Harbour Investments Inc. Boosts Position in AbbVie Inc. (NYSE:ABBV)

Key Points

• Harbour Investments Inc. increased its stake in AbbVie Inc. by 7.9%, totaling 24,764 shares worth $5,188,000 as of its latest SEC filing.
• AbbVie reported earnings of $2.97 per share, missing estimates of $3.24, but saw a 6.6% increase in revenue year-over-year, totaling $15.42 billion compared to expectations of $14.93 billion.
• The company declared a quarterly dividend of $1.64 per share, representing an annualized dividend yield of 3.4% with a payout ratio of 279.15%.

Harbour Investments Inc. lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 7.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 24,764 shares of the company's stock after purchasing an additional 1,806 shares during the quarter. Harbour Investments Inc.'s holdings in AbbVie were worth $5,188,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of ABBV. Crestline Management LP boosted its stake in shares of AbbVie by 438.4% in the 4th quarter. Crestline Management LP now owns 35,311 shares of the company's stock valued at $6,275,000 after buying an additional 28,753 shares during the period. Narus Financial Partners LLC boosted its stake in shares of AbbVie by 25.3% in the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock valued at $417,000 after buying an additional 401 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of AbbVie by 1.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,367,162 shares of the company's stock valued at $1,664,489,000 after buying an additional 108,993 shares during the period. AXA S.A. boosted its stake in shares of AbbVie by 14.8% in the 4th quarter. AXA S.A. now owns 971,893 shares of the company's stock valued at $172,705,000 after buying an additional 125,568 shares during the period. Finally, Highland Capital Management LLC boosted its stake in shares of AbbVie by 6.3% in the 1st quarter. Highland Capital Management LLC now owns 46,853 shares of the company's stock valued at $9,817,000 after buying an additional 2,792 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Performance

Shares of ABBV stock traded up $6.15 during midday trading on Friday, hitting $195.17. The company had a trading volume of 8,081,230 shares, compared to its average volume of 5,440,562. The company's 50 day simple moving average is $188.33 and its 200 day simple moving average is $190.17. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $218.66. The stock has a market cap of $344.75 billion, a price-to-earnings ratio of 92.94, a PEG ratio of 1.25 and a beta of 0.50. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 518.10%. The business had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. During the same quarter last year, the firm earned $2.65 earnings per share. The firm's quarterly revenue was up 6.6% compared to the same quarter last year. Research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be paid a $1.64 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.4%. AbbVie's payout ratio is 279.15%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ABBV. Evercore ISI lifted their price objective on AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Morgan Stanley lifted their price objective on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday. Bank of America lifted their price objective on AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Guggenheim raised their target price on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research report on Friday. Finally, Cantor Fitzgerald started coverage on AbbVie in a research report on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 target price on the stock. Eight investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $212.81.

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.