Harbour Capital Advisors LLC recently announced that it decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 26.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund sold 1,173 shares of AbbVie, reducing its total ownership to 3,259 shares. The value of the fund’s holdings in AbbVie was approximately $440,000 at the end of the reporting period.
Other hedge funds have also adjusted their stakes in AbbVie. Kalos Management Inc., Boulder Wealth Advisors LLC, Stone House Investment Management LLC, True Wealth Design LLC, and General Partner Inc. all acquired new positions in the company. As a result, institutional investors and hedge funds now own 67.86% of AbbVie’s stock.
Several analysts have recently provided their opinion on AbbVie’s stock. HSBC initiated coverage on AbbVie and gave it a “buy” rating with a $167.00 price target. Piper Sandler raised their price target to $170.00 and rated the stock as “overweight.” TheStreet upgraded AbbVie from a “c+” to a “b” rating, while Credit Suisse Group lowered their price target to $160.00. William Blair initiated coverage on AbbVie and rated it as “market perform.”
AbbVie’s stock price opened at $152.12 on Friday. The company has a 12-month low of $130.96 and a 12-month high of $168.11. AbbVie has a market capitalization of $268.50 billion and a price-to-earnings ratio of 31.30. The company reported $2.91 earnings per share for the previous quarter, beating analysts’ estimates of $2.79. AbbVie is expected to post 11.03 earnings per share for the current fiscal year.
AbbVie also announced a quarterly dividend, with a payment date of November 15th. Shareholders of record on October 13th will receive a dividend of $1.48 per share. This represents an annualized dividend of $5.92 and a yield of 3.89%. The ex-dividend date of this dividend is October 12th.
In related news, CEO Richard A. Gonzalez sold 18,500 shares of AbbVie’s stock at an average price of $149.15, totaling $2,759,275.00. After this transaction, Gonzalez now owns 625,294 shares in the company.
AbbVie Inc. is a global pharmaceutical company that focuses on discovering, developing, manufacturing, and selling pharmaceuticals worldwide. The company offers various therapies for autoimmune diseases, blood cancers, and other medical conditions.