Zurcher Kantonalbank Zurich Cantonalbank Boosts Stake in AbbVie Inc. (NYSE:ABBV)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank increased its stake in AbbVie Inc. by 8.1%, now owning a total of 614,462 shares valued at approximately $128.74 million.
• Several institutional investors have also significantly increased their holdings in AbbVie, indicating strong interest in the stock, with over 70% of shares owned by institutions.
• AbbVie announced a quarterly dividend of $1.64 per share, which results in an annual yield of 3.45%.

Zurcher Kantonalbank Zurich Cantonalbank increased its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 8.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 614,462 shares of the company's stock after acquiring an additional 45,964 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in AbbVie were worth $128,742,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Abound Financial LLC purchased a new stake in AbbVie in the 1st quarter worth $30,000. EnRich Financial Partners LLC grew its position in shares of AbbVie by 196.4% during the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock valued at $29,000 after purchasing an additional 110 shares in the last quarter. Cypress Capital Management LLC WY purchased a new position in shares of AbbVie during the first quarter valued at about $35,000. Prudent Man Investment Management Inc. purchased a new position in shares of AbbVie during the fourth quarter valued at about $32,000. Finally, Pinney & Scofield Inc. purchased a new position in shares of AbbVie during the fourth quarter valued at about $36,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Price Performance

Shares of AbbVie stock traded down $0.70 during mid-day trading on Wednesday, reaching $190.52. 1,241,715 shares of the stock traded hands, compared to its average volume of 6,817,145. The business has a 50-day moving average of $187.81 and a 200 day moving average of $189.95. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66. The stock has a market capitalization of $336.53 billion, a PE ratio of 81.12, a PEG ratio of 1.24 and a beta of 0.48. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be issued a dividend of $1.64 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.44%. AbbVie's payout ratio is currently 279.15%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on ABBV shares. Citigroup boosted their price objective on AbbVie to $205.00 and gave the company a "hold" rating in a report on Wednesday, June 11th. BNP Paribas upgraded shares of AbbVie to a "hold" rating in a report on Thursday, May 8th. Guggenheim lifted their price objective on shares of AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Bank of America raised their target price on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a research report on Monday, June 9th. Finally, Wall Street Zen lowered AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Eight equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $211.29.

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.