Harvest Portfolios Group Inc. Has $56 Million Position in AbbVie Inc. $ABBV

Key Points

• Harvest Portfolios Group Inc. has reduced its position in AbbVie Inc. by 11.7%, now owning 267,258 shares valued at approximately $56 million, which constitutes 1.7% of its portfolio.
• AbbVie recently declared a quarterly dividend of $1.64 per share, translating to an annualized yield of 3.2%, despite a high dividend payout ratio of 312.38%.
• Analysts have updated their price targets for AbbVie, with estimates as high as $236, reflecting a generally positive outlook with most giving the stock a "Moderate Buy" consensus rating.

Harvest Portfolios Group Inc. decreased its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 11.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 267,258 shares of the company's stock after selling 35,530 shares during the quarter. AbbVie makes up approximately 1.7% of Harvest Portfolios Group Inc.'s portfolio, making the stock its 16th largest holding. Harvest Portfolios Group Inc.'s holdings in AbbVie were worth $55,996,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of ABBV. Crestline Management LP increased its position in AbbVie by 438.4% in the 4th quarter. Crestline Management LP now owns 35,311 shares of the company's stock worth $6,275,000 after buying an additional 28,753 shares during the period. Narus Financial Partners LLC raised its stake in AbbVie by 25.3% during the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock valued at $417,000 after purchasing an additional 401 shares during the last quarter. AXA S.A. raised its stake in AbbVie by 14.8% during the 4th quarter. AXA S.A. now owns 971,893 shares of the company's stock valued at $172,705,000 after purchasing an additional 125,568 shares during the last quarter. Highland Capital Management LLC raised its stake in AbbVie by 6.3% during the 1st quarter. Highland Capital Management LLC now owns 46,853 shares of the company's stock valued at $9,817,000 after purchasing an additional 2,792 shares during the last quarter. Finally, Weaver Capital Management LLC raised its stake in AbbVie by 3.9% during the 1st quarter. Weaver Capital Management LLC now owns 8,240 shares of the company's stock valued at $1,727,000 after purchasing an additional 310 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Price Performance

AbbVie stock opened at $207.58 on Tuesday. The business's 50-day simple moving average is $193.17 and its 200 day simple moving average is $193.08. The stock has a market cap of $366.70 billion, a price-to-earnings ratio of 98.85, a P/E/G ratio of 1.35 and a beta of 0.50. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $218.66. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV - Get Free Report) last released its 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). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same period in the previous year, the company posted $2.65 EPS. The company's quarterly revenue was up 6.6% compared to the same quarter last year. As a group, research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th were paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

Insider Buying and Selling

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the firm'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 value of $2,639,190.45. Following the completion of the transaction, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the transaction, the executive vice president owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Raymond James Financial increased their price target on shares of AbbVie from $227.00 to $236.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target on the stock in a research note on Thursday, August 7th. Evercore ISI boosted their price target on AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Citigroup boosted their target price on shares of AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Finally, Bank of America boosted their target price on shares of AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Five research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $214.95.

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.

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