Granite Harbor Advisors Inc. Purchases 423 Shares of AbbVie Inc. (NYSE:ABBV)

Granite Harbor Advisors Inc. raised its position in shares of AbbVie Inc. (NYSE:ABBV) by 30.7% in the third quarter, Holdings Channel reports. The fund owned 1,800 shares of the company’s stock after buying an additional 423 shares during the quarter. Granite Harbor Advisors Inc.’s holdings in AbbVie were worth $355,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of ABBV. Oxler Private Wealth LLC raised its position in shares of AbbVie by 0.8% during the third quarter. Oxler Private Wealth LLC now owns 16,671 shares of the company’s stock valued at $3,292,000 after buying an additional 133 shares during the last quarter. Cherrydale Wealth Management LLC acquired a new position in shares of AbbVie during the third quarter valued at about $308,000. Stablepoint Partners LLC raised its position in shares of AbbVie by 0.8% during the third quarter. Stablepoint Partners LLC now owns 21,629 shares of the company’s stock valued at $4,271,000 after buying an additional 171 shares during the last quarter. Sapient Capital LLC raised its position in AbbVie by 2.5% in the third quarter. Sapient Capital LLC now owns 255,495 shares of the company’s stock worth $50,455,000 after purchasing an additional 6,258 shares in the last quarter. Finally, ORG Wealth Partners LLC acquired a new position in AbbVie in the third quarter worth about $2,567,000. 70.23% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction that occurred 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 sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction that occurred 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 transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. 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 insiders.

Analyst Ratings Changes

ABBV has been the subject of several recent research reports. TD Cowen increased their price target on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research report on Monday, October 7th. BMO Capital Markets increased their price target on shares of AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. UBS Group increased their price target on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. William Blair raised shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $198.00.

AbbVie Price Performance

Shares of ABBV traded up $1.61 during mid-day trading on Monday, hitting $195.80. 464,731 shares of the company traded hands, compared to its average volume of 5,280,551. AbbVie Inc. has a one year low of $135.85 and a one year high of $199.95. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The business has a 50-day moving average of $194.08 and a 200 day moving average of $177.37. The stock has a market capitalization of $345.76 billion, a price-to-earnings ratio of 57.62, a PEG ratio of 2.66 and a beta of 0.63.

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

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.17%. AbbVie’s dividend payout ratio (DPR) 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.