Harrell Investment Partners LLC Acquires 31,163 Shares of AbbVie Inc. $ABBV

Key Points

• Harrell Investment Partners LLC significantly increased its stake in AbbVie Inc. by acquiring 31,163 additional shares, boosting its total holdings to 32,699 shares valued at approximately $6,070,000.
• Insider sales were recorded as AbbVie executives, including EVP Nicholas Donoghoe and Azita Saleki-Gerhardt, sold substantial shares, reflecting a decrease in their ownership of the stock.
• Equities research analysts have recently raised their price targets for AbbVie, with Wells Fargo increasing its target from $240.00 to $260.00 and multiple firms issuing a "buy" rating.

Harrell Investment Partners LLC boosted its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 2,028.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,699 shares of the company's stock after buying an additional 31,163 shares during the quarter. AbbVie makes up 1.5% of Harrell Investment Partners LLC's holdings, making the stock its 18th biggest holding. Harrell Investment Partners LLC's holdings in AbbVie were worth $6,070,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Regatta Capital Group LLC raised its position in AbbVie by 0.9% in the second quarter. Regatta Capital Group LLC now owns 11,468 shares of the company's stock valued at $2,129,000 after purchasing an additional 107 shares during the last quarter. Signal Tree Financial Partners LLC acquired a new stake in shares of AbbVie during the second quarter worth $407,000. Retireful LLC raised its position in shares of AbbVie by 14.4% in the 2nd quarter. Retireful LLC now owns 2,145 shares of the company's stock worth $398,000 after acquiring an additional 270 shares in the last quarter. Verum Partners LLC increased its holdings in AbbVie by 24.0% in the second quarter. Verum Partners LLC now owns 3,465 shares of the company's stock worth $643,000 after purchasing an additional 670 shares in the last quarter. Finally, TD Private Client Wealth LLC boosted its stake in AbbVie by 1.5% during the second quarter. TD Private Client Wealth LLC now owns 80,146 shares of the company's stock worth $14,877,000 after acquiring an additional 1,193 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the transaction, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction on 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 directly owned 177,292 shares in the company, valued at approximately $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. Insiders own 0.25% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ABBV shares. Wells Fargo & Company boosted their target price on shares of AbbVie from $240.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, September 12th. Citigroup upped their price objective on shares of AbbVie to $205.00 and gave the company a "hold" rating in a report on Wednesday, June 11th. Guggenheim raised their price target on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a report on Friday, August 1st. BMO Capital Markets boosted their price objective on shares of AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a research note on Friday, September 12th. Finally, Berenberg Bank upgraded AbbVie from a "hold" rating to a "buy" rating and upped their target price for the stock from $170.00 to $270.00 in a research note on Wednesday, September 17th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, AbbVie currently has an average rating of "Moderate Buy" and a consensus target price of $223.45.

AbbVie Stock Down 1.1%

ABBV opened at $220.11 on Thursday. 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 Inc. has a 12 month low of $163.81 and a 12 month high of $225.16. The business's 50-day moving average price is $205.07 and its 200-day moving average price is $195.21. The company has a market cap of $388.84 billion, a P/E ratio of 104.81, a P/E/G ratio of 1.33 and a beta of 0.53.

AbbVie (NYSE:ABBV - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). The firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm's revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.65 EPS. On average, equities analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued a $1.64 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 3.0%. AbbVie's dividend payout ratio (DPR) is 312.38%.

AbbVie 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.

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.