Harmony Asset Management LLC Trims Holdings in AbbVie Inc. (NYSE:ABBV)

by · The Cerbat Gem

Harmony Asset Management LLC trimmed its position in AbbVie Inc. (NYSE:ABBV – Free Report) by 3.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,465 shares of the company’s stock after selling 375 shares during the period. Harmony Asset Management LLC’s holdings in AbbVie were worth $1,860,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. 49 Wealth Management LLC lifted its holdings in AbbVie by 6.0% in the 4th quarter. 49 Wealth Management LLC now owns 5,303 shares of the company’s stock valued at $942,000 after purchasing an additional 301 shares in the last quarter. DCM Advisors LLC lifted its holdings in AbbVie by 3.9% in the 4th quarter. DCM Advisors LLC now owns 28,873 shares of the company’s stock valued at $5,131,000 after purchasing an additional 1,078 shares in the last quarter. Novem Group purchased a new position in AbbVie in the 4th quarter valued at about $1,169,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in AbbVie by 14.8% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 338,238 shares of the company’s stock valued at $60,105,000 after purchasing an additional 43,594 shares in the last quarter. Finally, Focus Partners Advisor Solutions LLC lifted its holdings in AbbVie by 10.2% in the 4th quarter. Focus Partners Advisor Solutions LLC now owns 37,396 shares of the company’s stock valued at $6,646,000 after purchasing an additional 3,471 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Trading Down 1.7%

NYSE ABBV opened at $181.74 on Thursday. AbbVie Inc. has a one year low of $153.58 and a one year high of $218.66. The company’s 50 day moving average price is $189.64 and its 200 day moving average price is $186.68. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66. The firm has a market capitalization of $321.02 billion, a price-to-earnings ratio of 75.72, a PEG ratio of 1.62 and a beta of 0.56.

AbbVie (NYSE:ABBV – Get Free Report) last posted its quarterly earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, beating the consensus estimate of $2.40 by $0.06. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The firm had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. During the same quarter last year, the firm posted $2.31 earnings per share. AbbVie’s revenue for the quarter was up 8.4% compared to the same quarter last year. On average, sell-side analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of recent research reports. Raymond James restated an “outperform” rating and issued a $220.00 target price (up from $218.00) on shares of AbbVie in a report on Monday, February 3rd. Guggenheim upped their target price on shares of AbbVie from $214.00 to $216.00 and gave the company a “buy” rating in a report on Tuesday, April 29th. StockNews.com upgraded shares of AbbVie from a “buy” rating to a “strong-buy” rating in a report on Monday, April 28th. Evercore ISI raised their target price on shares of AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, April 28th. Finally, Cantor Fitzgerald began coverage on shares of AbbVie in a research report on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 target price on the stock. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $210.95.

Get Our Latest Stock Analysis on AbbVie

Insider Activity

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the sale, the executive vice president now owns 53,234 shares in the company, valued at $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Timothy J. Richmond sold 29,917 shares of AbbVie stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $202.90, for a total transaction of $6,070,159.30. Following the sale, the executive vice president now owns 44,284 shares in the company, valued at $8,985,223.60. This represents a 40.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 107,693 shares of company stock worth $22,282,985 over the last 90 days. Company insiders own 0.25% of the company’s stock.

AbbVie Company Profile

(Free Report)

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.

Further Reading

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