Oak Harvest Investment Services Sells 1,042 Shares of AbbVie Inc. (NYSE:ABBV)

Oak Harvest Investment Services trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 1.8% during the 1st quarter, Holdings Channel reports. The fund owned 57,329 shares of the company’s stock after selling 1,042 shares during the period. AbbVie comprises about 1.8% of Oak Harvest Investment Services’ portfolio, making the stock its 16th largest position. Oak Harvest Investment Services’ holdings in AbbVie were worth $10,440,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Vermillion & White Wealth Management Group LLC bought a new position in shares of AbbVie during the fourth quarter valued at approximately $26,000. Able Wealth Management LLC purchased a new stake in AbbVie during the fourth quarter worth $33,000. IFS Advisors LLC bought a new stake in AbbVie during the 1st quarter valued at $36,000. Ables Iannone Moore & Associates Inc. purchased a new position in shares of AbbVie in the 4th quarter valued at $37,000. Finally, Redmont Wealth Advisors LLC bought a new position in shares of AbbVie in the 1st quarter worth $37,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Down 1.3 %

ABBV stock opened at $163.84 on Friday. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. The firm’s fifty day simple moving average is $164.43 and its 200-day simple moving average is $167.77. AbbVie Inc. has a 12 month low of $132.70 and a 12 month high of $182.89. The company has a market capitalization of $289.32 billion, a P/E ratio of 48.62, a price-to-earnings-growth ratio of 2.10 and a beta of 0.64.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, May 3rd. The company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. The firm had revenue of $12.31 billion for the quarter, compared to the consensus estimate of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The company’s revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.46 earnings per share. As a group, equities research analysts forecast that AbbVie Inc. will post 11.27 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be issued a $1.55 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.78%. AbbVie’s payout ratio is 183.98%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a report on Wednesday, June 5th. Piper Sandler reissued an “overweight” rating and set a $190.00 target price on shares of AbbVie in a research report on Tuesday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a report on Thursday, June 20th. Guggenheim upped their price target on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Finally, Piper Sandler Companies reissued an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research report on Wednesday. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and an average price target of $181.07.

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.