AbbVie Inc. (NYSE:ABBV) Shares Sold by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd decreased its position in AbbVie Inc. (NYSE:ABBV) by 61.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,193 shares of the company’s stock after selling 9,798 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in AbbVie were worth $834,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of ABBV. Kalos Management Inc. purchased a new stake in AbbVie during the first quarter worth about $26,000. Boulder Wealth Advisors LLC purchased a new stake in shares of AbbVie during the fourth quarter worth $31,000. Stone House Investment Management LLC purchased a new stake in shares of AbbVie during the first quarter worth $37,000. True Wealth Design LLC purchased a new stake in shares of AbbVie during the fourth quarter worth approximately $39,000. Finally, General Partner Inc. purchased a new stake in shares of AbbVie during the first quarter worth approximately $40,000. Hedge funds and other institutional investors own 67.86% of the company’s stock.

Insider Activity

In other news, CEO Richard A. Gonzalez sold 18,500 shares of the stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $149.15, for a total value of $2,759,275.00. Following the completion of the transaction, the chief executive officer now owns 625,294 shares in the company, valued at approximately $93,262,600.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ABBV shares. Piper Jaffray Companies upped their target price on shares of AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research note on Friday, July 28th. StockNews.com started coverage on AbbVie in a report on Thursday, August 17th. They set a “strong-buy” rating for the company. HSBC started coverage on shares of AbbVie in a report on Friday, July 14th. They set a “buy” rating and a $167.00 price objective on the stock. Piper Sandler raised their price objective on shares of AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a report on Friday, July 28th. Finally, Credit Suisse Group dropped their price objective on AbbVie from $170.00 to $160.00 in a report on Wednesday, July 12th. Eight investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $165.79.

AbbVie Stock Down 1.0 %

Shares of NYSE:ABBV opened at $152.09 on Friday. The company has a market cap of $268.45 billion, a price-to-earnings ratio of 31.29, a PEG ratio of 2.74 and a beta of 0.58. The firm’s 50-day simple moving average is $146.09 and its 200-day simple moving average is $147.56. The company has a quick ratio of 0.77, a current ratio of 0.89 and a debt-to-equity ratio of 4.33. AbbVie Inc. has a fifty-two week low of $130.96 and a fifty-two week high of $168.11.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 27th. The company reported $2.91 EPS for the quarter, beating the consensus estimate of $2.79 by $0.12. The business had revenue of $13.87 billion during the quarter, compared to analysts’ expectations of $13.52 billion. AbbVie had a return on equity of 151.29% and a net margin of 15.50%. As a group, equities research analysts predict that AbbVie Inc. will post 11.03 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be issued a $1.48 dividend. The ex-dividend date is Thursday, October 12th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 3.89%. AbbVie’s dividend payout ratio is presently 121.81%.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.