Oak Harvest Investment Services Trims Position in AbbVie Inc. (NYSE:ABBV)

Oak Harvest Investment Services lowered its holdings in AbbVie Inc. (NYSE:ABBV) by 1.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 38,001 shares of the company’s stock after selling 388 shares during the period. Oak Harvest Investment Services’ holdings in AbbVie were worth $7,504,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Community Bank & Trust Waco Texas boosted its holdings in AbbVie by 0.6% in the first quarter. Community Bank & Trust Waco Texas now owns 35,315 shares of the company’s stock valued at $6,431,000 after acquiring an additional 227 shares during the last quarter. Norden Group LLC lifted its stake in shares of AbbVie by 2,055.1% in the 1st quarter. Norden Group LLC now owns 139,587 shares of the company’s stock valued at $25,421,000 after purchasing an additional 133,110 shares in the last quarter. Abundance Wealth Counselors grew its holdings in shares of AbbVie by 0.9% during the 1st quarter. Abundance Wealth Counselors now owns 17,830 shares of the company’s stock worth $3,247,000 after purchasing an additional 162 shares during the period. Madrona Financial Services LLC increased its position in AbbVie by 82.9% during the 1st quarter. Madrona Financial Services LLC now owns 3,311 shares of the company’s stock worth $603,000 after purchasing an additional 1,501 shares in the last quarter. Finally, Arcus Capital Partners LLC raised its holdings in AbbVie by 22.5% in the first quarter. Arcus Capital Partners LLC now owns 4,404 shares of the company’s stock valued at $802,000 after buying an additional 808 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on ABBV shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. Bank of America increased their price target on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Barclays raised their price objective on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. UBS Group upped their target price on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Finally, BMO Capital Markets increased their price objective on shares of AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Four equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $199.39.

AbbVie Stock Performance

Shares of ABBV opened at $201.55 on Thursday. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $202.35. The stock has a market capitalization of $355.91 billion, a P/E ratio of 59.81, a P/E/G ratio of 2.66 and a beta of 0.63. The firm’s 50 day moving average is $193.85 and its 200-day moving average is $178.91. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.25%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio is 183.98%.

Insider Activity

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction 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 sale, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate 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.