Bar Harbor Wealth Management Acquires 8,338 Shares of AbbVie Inc. $ABBV

Bar Harbor Wealth Management raised its holdings in AbbVie Inc. (NYSE:ABBV) by 10.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 86,302 shares of the company’s stock after buying an additional 8,338 shares during the quarter. AbbVie comprises 1.0% of Bar Harbor Wealth Management’s investment portfolio, making the stock its 28th largest position. Bar Harbor Wealth Management’s holdings in AbbVie were worth $16,019,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Nuveen LLC purchased a new position in shares of AbbVie in the 1st quarter valued at approximately $1,819,154,000. Assenagon Asset Management S.A. lifted its stake in shares of AbbVie by 550.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company’s stock valued at $804,116,000 after purchasing an additional 3,666,521 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of AbbVie by 31.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock valued at $3,068,820,000 after purchasing an additional 3,519,187 shares during the period. Kingstone Capital Partners Texas LLC purchased a new position in shares of AbbVie in the 2nd quarter valued at approximately $581,817,000. Finally, Bessemer Group Inc. lifted its stake in shares of AbbVie by 147.6% in the 1st quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company’s stock valued at $576,800,000 after purchasing an additional 1,641,091 shares during the period. 70.23% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the sale, the executive vice president owned 177,292 shares of the company’s stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

Analyst Ratings Changes

ABBV has been the subject of a number of research analyst reports. Wells Fargo & Company raised their target price on AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, September 12th. Daiwa Capital Markets upgraded AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 target price for the company in a research note on Thursday, August 7th. Weiss Ratings restated a “hold (c)” rating on shares of AbbVie in a research note on Wednesday. Citigroup raised their target price on AbbVie to $205.00 and gave the company a “hold” rating in a research note on Wednesday, June 11th. Finally, Bank of America lifted their price objective on AbbVie from $220.00 to $251.00 and gave the company a “neutral” rating in a research note on Friday, October 3rd. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $229.14.

AbbVie Stock Down 0.7%

Shares of NYSE:ABBV opened at $231.26 on Thursday. The stock has a fifty day simple moving average of $213.28 and a two-hundred day simple moving average of $196.43. The stock has a market capitalization of $408.53 billion, a price-to-earnings ratio of 110.12, a PEG ratio of 1.36 and a beta of 0.51. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $244.81. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The company had revenue of $15.42 billion for the quarter, compared to analysts’ expectations of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.65 EPS. On average, research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 312.38%.

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.