Zions Bancorporation N.A. Cuts Stock Position in AbbVie Inc. (NYSE:ABBV)

Zions Bancorporation N.A. cut its position in AbbVie Inc. (NYSE:ABBV) by 12.1% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 28,859 shares of the company’s stock after selling 3,978 shares during the quarter. Zions Bancorporation N.A.’s holdings in AbbVie were worth $4,950,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ABBV. Vermillion & White Wealth Management Group LLC bought a new position in AbbVie in the 4th quarter worth approximately $26,000. Ridgewood Investments LLC bought a new position in AbbVie during the second quarter valued at $27,000. Able Wealth Management LLC bought a new stake in shares of AbbVie during the fourth quarter worth $33,000. IFS Advisors LLC bought a new position in AbbVie in the 1st quarter worth about $36,000. Finally, Quest Partners LLC raised its holdings in shares of AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after acquiring an additional 207 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

Insider Activity at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the sale, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

AbbVie Trading Down 0.3 %

Shares of ABBV opened at $194.05 on Friday. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $199.95. The firm has a market capitalization of $342.67 billion, a P/E ratio of 57.58, a price-to-earnings-growth ratio of 2.64 and a beta of 0.64. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The stock’s fifty day simple moving average is $186.29 and its 200 day simple moving average is $175.15.

AbbVie (NYSE:ABBV) last issued its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The business had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter in the previous year, the business earned $2.91 EPS. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities research analysts forecast that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.20%. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Barclays increased their price objective on AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, July 26th. BMO Capital Markets boosted their target price on shares of AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Piper Sandler upped their price target on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Finally, Morgan Stanley raised their price objective on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $191.64.

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.