Harvest Fund Management Co. Ltd Buys 36,851 Shares of AbbVie Inc. (NYSE:ABBV)

Key Points

• Harvest Fund Management Co. Ltd increased its holdings in AbbVie Inc. by 456.4% in Q1, purchasing an additional 36,851 shares, and now owns a total of 44,926 shares valued at $9,415,000.
• Multiple hedge funds, including GAMMA Investing LLC and FMR LLC, significantly boosted their positions in AbbVie, reflecting growing institutional interest with over 70% of the stock owned by institutional investors.
• AbbVie recently announced a quarterly dividend of $1.64 per share, with a dividend yield of 3.48%, indicating strong returns for shareholders amidst current market activities.

Harvest Fund Management Co. Ltd raised its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 456.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 44,926 shares of the company's stock after purchasing an additional 36,851 shares during the period. Harvest Fund Management Co. Ltd's holdings in AbbVie were worth $9,415,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. EnRich Financial Partners LLC grew its stake in shares of AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock worth $29,000 after purchasing an additional 110 shares during the last quarter. Abound Financial LLC bought a new stake in shares of AbbVie in the first quarter worth about $30,000. Prudent Man Investment Management Inc. bought a new stake in shares of AbbVie in the fourth quarter worth about $32,000. Siemens Fonds Invest GmbH grew its stake in shares of AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after purchasing an additional 119,141 shares during the last quarter. Finally, Cypress Capital Management LLC WY bought a new stake in shares of AbbVie in the first quarter worth about $35,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

Wall Street Analyst Weigh In

ABBV has been the topic of several recent analyst reports. Guggenheim raised their target price on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research note on Friday. Bank of America raised their target price on AbbVie to $204.00 and gave the stock a "hold" rating in a research note on Monday, June 9th. The Goldman Sachs Group reissued a "neutral" rating and issued a $194.00 target price on shares of AbbVie in a research note on Tuesday, April 8th. BNP Paribas raised AbbVie to a "hold" rating in a research note on Thursday, May 8th. Finally, Wall Street Zen cut AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $212.81.

AbbVie Stock Up 3.3%

ABBV stock traded up $6.15 during midday trading on Friday, hitting $195.17. The company's stock had a trading volume of 7,954,994 shares, compared to its average volume of 6,862,915. The company has a market cap of $344.75 billion, a PE ratio of 83.05, a P/E/G ratio of 1.25 and a beta of 0.48. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $218.66. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. The firm's 50-day moving average is $188.10 and its 200-day moving average is $190.04.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.27). The firm had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. AbbVie's quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.65 earnings per share. On average, equities research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio is presently 279.15%.

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.