AbbVie (NYSE:ABBV) Trading Down 0.4% – Here’s Why

Shares of AbbVie Inc. (NYSE:ABBV) were down 0.4% on Thursday . The company traded as low as $195.65 and last traded at $196.02. Approximately 1,090,708 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 5,327,248 shares. The stock had previously closed at $196.82.

Analyst Ratings Changes

ABBV has been the subject of a number of research analyst reports. Morgan Stanley boosted their price target on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. BMO Capital Markets raised their price target 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. Truist Financial restated a “buy” rating and issued a $210.00 target price (up previously from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a report on Monday, August 5th. Finally, Barclays raised 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. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $191.64.

AbbVie Stock Performance

The stock has a fifty day simple moving average of $193.35 and a two-hundred day simple moving average of $176.85. The stock has a market capitalization of $343.00 billion, a price-to-earnings ratio of 57.64, a P/E/G ratio of 2.65 and a beta of 0.63. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter in the previous year, the company earned $2.91 EPS. AbbVie’s quarterly revenue was up 4.3% compared to the same quarter last year. Analysts forecast that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a $1.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.19%. AbbVie’s payout ratio is currently 183.98%.

Insider Transactions at AbbVie

In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were 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 directly owns 513,099 shares of the company’s stock, valued at $89,792,325. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction dated 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction dated 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 transaction, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

Hedge Funds Weigh In On AbbVie

Hedge funds have recently modified their holdings of the company. 1832 Asset Management L.P. raised its holdings in shares of AbbVie by 1.5% in the 4th quarter. 1832 Asset Management L.P. now owns 58,817 shares of the company’s stock worth $9,115,000 after purchasing an additional 864 shares during the period. Morningstar Investment Services LLC grew its stake in AbbVie by 110.6% during the fourth quarter. Morningstar Investment Services LLC now owns 10,694 shares of the company’s stock valued at $1,655,000 after acquiring an additional 5,616 shares in the last quarter. Wealth Quarterback LLC grew its stake in AbbVie by 2.1% during the fourth quarter. Wealth Quarterback LLC now owns 8,280 shares of the company’s stock valued at $1,283,000 after acquiring an additional 174 shares in the last quarter. Waterloo Capital L.P. increased its holdings in AbbVie by 571.2% during the 4th quarter. Waterloo Capital L.P. now owns 12,142 shares of the company’s stock worth $1,882,000 after acquiring an additional 10,333 shares during the period. Finally, Vermillion & White Wealth Management Group LLC bought a new position in AbbVie in the 4th quarter valued at $26,000. Institutional investors own 70.23% of the company’s stock.

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.