AbbVie Inc (NYSE:ABBV) Position Cut by Zurich Insurance Group Ltd FI

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Zurich Insurance Group Ltd FI trimmed its stake in AbbVie Inc (NYSE:ABBV) by 14.5% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 252,726 shares of the company’s stock after selling 42,907 shares during the quarter. Zurich Insurance Group Ltd FI’s holdings in AbbVie were worth $18,378,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Lavaca Capital LLC raised its stake in shares of AbbVie by 69.2% during the second quarter. Lavaca Capital LLC now owns 49,404 shares of the company’s stock valued at $3,593,000 after purchasing an additional 20,213 shares in the last quarter. Horseman Capital Management Ltd raised its stake in shares of AbbVie by 45.5% during the second quarter. Horseman Capital Management Ltd now owns 16,000 shares of the company’s stock valued at $1,164,000 after purchasing an additional 5,000 shares in the last quarter. Ironwood Investment Counsel LLC raised its stake in shares of AbbVie by 7.9% during the second quarter. Ironwood Investment Counsel LLC now owns 9,171 shares of the company’s stock valued at $666,000 after purchasing an additional 675 shares in the last quarter. Cedar Wealth Management LLC bought a new stake in shares of AbbVie during the second quarter valued at about $44,000. Finally, Ballentine Partners LLC raised its stake in shares of AbbVie by 52.1% during the second quarter. Ballentine Partners LLC now owns 12,168 shares of the company’s stock valued at $886,000 after purchasing an additional 4,169 shares in the last quarter. Institutional investors own 68.15% of the company’s stock.

ABBV traded up $1.07 during trading on Friday, reaching $72.74. The company had a trading volume of 571,389 shares, compared to its average volume of 7,447,479. The firm’s 50-day simple moving average is $66.65 and its 200 day simple moving average is $74.50. The company has a market cap of $105.86 billion, a price-to-earnings ratio of 9.20, a PEG ratio of 1.70 and a beta of 0.95. AbbVie Inc has a 12-month low of $62.66 and a 12-month high of $96.60.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, July 26th. The company reported $2.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.21 by $0.05. The firm had revenue of $8.26 billion for the quarter, compared to analysts’ expectations of $8.09 billion. AbbVie had a negative return on equity of 182.70% and a net margin of 12.62%. AbbVie’s revenue was down .3% on a year-over-year basis. During the same quarter last year, the business posted $2.00 EPS. Analysts anticipate that AbbVie Inc will post 8.9 earnings per share for the current fiscal year.

The business also recently declared a — dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a $1.07 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a yield of 6.4%. AbbVie’s dividend payout ratio is currently 54.11%.

In other AbbVie news, Vice Chairman Laura J. Schumacher bought 25,000 shares of the stock in a transaction on Monday, September 16th. The shares were bought at an average price of $70.42 per share, with a total value of $1,760,500.00. Following the purchase, the insider now directly owns 164,838 shares in the company, valued at approximately $11,607,891.96. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP William J. Chase bought 30,400 shares of the stock in a transaction on Wednesday, June 26th. The shares were acquired at an average cost of $67.30 per share, for a total transaction of $2,045,920.00. Following the purchase, the executive vice president now owns 169,552 shares in the company, valued at $11,410,849.60. The disclosure for this purchase can be found here. Insiders purchased a total of 184,977 shares of company stock worth $12,387,121 in the last three months. 0.08% of the stock is currently owned by company insiders.

A number of equities research analysts recently weighed in on ABBV shares. TheStreet cut shares of AbbVie from a “b-” rating to a “c” rating in a research note on Monday, August 26th. Goldman Sachs Group assumed coverage on shares of AbbVie in a research report on Tuesday, May 28th. They issued a “neutral” rating and a $84.00 price target on the stock. Piper Jaffray Companies boosted their price target on shares of AbbVie from $80.00 to $81.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Leerink Swann upgraded shares of AbbVie to a “buy” rating in a research report on Tuesday, July 2nd. Finally, Citigroup reiterated a “hold” rating on shares of AbbVie in a research report on Wednesday, June 26th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $91.20.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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