Harbour Wealth Management Group Inc. Buys New Position in AbbVie Inc. $ABBV

Harbour Wealth Management Group Inc. purchased a new position in shares of AbbVie Inc. (NYSE:ABBV) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 3,121 shares of the company’s stock, valued at approximately $713,000.

A number of other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in AbbVie by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company’s stock valued at $41,306,353,000 after purchasing an additional 3,032,438 shares in the last quarter. State Street Corp raised its stake in shares of AbbVie by 1.4% in the 4th quarter. State Street Corp now owns 80,940,931 shares of the company’s stock worth $18,494,193,000 after buying an additional 1,119,274 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of AbbVie by 10.4% in the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock valued at $10,179,099,000 after buying an additional 4,190,487 shares during the period. Bank of America Corp DE lifted its holdings in shares of AbbVie by 1.4% in the fourth quarter. Bank of America Corp DE now owns 25,824,399 shares of the company’s stock valued at $5,900,617,000 after buying an additional 356,394 shares during the period. Finally, Norges Bank bought a new position in AbbVie during the fourth quarter valued at about $5,865,055,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently issued reports on ABBV. Canaccord Genuity Group lifted their target price on AbbVie from $262.00 to $265.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Barclays assumed coverage on shares of AbbVie in a research report on Thursday, February 19th. They set an “overweight” rating and a $275.00 price objective for the company. BMO Capital Markets reiterated an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Piper Sandler raised their target price on shares of AbbVie from $294.00 to $298.00 and gave the stock an “overweight” rating in a report on Thursday, May 14th. Finally, DZ Bank upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $253.43.

More AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie declared a quarterly cash dividend of $1.73 per share, reinforcing its shareholder-return profile and highlighting the company’s ability to generate strong cash flow. AbbVie Declares Quarterly Dividend
• Positive Sentiment: AbbVie also got a regulatory boost with new SKINVIVE approval and reported encouraging CLL trial results, which support the company’s oncology and aesthetics growth pipeline. AbbVie (ABBV) Lands New SKINVIVE Approval As CLL Trial Results Impress
• Positive Sentiment: The company presented new Phase 3 data on a venetoclax-based combination and highlighted its late-stage ABBV-400 colorectal cancer program, adding to investor confidence in AbbVie’s long-term pipeline. AbbVie Inc. (ABBV) Presents Data on Fixed-Duration Venetoclax-Based Combination
• Neutral Sentiment: AbbVie has been attracting extra trader attention recently, but the stock’s near-term direction still depends on whether dividend income and pipeline progress can outweigh broader market weakness and legal uncertainty. AbbVie Inc. (ABBV) Is a Trending Stock: Facts to Know Before Betting on It
• Negative Sentiment: The biggest overhang is a reported HHS move to ask a court to dismiss AbbVie’s lawsuit over drug-discount patients, which could increase regulatory and legal pressure on the stock. HHS Asks Court to Toss AbbVie Suit Over Drug Discount Patients

AbbVie Trading Down 2.1%

Shares of ABBV opened at $216.63 on Friday. The business’s 50-day moving average price is $212.08 and its 200 day moving average price is $218.78. The stock has a market capitalization of $382.74 billion, a P/E ratio of 106.71, a P/E/G ratio of 0.68 and a beta of 0.32. AbbVie Inc. has a 1-year low of $181.73 and a 1-year high of $244.81.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.59 by $0.06. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The business’s quarterly revenue was up 12.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.46 earnings per share. On average, research analysts predict that AbbVie Inc. will post 14.3 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be given a dividend of $1.73 per share. This represents a $6.92 annualized dividend and a yield of 3.2%. The ex-dividend date is Wednesday, July 15th. AbbVie’s payout ratio is presently 340.89%.

AbbVie Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.