rating in a report on Monday. Finally, Truist Financial lifted their target price on AbbVie from $211.00 to $217.00 and gave the stock a “buy” rating in a report on Monday. Five research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $208.35.

AbbVie Stock Up 0.6 %

AbbVie stock opened at $192.95 on Friday. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. AbbVie Inc. has a 1-year low of $153.58 and a 1-year high of $207.32. The company has a fifty day simple moving average of $177.38 and a 200 day simple moving average of $185.48. The company has a market cap of $340.96 billion, a P/E ratio of 80.39, a price-to-earnings-growth ratio of 1.84 and a beta of 0.58.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, January 31st. The company reported $2.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 257.91%. During the same period last year, the company posted $2.79 earnings per share. Research analysts anticipate that AbbVie Inc. will post 12.26 earnings per share for the current fiscal year.

Insider Transactions at AbbVie

In other news, SVP Kevin K. Buckbee sold 1,800 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $172.24, for a total value of $310,032.00. Following the sale, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at approximately $1,202,751.92. This represents a 20.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.25% of the company’s stock.

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.