AbbVie (NYSE:ABBV) Stock Price Down 2.5%

AbbVie Inc. (NYSE:ABBV)’s share price fell 2.5% during mid-day trading on Monday . The stock traded as low as $183.11 and last traded at $184.65. 1,649,568 shares traded hands during trading, a decline of 70% from the average session volume of 5,566,671 shares. The stock had previously closed at $189.29.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a research report on Tuesday, July 2nd. Barclays lifted their target price on AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Morgan Stanley lifted their target price on AbbVie from $191.00 to $196.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. Wells Fargo & Company lifted their target price on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, Truist Financial reissued a “buy” rating and set a $210.00 price objective (up previously from $195.00) on shares of AbbVie in a report on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $188.71.

AbbVie Trading Down 2.6 %

The firm has a market cap of $325.68 billion, a price-to-earnings ratio of 54.75, a PEG ratio of 2.49 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. The business has a fifty day moving average of $170.28 and a two-hundred day moving average of $170.48.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a return on equity of 186.82% and a net margin of 9.71%. The business had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. During the same period in the prior year, the firm posted $2.91 EPS. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. As a group, equities analysts expect that AbbVie Inc. will post 10.87 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be paid a $1.55 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.36%. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Insider Buying and Selling at AbbVie

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’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 sale, the chairman now owns 513,099 shares of the company’s stock, valued at $89,792,325. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.25% of the stock is currently owned by insiders.

Institutional Trading of AbbVie

Several hedge funds have recently modified their holdings of ABBV. Foundry Partners LLC raised its stake in AbbVie by 3,658.3% in the 2nd quarter. Foundry Partners LLC now owns 104,480 shares of the company’s stock worth $17,920,000 after purchasing an additional 101,700 shares in the last quarter. Wellington Shields Capital Management LLC boosted its stake in shares of AbbVie by 3.3% in the 2nd quarter. Wellington Shields Capital Management LLC now owns 21,032 shares of the company’s stock valued at $3,607,000 after purchasing an additional 680 shares during the last quarter. Farmers & Merchants Investments Inc. lifted its position in shares of AbbVie by 1.0% during the 2nd quarter. Farmers & Merchants Investments Inc. now owns 89,791 shares of the company’s stock valued at $15,401,000 after acquiring an additional 924 shares during the period. Synergy Asset Management LLC acquired a new position in AbbVie during the second quarter worth $2,922,000. Finally, Jeppson Wealth Management LLC raised its holdings in AbbVie by 0.9% during the second quarter. Jeppson Wealth Management LLC now owns 9,910 shares of the company’s stock worth $1,700,000 after buying an additional 89 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

About AbbVie

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.