Harvest Portfolios Group Inc. Sells 53,058 Shares of AbbVie Inc. (NYSE:ABBV)

Harvest Portfolios Group Inc. reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 16.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 273,211 shares of the company’s stock after selling 53,058 shares during the quarter. AbbVie makes up approximately 1.8% of Harvest Portfolios Group Inc.’s holdings, making the stock its 20th biggest position. Harvest Portfolios Group Inc.’s holdings in AbbVie were worth $53,954,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of AbbVie by 6.2% in the first quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock valued at $31,025,605,000 after acquiring an additional 9,978,415 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of AbbVie by 1,745.0% during the 3rd quarter. International Assets Investment Management LLC now owns 4,728,063 shares of the company’s stock worth $933,698,000 after purchasing an additional 4,471,806 shares during the last quarter. Capital World Investors raised its stake in shares of AbbVie by 249.1% during the 1st quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock worth $796,357,000 after purchasing an additional 3,120,310 shares in the last quarter. Capital International Investors boosted its holdings in shares of AbbVie by 6.9% in the 1st quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock valued at $8,758,789,000 after buying an additional 3,110,601 shares during the last quarter. Finally, TD Asset Management Inc grew its stake in shares of AbbVie by 156.0% in the first quarter. TD Asset Management Inc now owns 3,474,020 shares of the company’s stock valued at $632,619,000 after buying an additional 2,116,997 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. BMO Capital Markets upped their price target on shares of AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. William Blair upgraded AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Citigroup upped their price objective on AbbVie from $215.00 to $226.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Truist Financial raised their price objective on AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Wells Fargo & Company boosted their target price on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Four analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, AbbVie has an average rating of “Moderate Buy” and an average target price of $201.00.

AbbVie Trading Up 1.4 %

Shares of ABBV opened at $204.50 on Wednesday. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $207.32. The firm has a market cap of $361.22 billion, a price-to-earnings ratio of 70.03, a PEG ratio of 2.54 and a beta of 0.63. The business’s fifty day moving average is $194.29 and its 200-day moving average is $180.10.

AbbVie (NYSE:ABBV) last released its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. The firm had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. AbbVie had a return on equity of 226.99% and a net margin of 9.22%. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.95 earnings per share. Equities analysts anticipate that AbbVie Inc. will post 10.97 EPS for the current fiscal year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.21%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio is presently 215.28%.

AbbVie Company Profile

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.