Harvey Investment Co. LLC Trims Stake in AbbVie Inc (NYSE:ABBV)

Harvey Investment Co. LLC cut its stake in shares of AbbVie Inc (NYSE:ABBV) by 2.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 110,938 shares of the company’s stock after selling 2,600 shares during the quarter. AbbVie makes up about 1.9% of Harvey Investment Co. LLC’s portfolio, making the stock its 21st largest position. Harvey Investment Co. LLC’s holdings in AbbVie were worth $9,858,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of AbbVie by 3.3% in the second quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock valued at $8,405,409,000 after purchasing an additional 3,706,941 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of AbbVie by 1,949.7% in the second quarter. Janus Henderson Group PLC now owns 3,833,535 shares of the company’s stock valued at $277,967,000 after purchasing an additional 3,646,510 shares during the last quarter. Orbis Allan Gray Ltd raised its holdings in shares of AbbVie by 35.7% in the second quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock valued at $921,233,000 after purchasing an additional 3,340,038 shares during the last quarter. Capital Research Global Investors raised its holdings in shares of AbbVie by 1.2% in the second quarter. Capital Research Global Investors now owns 178,274,835 shares of the company’s stock valued at $12,926,708,000 after purchasing an additional 2,130,919 shares during the last quarter. Finally, BlackRock Inc. raised its holdings in shares of AbbVie by 2.0% in the second quarter. BlackRock Inc. now owns 94,074,962 shares of the company’s stock valued at $6,821,375,000 after purchasing an additional 1,864,418 shares during the last quarter. 69.18% of the stock is currently owned by institutional investors and hedge funds.

A number of analysts recently issued reports on the stock. BMO Capital Markets set a $84.00 price objective on shares of AbbVie and gave the stock a “hold” rating in a report on Thursday. Vetr downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating and set a $113.08 price objective for the company. in a report on Monday. Barclays reiterated a “hold” rating and set a $68.00 target price on shares of AbbVie in a research report on Thursday, September 28th. Piper Jaffray Companies reiterated a “buy” rating on shares of AbbVie in a research report on Tuesday, January 2nd. Finally, Evercore ISI reiterated an “outperform” rating and set a $100.00 target price (up previously from $95.00) on shares of AbbVie in a research report on Saturday, September 30th. Seven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. AbbVie currently has a consensus rating of “Buy” and a consensus target price of $100.94.

In other news, Chairman Richard A. Gonzalez sold 218,193 shares of the business’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $94.01, for a total transaction of $20,512,323.93. Following the sale, the chairman now owns 492,030 shares in the company, valued at approximately $46,255,740.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Timothy J. Richmond sold 87,040 shares of the business’s stock in a transaction on Monday, December 18th. The shares were sold at an average price of $98.45, for a total transaction of $8,569,088.00. Following the sale, the senior vice president now owns 113,118 shares in the company, valued at approximately $11,136,467.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 494,676 shares of company stock worth $47,237,938. 0.23% of the stock is currently owned by company insiders.

Shares of AbbVie Inc (NYSE:ABBV) traded down $0.42 during trading on Thursday, reaching $99.27. 4,240,900 shares of the company’s stock traded hands, compared to its average volume of 4,480,000. The company has a market capitalization of $158,250.00, a price-to-earnings ratio of 24.09, a PEG ratio of 1.20 and a beta of 1.53. AbbVie Inc has a twelve month low of $59.27 and a twelve month high of $101.28. The company has a current ratio of 1.45, a quick ratio of 1.32 and a debt-to-equity ratio of 5.08.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, October 27th. The company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. AbbVie had a net margin of 24.38% and a return on equity of 153.80%. The firm had revenue of $7 billion for the quarter, compared to the consensus estimate of $7 billion. During the same period last year, the firm posted $1.21 earnings per share. The business’s revenue was up 8.8% compared to the same quarter last year. analysts anticipate that AbbVie Inc will post 5.55 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Friday, January 12th will be issued a $0.71 dividend. The ex-dividend date is Thursday, January 11th. This represents a $2.84 annualized dividend and a yield of 2.86%. This is a boost from AbbVie’s previous quarterly dividend of $0.64. AbbVie’s payout ratio is 62.14%.

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AbbVie Company Profile

AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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