24,934 Shares in AbbVie Inc. (NYSE:ABBV) Acquired by Harbor Capital Advisors Inc.

Harbor Capital Advisors Inc. purchased a new stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 24,934 shares of the company's stock, valued at approximately $5,224,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Blue Bell Private Wealth Management LLC boosted its position in AbbVie by 30.4% during the fourth quarter. Blue Bell Private Wealth Management LLC now owns 223 shares of the company's stock valued at $40,000 after purchasing an additional 52 shares during the last quarter. Steel Grove Capital Advisors LLC boosted its position in AbbVie by 1.7% during the fourth quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company's stock valued at $553,000 after purchasing an additional 52 shares during the last quarter. Peninsula Wealth LLC boosted its position in AbbVie by 4.1% during the fourth quarter. Peninsula Wealth LLC now owns 1,360 shares of the company's stock valued at $242,000 after purchasing an additional 54 shares during the last quarter. Physicians Financial Services Inc. boosted its position in AbbVie by 0.5% during the fourth quarter. Physicians Financial Services Inc. now owns 12,150 shares of the company's stock valued at $2,159,000 after purchasing an additional 55 shares during the last quarter. Finally, Connecticut Wealth Management LLC boosted its position in AbbVie by 1.6% during the fourth quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock valued at $660,000 after purchasing an additional 57 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ABBV shares. The Goldman Sachs Group reissued a "neutral" rating and set a $194.00 price objective on shares of AbbVie in a research report on Tuesday, April 8th. Wells Fargo & Company boosted their price target on AbbVie from $210.00 to $240.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 5th. Wall Street Zen cut AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Cantor Fitzgerald began coverage on AbbVie in a research report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price target for the company. Finally, Guggenheim boosted their price target on AbbVie from $214.00 to $216.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $211.29.

Insider Activity

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the sale, the executive vice president now directly owns 53,234 shares in the company, valued at $11,183,398.72. This represents a 52.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.25% of the company's stock.

AbbVie Stock Performance

ABBV traded up $0.77 on Thursday, hitting $192.27. 5,775,647 shares of the stock traded hands, compared to its average volume of 6,238,863. AbbVie Inc. has a 52 week low of $163.52 and a 52 week high of $218.66. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94. The firm has a market capitalization of $339.63 billion, a PE ratio of 80.11, a P/E/G ratio of 1.62 and a beta of 0.50. The business has a fifty day moving average price of $183.90 and a two-hundred day moving average price of $187.43.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.06. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The firm had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. During the same period in the previous year, the company posted $2.31 earnings per share. The company's quarterly revenue was up 8.4% compared to the same quarter last year. On average, research analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

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.