Zurcher Kantonalbank Zurich Cantonalbank Has $63.06 Million Stake in AbbVie Inc. (NYSE:ABBV)

Zurcher Kantonalbank Zurich Cantonalbank decreased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 39.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 406,931 shares of the company’s stock after selling 263,502 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in AbbVie were worth $63,062,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Hibernia Wealth Partners LLC bought a new stake in AbbVie during the 3rd quarter valued at approximately $36,000. True Wealth Design LLC bought a new stake in AbbVie during the 4th quarter valued at approximately $39,000. KB Financial Partners LLC bought a new stake in AbbVie during the 1st quarter valued at approximately $45,000. PCA Investment Advisory Services Inc. bought a new stake in AbbVie during the 2nd quarter valued at approximately $38,000. Finally, Blue Bell Private Wealth Management LLC boosted its stake in AbbVie by 39.5% during the 3rd quarter. Blue Bell Private Wealth Management LLC now owns 286 shares of the company’s stock valued at $43,000 after purchasing an additional 81 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Activity

In other news, EVP Nicholas Donoghoe sold 21,082 shares of the firm’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $176.30, for a total value of $3,716,756.60. Following the transaction, the executive vice president now directly owns 55,903 shares in the company, valued at approximately $9,855,698.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other AbbVie news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the transaction, the executive vice president now owns 243,944 shares of the company’s stock, valued at $42,375,512.24. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Nicholas Donoghoe sold 21,082 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $176.30, for a total value of $3,716,756.60. Following the transaction, the executive vice president now directly owns 55,903 shares in the company, valued at approximately $9,855,698.90. The disclosure for this sale can be found here. In the last ninety days, insiders sold 383,324 shares of company stock valued at $67,780,003. Company insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on ABBV. William Blair upgraded AbbVie from a “market perform” rating to an “outperform” rating in a research note on Monday, January 29th. HSBC downgraded AbbVie from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $167.00 to $156.00 in a research report on Monday, December 18th. Raymond James raised their price objective on AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. BMO Capital Markets raised their price objective on AbbVie from $187.00 to $195.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Finally, Truist Financial raised their price objective on AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, February 6th. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $177.43.

AbbVie Price Performance

ABBV stock traded up $0.87 during midday trading on Tuesday, reaching $162.54. 4,777,427 shares of the company’s stock traded hands, compared to its average volume of 5,663,454. The company has a 50-day simple moving average of $176.23 and a two-hundred day simple moving average of $159.81. AbbVie Inc. has a 1-year low of $130.96 and a 1-year high of $182.89. The company has a market cap of $287.80 billion, a price-to-earnings ratio of 59.91, a PEG ratio of 2.07 and a beta of 0.58. The company has a quick ratio of 0.76, a current ratio of 0.87 and a debt-to-equity ratio of 5.02.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, February 2nd. The company reported $2.79 earnings per share for the quarter, beating analysts’ consensus estimates of $2.76 by $0.03. AbbVie had a return on equity of 162.28% and a net margin of 8.95%. The firm had revenue of $14.30 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same period last year, the firm posted $3.60 EPS. The business’s revenue was down 5.4% on a year-over-year basis. On average, analysts anticipate that AbbVie Inc. will post 11.11 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be paid a $1.55 dividend. The ex-dividend date is Friday, April 12th. This represents a $6.20 annualized dividend and a dividend yield of 3.81%. AbbVie’s dividend payout ratio (DPR) is currently 227.11%.

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.