Zurcher Kantonalbank Zurich Cantonalbank Sells 29,242 Shares of AbbVie Inc. (NYSE:ABBV)

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in AbbVie Inc. (NYSE:ABBV) by 4.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 568,498 shares of the company’s stock after selling 29,242 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in AbbVie were worth $101,022,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. RPg Family Wealth Advisory LLC bought a new stake in AbbVie during the 3rd quarter worth approximately $28,000. Fiduciary Advisors Inc. bought a new stake in AbbVie during the 4th quarter worth approximately $29,000. Promus Capital LLC bought a new stake in AbbVie during the 4th quarter worth approximately $30,000. Bradley & Co. Private Wealth Management LLC bought a new stake in AbbVie during the 4th quarter worth approximately $31,000. Finally, Retirement Wealth Solutions LLC bought a new stake in AbbVie during the 4th quarter worth approximately $35,000. 70.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of research reports. Leerink Partners raised AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 target price for the company in a research note on Friday, November 22nd. Truist Financial increased their target price on AbbVie from $211.00 to $217.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Guggenheim increased their target price on AbbVie from $212.00 to $214.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Wolfe Research began coverage on AbbVie in a research note on Friday, November 15th. They set an “outperform” rating and a $205.00 target price for the company. Finally, Morgan Stanley upped their price target on AbbVie from $224.00 to $239.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Five research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $211.45.

AbbVie Trading Up 1.8 %

Shares of AbbVie stock opened at $214.55 on Monday. The business has a fifty day simple moving average of $187.63 and a two-hundred day simple moving average of $187.47. AbbVie Inc. has a 1 year low of $153.58 and a 1 year high of $215.66. The company has a market capitalization of $378.75 billion, a price-to-earnings ratio of 89.40, a P/E/G ratio of 1.62 and a beta of 0.61. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, January 31st. The company reported $2.16 earnings per share for the quarter, missing the consensus estimate of $2.98 by ($0.82). AbbVie had a return on equity of 296.28% and a net margin of 7.59%. During the same period in the prior year, the firm posted $2.79 EPS. Research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Tuesday, April 15th will be given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date is Tuesday, April 15th. AbbVie’s payout ratio is currently 273.33%.

Insider Buying and Selling

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $172.24, for a total value of $310,032.00. Following the transaction, the senior vice president now owns 6,983 shares in the company, valued at approximately $1,202,751.92. This trade represents a 20.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Timothy J. Richmond sold 29,917 shares of the firm’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total value of $6,070,159.30. Following the completion of the transaction, the executive vice president now owns 44,284 shares in the company, valued at $8,985,223.60. The trade was a 40.32 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,439 shares of company stock worth $11,377,057. Company insiders own 0.25% of the company’s stock.

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.