ZRC Wealth Management LLC Sells 790 Shares of AbbVie Inc. (NYSE:ABBV)

ZRC Wealth Management LLC reduced its stake in AbbVie Inc. (NYSE:ABBV) by 12.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,698 shares of the company’s stock after selling 790 shares during the quarter. ZRC Wealth Management LLC’s holdings in AbbVie were worth $1,038,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Schonfeld Strategic Advisors LLC boosted its position in AbbVie by 195.5% in the third quarter. Schonfeld Strategic Advisors LLC now owns 4,890 shares of the company’s stock valued at $729,000 after buying an additional 3,235 shares in the last quarter. Kennedy Capital Management LLC acquired a new stake in AbbVie in the third quarter valued at approximately $215,000. JT Stratford LLC boosted its position in AbbVie by 18.8% in the third quarter. JT Stratford LLC now owns 9,916 shares of the company’s stock valued at $1,478,000 after buying an additional 1,571 shares in the last quarter. Sei Investments Co. raised its stake in shares of AbbVie by 2.8% during the third quarter. Sei Investments Co. now owns 439,996 shares of the company’s stock valued at $65,586,000 after acquiring an additional 12,096 shares during the last quarter. Finally, Scotia Capital Inc. raised its stake in shares of AbbVie by 0.5% during the third quarter. Scotia Capital Inc. now owns 148,329 shares of the company’s stock valued at $22,110,000 after acquiring an additional 745 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

AbbVie Trading Down 1.3 %

NYSE:ABBV opened at $163.84 on Friday. AbbVie Inc. has a 52 week low of $132.70 and a 52 week high of $182.89. The firm has a 50-day moving average price of $164.43 and a two-hundred day moving average price of $167.77. The firm has a market cap of $289.32 billion, a price-to-earnings ratio of 48.62, a price-to-earnings-growth ratio of 2.10 and a beta of 0.64. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.26 by $0.05. The firm had revenue of $12.31 billion during the quarter, compared to the consensus estimate of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.46 EPS. On average, equities analysts expect that AbbVie Inc. will post 11.27 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date is Monday, July 15th. AbbVie’s payout ratio is 183.98%.

Analysts Set New Price Targets

ABBV has been the subject of several analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research note on Tuesday. Piper Sandler Companies reissued an “overweight” rating and set a $190.00 target price on shares of AbbVie in a research note on Wednesday. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a research note on Wednesday, June 5th. Guggenheim lifted their target price on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Finally, BMO Capital Markets lowered their target price on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, April 29th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $181.07.

AbbVie 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.