Hartford Investment Management Co. Has $21.95 Million Position in AbbVie Inc. (NYSE:ABBV)

Hartford Investment Management Co. decreased its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 111,167 shares of the company’s stock after selling 1,952 shares during the period. AbbVie makes up 0.7% of Hartford Investment Management Co.’s holdings, making the stock its 22nd biggest position. Hartford Investment Management Co.’s holdings in AbbVie were worth $21,953,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of ABBV. Vanguard Group Inc. increased its position in shares of AbbVie by 6.2% in the first quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock worth $31,025,605,000 after purchasing an additional 9,978,415 shares during the period. Capital World Investors lifted its holdings in shares of AbbVie by 249.1% during the 1st quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock worth $796,357,000 after acquiring an additional 3,120,310 shares during the period. Capital International Investors boosted its position in shares of AbbVie by 6.9% during the 1st quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after acquiring an additional 3,110,601 shares in the last quarter. TD Asset Management Inc increased its stake in AbbVie by 156.0% in the first quarter. TD Asset Management Inc now owns 3,474,020 shares of the company’s stock valued at $632,619,000 after acquiring an additional 2,116,997 shares during the last quarter. Finally, Swedbank AB acquired a new position in AbbVie during the first quarter valued at approximately $367,372,000. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Down 0.1 %

ABBV stock traded down $0.20 during trading on Wednesday, reaching $188.56. 264,159 shares of the stock were exchanged, compared to its average volume of 5,267,492. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $199.95. The firm’s 50 day moving average is $194.32 and its 200 day moving average is $178.01. The firm has a market cap of $332.97 billion, a P/E ratio of 56.02, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the company earned $2.91 earnings per share. As a group, research analysts forecast that AbbVie Inc. will post 10.85 EPS for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a $1.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.29%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Insider Activity

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. BMO Capital Markets upped their price objective on AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Piper Sandler boosted their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Bank of America raised their price objective on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a report on Friday, October 18th. TD Cowen upped their target price on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a report on Monday, October 7th. Finally, Wells Fargo & Company lifted their target price on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and a consensus target price of $198.47.

AbbVie Company 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.