Bank Pictet & Cie Europe AG Has $59.60 Million Stake in AbbVie Inc. (NYSE:ABBV)

Bank Pictet & Cie Europe AG grew its position in AbbVie Inc. (NYSE:ABBV) by 38.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 284,441 shares of the company’s stock after purchasing an additional 78,930 shares during the period. AbbVie makes up approximately 1.4% of Bank Pictet & Cie Europe AG’s investment portfolio, making the stock its 20th largest holding. Bank Pictet & Cie Europe AG’s holdings in AbbVie were worth $59,596,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of AbbVie by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company’s stock valued at $30,754,908,000 after purchasing an additional 1,424,237 shares in the last quarter. Geode Capital Management LLC raised its holdings in AbbVie by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company’s stock worth $6,586,948,000 after acquiring an additional 983,888 shares in the last quarter. Capital Research Global Investors raised its holdings in AbbVie by 2.3% during the fourth quarter. Capital Research Global Investors now owns 33,983,707 shares of the company’s stock worth $6,038,898,000 after acquiring an additional 778,126 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in AbbVie by 15.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company’s stock worth $4,875,401,000 after acquiring an additional 3,599,336 shares in the last quarter. Finally, Norges Bank bought a new stake in AbbVie during the fourth quarter worth about $4,459,385,000. 70.23% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company’s stock in a transaction on Monday, March 31st. The stock was sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the completion of the sale, the executive vice president now directly owns 53,234 shares in the company, valued at $11,183,398.72. This represents a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the topic of several analyst reports. Guggenheim upped their target price on AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Citigroup upped their target price on AbbVie to $205.00 and gave the stock a “hold” rating in a report on Wednesday, June 11th. The Goldman Sachs Group reiterated a “neutral” rating and set a $194.00 target price on shares of AbbVie in a report on Tuesday, April 8th. Bank of America upped their target price on AbbVie to $204.00 and gave the stock a “hold” rating in a report on Monday, June 9th. Finally, Evercore ISI boosted their price target on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, April 28th. Eight research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $211.29.

AbbVie Trading Down 0.9%

Shares of NYSE:ABBV opened at $190.67 on Monday. The company has a market capitalization of $336.80 billion, a P/E ratio of 79.45, a P/E/G ratio of 1.62 and a beta of 0.50. AbbVie Inc. has a 1 year low of $163.52 and a 1 year high of $218.66. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55. The business’s 50 day simple moving average is $184.21 and its 200 day simple moving average is $187.55.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.06. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The firm had revenue of $13.34 billion during the quarter, compared to analysts’ expectations of $12.91 billion. During the same period in the prior year, the company earned $2.31 earnings per share. The company’s quarterly revenue was up 8.4% on a year-over-year basis. On average, research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

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.