Zurich Insurance Group Ltd FI Sells 115,774 Shares of AbbVie Inc. (NYSE:ABBV)

Zurich Insurance Group Ltd FI reduced its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 23.5% during the third quarter, according to its most recent filing with the SEC. The fund owned 376,336 shares of the company's stock after selling 115,774 shares during the quarter. Zurich Insurance Group Ltd FI's holdings in AbbVie were worth $74,319,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in ABBV. State Street Corp grew its holdings in AbbVie by 1.6% during the third quarter. State Street Corp now owns 79,067,935 shares of the company's stock valued at $15,614,329,000 after purchasing an additional 1,267,685 shares during the period. Legal & General Group Plc increased its position in shares of AbbVie by 0.9% during the second quarter. Legal & General Group Plc now owns 15,277,480 shares of the company's stock valued at $2,620,382,000 after buying an additional 134,239 shares during the period. FMR LLC lifted its holdings in shares of AbbVie by 3.9% in the third quarter. FMR LLC now owns 13,630,404 shares of the company's stock worth $2,691,732,000 after buying an additional 511,470 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of AbbVie by 6.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,175,926 shares of the company's stock valued at $2,009,542,000 after acquiring an additional 582,953 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its stake in AbbVie by 4.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 9,330,779 shares of the company's stock valued at $1,842,642,000 after acquiring an additional 373,802 shares in the last quarter. Institutional investors own 70.23% of the company's stock.

AbbVie Trading Up 0.0 %

Shares of ABBV stock traded up $0.02 during mid-day trading on Friday, reaching $176.19. The stock had a trading volume of 4,839,640 shares, compared to its average volume of 7,454,487. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. The firm has a market capitalization of $311.35 billion, a PE ratio of 61.17, a price-to-earnings-growth ratio of 2.02 and a beta of 0.58. AbbVie Inc. has a 52-week low of $145.20 and a 52-week high of $207.32. The stock's 50-day moving average price is $187.14 and its two-hundred day moving average price is $182.17.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. During the same period in the previous year, the firm earned $2.95 EPS. The company's quarterly revenue was up 3.8% compared to the same quarter last year. Equities analysts expect that AbbVie Inc. will post 10.95 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be issued a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This is a positive change from AbbVie's previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a yield of 3.72%. AbbVie's dividend payout ratio (DPR) is 215.28%.

Analyst Upgrades and Downgrades

ABBV has been the subject of several analyst reports. Citigroup cut their price target on shares of AbbVie from $226.00 to $215.00 and set a "buy" rating for the company in a report on Tuesday, November 12th. Truist Financial lifted their price objective on AbbVie from $210.00 to $215.00 and gave the company a "buy" rating in a research note on Thursday, October 10th. Sanford C. Bernstein assumed coverage on AbbVie in a research note on Thursday, October 17th. They issued a "market perform" rating and a $203.00 target price on the stock. JPMorgan Chase & Co. dropped their price target on AbbVie from $210.00 to $200.00 and set an "overweight" rating for the company in a research report on Wednesday, November 13th. Finally, Bank of America upped their price objective on shares of AbbVie from $185.00 to $195.00 and gave the stock a "neutral" rating in a research report on Friday, October 18th. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $202.38.

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.