Harbour Capital Advisors LLC Acquires 87,886 Shares of AbbVie Inc. (ABBV)
Harbour Capital Advisors LLC raised its holdings in AbbVie Inc. (NYSE:ABBV) by 7,151.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 89,115 shares of the company’s stock after purchasing an additional 87,886 shares during the period. Harbour Capital Advisors LLC’s holdings in AbbVie were worth $1,229,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Acropolis Investment Management LLC purchased a new stake in shares of AbbVie in the second quarter valued at about $106,000. Franklin Parlapiano Turner & Welch LLC purchased a new stake in shares of AbbVie in the first quarter valued at about $108,000. Atwood & Palmer Inc. lifted its holdings in shares of AbbVie by 1,333.3% in the first quarter. Atwood & Palmer Inc. now owns 2,150 shares of the company’s stock valued at $140,000 after purchasing an additional 2,000 shares in the last quarter. Tradewinds Capital Management LLC lifted its holdings in shares of AbbVie by 87.2% in the first quarter. Tradewinds Capital Management LLC now owns 2,269 shares of the company’s stock valued at $148,000 after purchasing an additional 1,057 shares in the last quarter. Finally, Exane Asset Management purchased a new stake in shares of AbbVie in the second quarter valued at about $181,000. 68.26% of the stock is currently owned by institutional investors.
AbbVie Inc. (NYSE:ABBV) opened at 90.49 on Friday. The firm has a market cap of $144.25 billion, a price-to-earnings ratio of 22.26 and a beta of 1.51. AbbVie Inc. has a 12 month low of $55.06 and a 12 month high of $91.33. The company’s 50-day moving average is $82.25 and its 200 day moving average is $71.95.
AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, July 28th. The company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.40 by $0.02. The business had revenue of $6.94 billion during the quarter, compared to analysts’ expectations of $6.93 billion. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period last year, the company posted $1.26 earnings per share. On average, equities research analysts predict that AbbVie Inc. will post $5.52 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be issued a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 2.83%. The ex-dividend date is Thursday, October 12th. AbbVie’s dividend payout ratio is currently 62.90%.
In related news, VP Robert A. Michael sold 6,699 shares of the firm’s stock in a transaction that occurred on Thursday, September 28th. The shares were sold at an average price of $88.00, for a total transaction of $589,512.00. Following the transaction, the vice president now owns 10,007 shares of the company’s stock, valued at $880,616. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Edward J. Rapp acquired 4,000 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The shares were acquired at an average cost of $70.45 per share, for a total transaction of $281,800.00. Following the transaction, the director now owns 15,498 shares of the company’s stock, valued at approximately $1,091,834.10. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 379,890 shares of company stock valued at $27,187,817. 0.23% of the stock is currently owned by corporate insiders.
Several equities analysts recently issued reports on the stock. Jefferies Group LLC reissued a “buy” rating and set a $94.00 price objective (up previously from $92.00) on shares of AbbVie in a research note on Monday, July 17th. Vetr raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $74.86 price objective on the stock in a research note on Thursday, July 6th. Societe Generale raised shares of AbbVie from a “hold” rating to a “buy” rating in a research note on Thursday, June 22nd. BidaskClub downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 28th. Finally, Piper Jaffray Companies reissued a “buy” rating and set a $85.00 price objective on shares of AbbVie in a research note on Thursday, August 3rd. Nine investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $89.90.
AbbVie Company Profile
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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